The Knoxville Economy
Below is a list of industries that make up the Knoxville Economy…
Knoxville, Tennessee, boasts a diverse and resilient economy, with no single employment sector accounting for more than 22% of the area's total employment . This diversification contributes to the region's economic stability and growth. If you are wanting to relocate your business here, it is a great area.
Healthcare
Healthcare is a cornerstone of Knoxville's economy. Major employers include Covenant Health, the University of Tennessee Medical Center, and Tennova Healthcare . These institutions not only provide essential services but also drive significant employment in the region.
Manufacturing
Manufacturing plays a vital role, accounting for approximately 10% of employment in the Knoxville area, surpassing the national average of 8% . Notable manufacturers include DENSO Manufacturing Tennessee, which is undergoing a $1 billion expansion to add 1,000 jobs, and Clayton Homes, a leader in modular housing .
Energy and Research
The energy sector is bolstered by institutions like the Tennessee Valley Authority (TVA) and Oak Ridge National Laboratory (ORNL). ORNL, a U.S. Department of Energy facility, conducts cutting-edge research in energy, environment, and national security .
Education
The University of Tennessee-Knoxville is a significant contributor to the local economy, employing over 8,900 individuals . The university not only provides education but also fosters research and innovation in the region.
Tourism and Hospitality
Knoxville's proximity to the Great Smoky Mountains makes it a hub for tourism. Attractions like Dollywood, which employs approximately 4,500 people, draw millions of visitors annually, supporting local businesses and the hospitality industry .
Major Employers List…
University of Tennessee, Knoxville: Higher Education, 12,000+
Covenant Health: Healthcare, 10,000+
Tennessee Valley Authority (TVA): Energy/Utilities, 10,000+
Tennova Health Care: Healthcare, 9,800+
Knox County Public Schools: Public Education, 8,339
Pilot Flying J: Retail/Travel Centers, 24,000+
Clayton Homes: Manufactured Housing, 16,748
U.S. Department of Energy – Oak Ridge Operations: Government/Nuclear Research, 13,000+
Aluminum Company of America (ALCOA): Manufacturing/Aluminum Production, 12,900
Wal-Mart Stores, Inc.: Retail, 5,000–9,999
Below is some economic data for the area…
GDP: As of 2023, the total GDP for the Knoxville metro area reached $64.38 billion which is a 7.3% increase from 2022 when it was $59.98 billion.
Unemployment Rate: As of May 2023 the unemployment rate for the area was 2.9%.
Average Annual Wage: Increased 2.8% YOY, $62,102.
Job Growth: Increased 1.11% YOY as of May 2023
Population: As of July 2023 the population in Knoxville was estimated to be 198,162 reflecting a 3.9% increase from April 2020. Knox County had an estimated population in 2023 of 500,669 marking a 1.07% increase from the previous year. The entire metro area had population of 947,017 as of 2023, this represented an increase of 1.44% since 2022.
