NerdWallet study considers business climate and local economic health
CROSSVILLE – NerdWallet, a consumer finance website, has conducted a study to find the best places in Tennessee to start a business – and two Upper Cumberland cities ranked on the list.
The city of Crossville ranked third, while Sparta came in at ninth. To determine this ranking, NerdWallet examined 85 places in Tennessee with populations of 5,000 or more and analyzed the following factors:
- Business climate: Average revenue of businesses, percentage of businesses with paid employees; and businesses per 100 people
- Local economic health: Median annual income; median monthly housing costs and unemployment rate
Crossville is known as the “Golf Capital of Tennessee” for its 10 championship golf courses. The city of 11,010 is also home to 2,269 businesses that boast average revenue of $969,561. Crossville’s low unemployment rate – 7.0 percent in April – helps to support aspiring entrepreneurs. And sales tax revenues have increased from the previous year for several years in a row.
“It’s a retirement and tourism destination for the museums, county playhouse and shopping,” NerdWallet says. “Among the biggest employers in Crossville are Aviagen, Dana Corp., Durable Products, Rockwell Automation and Timken. Resources for business owners include the Crossville-Cumberland County Chamber of Commerce, Cookeville’s Small Business Development Center at Tennessee Tech University and The Biz Foundry, a regional business accelerator in Cookeville.”
Sparta, meanwhile, is known as “Bluegrass, USA.” NerdWallet says, “there are over 16 businesses per 100 residents. Small businesses are promoted on SpartaTN.com and through the Sparta and White County Chamber of Commerce. Some of the biggest employers are THK Rhythm North America, Federal-Mogul Corp., Moeller Marine Products and Tri State Distribution Inc.”
Other Tennessee cities in the top 10 include Alcoa, Pigeon Forge, Lebanon, Brentwood, Greeneville, Pulaski, Franklin and Bristol. See the full study here.