The State of Tennessee Income Charts

This section shows the Tennessee economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Tennessee depicts it has a Median earnings of $45,676 which is the third most median earnings of all other states in the greater Tennessee region. The state with the highest median earnings per worker in the group is Kentucky which depicts a median earnings of $46,067 ( about the same size).

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $58,516 which is ranked #1 of all states in the greater Tennessee region.

The next section examines a variety of different income statistics for the Tennessee metropolitan area. In Figure 3 we see that it has the smallest proportion of earnings less than $10,000 at 6.7% of the total. Second, it has the smallest proportion of earnings between $10,000 and $14,999 at 6.2% of the total. Third, it has the largest proportion of earnings between $75,000 and $99,999 at 9.4% of the total and is ranked #1. Dividing median annual worker earnings by the average number of hours worked in a year in Figure 4 shows that it has a Avg Hrly Earnings of $22.35 which is the third most average hourly earnings of all other states in the greater Tennessee region. The state with the highest average hourly earnings in the group is Kentucky which depicts an average hourly earnings of $22.72 ( only slightly larger).

Figure 5 examines the number of self employed people in the Tennessee metro area based on the number of people who reported any self employment income. Tennessee depicts it has a Self Employed of 11.1% which is the largest of all states in the greater Tennessee region.

Figure 6 breaks down the source of income and Tennessee has the largest proportion of income from wages at 6.0% of the total and is ranked #1. Second, it has the smallest proportion of self employment income at 13.0% of the total. Third, it has the smallest proportion of investment and retirement income at 8.5% of the total. Also, it has the smallest proportion of social security at 0.8% of the total.

The next chart (Figure 7) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 21.9% which is in the center range of other states in the metropolitan area. The state with the highest households with retirement income in the group is Alabama which depicts a households with retirement income of 24.2% (10.6% larger).

The percentage of full-time workers are compared to the number of part-time workers in Figure 8. Tennessee shows full time employees approximately 4.0 times bigger as the part time employees.

Similar to the last chart is Figure 9 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. the state of depicts it has the hightest entrepreneurs of 19% for the self employed in professional, scientific, management, administrative services category.

Figure 10 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Tennessee depicts it has the hightest cost of 96.2 for the cost of miscellaneous items classification.

The State of Tennessee Poverty Charts

In Figure 11 the percentage of people earning less than the poverty level is shown and compared across the group of places. Tennessee depicts it has a Percent of Population In Poverty of 14.3% which is in the intermediate range of other states in the metro area. The state with the highest percent of people earning less than the poverty level in the group is Mississippi which depicts a percent of people in poverty of 19.4% (35.7% larger). Additionally, Figure 12 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) the state of depicts it has a Public Assistance Percent of 12.8% which is in the center range of other states in the local area. The state with the highest households with public assistance in the group is Mississippi which shows a households with public assistance of 14.7% (15.1% larger).

The State of Tennessee Labor Force Charts

The table in Figure 13, shows Tennessee employment data in terms of job categories and salary data.

The next two charts look at monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2022, the Covid 19 recession occurred and affects this metric. The monthly unemployment rate shows that from January 2017 to before the COVID-19 Pandemic it went from 5.0% to 3.9% in March 2020. This represents a decrease in the monthly unemployment rate of 22.0%. Since that time, the monthly unemployment rate has gone to 3.1%. This represents a decrease in the monthly unemployment rate of 20.5%.

The State of Tennessee Jobs Charts

In the jobs section of economic activity charts in Figure 15 shows the average annual earnings for very high level job industry categories for full time and year round employed.

Figure 16 shows the average median earnings for different categories of jobs.

The State of Tennessee Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the Tennessee community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 17 shows a high level view of how the population commutes to work (including the percent of people who work from home.) Tennessee has the largest proportion of people who bicycle or walk to work at 8% of the total and is ranked #1. Figure 18 shows a more detailed view of how the population commutes to work for (for example to downtown Tennessee or elsewhere.) Tennessee has the largest proportion of people who take a Subway or elevated rail at 0% of the total and is ranked #1. Second, it has the largest proportion of people who take the Long-distance train or commuter rail at 0% of the total and is ranked #1. Third, it has the largest proportion of people who take Light rail, streetcar or trolley at 0% of the total and is ranked #1. Also, it has the smallest proportion of people who take the ferry at 0% of the total. In addition, it has the largest proportion of people who work from home at 8% of the total and is ranked #1.

Figure 19 is provided for comparison purposes to the previous chart. It shows how people get to work overall on average in the United States.

The average commute time is shown in Figure 21. the state of depicts it has a Avg Commute Time of 25 which is the highest of all states in the greater region.