Tennessee named Best Dealmaking State of the Year

(Photo: UCBJ/Michelle Price)

By Michelle Price
Special to the UCBJ

RED BANK, NJ – Tennessee has been named a State of the Year with the Best Dealmaking by Business Facilities (BF) magazine. Virginia and Massachusetts were also received States of the Year awards, the first time that BF has named three winners in the annual contest.

 “As businesses look to expand or relocate, the questions they have about communities are becoming more complex. They want to know as much as they can about a community before making a final decision. We think this is going to help them make informed choices,” BF Editorial Director Seth Mendelson said.

Tennessee was selected as the Best Dealmaker thanks to recent deals with such companies as Ford (6,000 jobs), Smith & Wesson (750), Chewy Inc. (1,200), Thermo Fisher Scientific (1,400) and an Amazon corporate headquarters in Nashville (5,000), among others. In addition, the Global Business Alliance recently noted that Tennessee was second to only Minnesota in the growth of jobs from foreign-based employers, growing by 33.4% over the last five years. The state is now home to more than 860 global companies operating plants, offices and other facilities.

“Tennessee is making a name for itself as a leader in attracting new businesses,” Mendelson added. “With one of the country’s lowest per capita tax burdens, no state income tax or state property tax, the state is making a big statement on how to serve as a magnet that is drawing a lot of interest from the business community.”

Virginia was named the state (commonwealth) with the Overall Best Business Climate, and Massachusetts was named the state (commonwealth) with the Best Workforce/Educational System.

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