Tennessee Q4, 2019 Employment Statistics- 168,899 employers, up 3.0% from 163,910
- 3,074,358 employees, up 1.5% from 3,028,088
- $1,047 average weekly wage, up 1.6% from $1,031
- The average weekly wage is 11.6% below the national average
- The cost of living is 11.3% below the national average
Employer & Employee Growth
In the last year, the number of employers in the state increased by 4,989, which is an increase of 3.0%. The number of employees in Tennessee increased by 46,270, an increase of 1.5%. During this same period, the average weekly wage increased by $16, an increase of 1.6%.
The number of private employers increased since last years' Q1. The number of private businesses increased by 4,883 or 3.1%. Growth in private businesses in Tennessee grew faster than the national average of 2.5%. The number of employees in these businesses increased since last years' Q1, increasing by 46,449 or 1.8%. The growth in employees of private businesses in Tennessee was faster than the national average of 1.2%.
The average weekly wage of employees of private businesses increased since last years' Q1. The averge weekly wage increased by $17 or 1.6%. Growth in average weekly wage of employees of private businesses in Tennessee grew slower than the national average of 3.8%.
Leading Sectors
Businesses by Sector
The sector with the greatest number of businesses in the state is Retail trade with 13.3% of the businesses in the state. The number of businesses in this sector increased by 0.0%. Professional services (11.8%), which increased by 5.3% and Other services (9.6%), which increased by 2.8%, round out the 3 largest sectors.
Table: Sectors by Year-over-Year Qtly Business Change %
| Sector | Change Biz | % Change |
|---|---|---|
| Information | 474 | 13.0% |
| Transport and warehousing | 264 | 5.6% |
| Professional services | 1,001 | 5.3% |
| Arts and entertainment | 149 | 4.9% |
| Educational services | 86 | 4.8% |
| Finance and insurance | 413 | 4.2% |
| Construction | 449 | 3.7% |
| Real estate and rental | 209 | 3.5% |
| Manufacturing | 231 | 3.2% |
| Accommodation and food services | 402 | 3.0% |
| Other services | 435 | 2.8% |
| Company management | 39 | 2.7% |
| Healthcare | 395 | 2.7% |
| Waste services | 244 | 2.5% |
| Utilities | 4 | 2.3% |
| Agriculture and forestry | 6 | 0.7% |
| Wholesale trade | 55 | 0.4% |
| Retail trade | 11 | 0.0% |
| Mining and oil extraction | 0 | 0.0% |
Employees by Sector
The sector with the greatest number of employees in the state is Healthcare with 12.4% of the employees in the state, had an increase in employees of 1.5% in the last year. Manufacturing (11.5%), decreased by 0.2% and Retail trade (11.0%), decreased by 1.3%, round out the top 3 sectors.Table: Sectors by Year-over-Year Qtly Employee Change %
| Sector | Employee Change | % Change |
|---|---|---|
| Agriculture and forestry | 649 | 8.6% |
| Transport and warehousing | 11,719 | 6.8% |
| Arts and entertainment | 2,604 | 6.8% |
| Finance and insurance | 5,832 | 5.3% |
| Professional services | 6,943 | 4.9% |
| Construction | 5,010 | 3.9% |
| Mining and oil extraction | 124 | 3.5% |
| Company management | 1,652 | 3.3% |
| Information | 1,380 | 3.1% |
| Educational services | 1,506 | 3.0% |
| Utilities | 89 | 2.5% |
| Other services | 1,910 | 2.4% |
| Real estate and rental | 957 | 2.3% |
| Accommodation and food services | 5,727 | 1.9% |
| Healthcare | 5,754 | 1.5% |
| Wholesale trade | 1,070 | 0.9% |
| Manufacturing | -751 | -0.2% |
| Waste services | -1,352 | -0.6% |
| Retail trade | -4,522 | -1.3% |
Average Weekly Wage by Sector
The sector that pays their employees the highest is Company management paying $1,963per week compared with the state average of $1,055. Weekly wages in this sector declined by $170 or 8.0%. Finance and insurance ($1,741), declined by $17 or 1.0% and Professional services ($1,731) increased by $108 or 6.7% round out the 3 largest sectors.Table: Sectors by Year-over-Year Weekly Wage Change %
| Sector | Wage Change | Change % |
|---|---|---|
| Information | $134 | 9.7% |
| Professional services | $108 | 6.7% |
| Utilities | $79 | 5.2% |
| Real estate and rental | $55 | 5.1% |
| Waste services | $29 | 4.0% |
| Other services | $25 | 3.5% |
| Accommodation and food services | $13 | 3.3% |
| Educational services | $30 | 3.2% |
| Mining and oil extraction | $39 | 2.9% |
| Manufacturing | $24 | 2.0% |
| Wholesale trade | $19 | 1.3% |
| Construction | $15 | 1.2% |
| Retail trade | $2 | 0.3% |
| Healthcare | $2 | 0.2% |
| Finance and insurance | $-17 | -1.0% |
| Transport and warehousing | $-11 | -1.0% |
| Agriculture and forestry | $-12 | -1.6% |
| Company management | $-170 | -8.0% |
| Arts and entertainment | $-237 | -14.9% |
Leading Industries
Businesses by Industry
Each broad sector is made up of specific industries. In Tennessee. the industry with the most businesses is Restaurants and other eating places with 6.6% of the businesses in the state (with 11,219 employing 249,429 workers). The Restaurants and other eating places industry had 319 more businesses, an increase of 2.9% in the last year. Private households (4.3% of businesses) added 132 businesses, an increase of 1.9% and Computer systems design and related services (2.7% of businesses) added 266 businesses, an increase of 6.1% round out the 3 industries with the most businesses.Table: Top 7 Industries by Business Change %
| Industry | Business Chg | % Change |
|---|---|---|
| Communication and energy wire and cable mfg. | 2 | 66.7% |
| Crude petroleum extraction | 5 | 62.5% |
| Other gasoline stations | 78 | 52.7% |
| Pipeline transportation of crude oil | 1 | 50.0% |
| Financial transaction processing and clearing | 66 | 44.9% |
| All other crop farming | 11 | 44.0% |
| Other financial vehicles | 10 | 43.5% |
Table: Top 7 Industries by Business Change #
| Industry | Business Chg | % Change |
|---|---|---|
| Management consulting services | 416 | 11.9% |
| Software publishers | 356 | 38.0% |
| Restaurants and other eating places | 319 | 2.9% |
| Computer systems design and related services | 266 | 6.1% |
| Private households | 132 | 1.9% |
| Residential building construction | 103 | 4.3% |
| Insurance agencies and brokerages | 85 | 3.1% |
Employees by Industry
Private households (4.3% of employees) added 132 employees, an increase of 1.9% and Computer systems design and related services (2.7% ofemployees) added 266 employees, an increase of 6.1% round out the 3 industries with the most employees.Table: Top 7 Industries by Employee Change %
| Industry | Emp Chg | % Change |
|---|---|---|
| Broilers and meat type chicken production | 86 | 401.8% |
| Other sound recording industries | 101 | 135.5% |
| Other financial vehicles | 84 | 108.2% |
| Paint and coating manufacturing | 605 | 104.4% |
| Scenic and sightseeing transportation other | 38 | 103.8% |
| All other crop farming | 80 | 93.8% |
| Stationery product manufacturing | 471 | 70.8% |
Table: Top 7 Industries by Employee Change #
| Industry | Emp Chg | % Change |
|---|---|---|
| General warehousing and storage | 5,978 | 16.4% |
| Direct life and health insurance carriers | 4,783 | 41.6% |
| Restaurants and other eating places | 4,338 | 1.8% |
| Hotels and motels except casino hotels | 2,471 | 6.9% |
| Management consulting services | 2,098 | 7.6% |
| Couriers and express delivery services | 1,766 | 4.2% |
| Software publishers | 1,712 | 48.5% |
Average Weekly Wage by Industry
The industry that pays their employees the most is Portfolio management, paying $8,505 compared with the state average of $1,055. Employees in the Portfolio management industry were paid $1,217 more per week, an increase of 16.7% in the last year. Spectator sports ($4,970) and Musical groups and artists ($4,893) round out the top 3 industries. Employees in the Spectator sports ($4,970 per week) were paid $2,062 less per week, a decline of 29.3% and Musical groups and artists ($4,893 per week) were paid $2,666 less per week, a decline of 35.3% round out the 3 industries that pay their employees the most.Table: Top 7 Industries by Wage Change %
| Industry | Wkly Chg | % Change |
|---|---|---|
| Marketing research and public opinion polling | $2,234 | 163.3% |
| Jewelry and silverware manufacturing | $386 | 82.1% |
| All other professional and technical services | $991 | 78.2% |
| Broilers and meat type chicken production | $444 | 73.4% |
| All other personal services | $356 | 69.0% |
| Commodity contracts dealing | $654 | 59.7% |
| Health and welfare funds | $540 | 55.6% |
Table: Top 7 Industries by Wage Change $
| Industry | Wkly Chg | % Change |
|---|---|---|
| Marketing research and public opinion polling | $2,234 | 163.3% |
| Portfolio management | $1,217 | 16.7% |
| Mortgage and nonmortgage loan brokers | $996 | 50.0% |
| All other professional and technical services | $991 | 78.2% |
| Miscellaneous intermediation | $940 | 25.2% |
| Record production and distribution | $912 | 37.9% |
| Reinsurance carriers | $799 | 42.0% |
Company Size
Tennessee Businesses by Size
The solopreneur company, has the most businesses in Tennessee by far. 55.2% of all businesses in the state have fewer than 5 employees. The 152,768 small businesses in the state represent 94.4% of all private businesses. The national average is 91.2%. (Small businesses have fewer than 50 employees, Solopreneurs employ fewer than 5.) Tennessee added 6,662 businesses in the last year, an increase of 4.3% as compared to the national average of 3.0%.Small businesses are defined as companies with fewer than 50 employees. These small businesses added 6,473 businesses in the last year, which is an increase of 4.4% as compared to the national average of 3.1%.
Mid-sized businesses are defined as companies with between 50 and 499 employees. These mid-sized businesses added 187 businesses in the last year, which is an increase of 2.2% as compared to the national average of 1.3%.
Large businesses are defined as companies with more than 500 employees. These large businesses added 2 businesses in the last year, which is an increase of 0.5% as compared to the national average of 2.1%.
Tennessee Employees by Business Size
Tennessee added 175,862 employees in the last year, an increase of 7.4% as compared to the national average of 5.2%. Small businesses are defined as companies with fewer than 50 employees. These small businesses added 87,584 businesses in the last year, which is an increase of 134.4% as compared to the national average of 4.2%.Mid-sized businesses are defined as companies with between 50 and 499 employees. Mid-sized businesses added 69,990 employees in the last year, which is an increase of 7.2% as compared to the national average of 4.7%.
Large businesses are defined as companies with more than 500 employees. Large businesses added 18,288 employees in the last year, which is an increase of 4.0% as compared to the national average of 9.2%.
Tennessee Avg Weekly Wages by Business Size
The smallest companies in Tennessee (those with fewer than 5 employees) pay workers 3.2% more than the national average ($1,038 per week as compared to the national average of $1,005 per week). The largest companies in Tennessee (those with more than 1,000 employees) pay 29.7% workers below the national average ($1,475 per week as compared to the national average of $1,913 per week).Average weekly wages in small businesses added $118 per week in the last year, which is an increase of 3.4% as compared to the national average of 3.1%. Employees of mid-sized businesses added $63 in wages per week in the last year, which is an increase of 2.2% as compared to the national average of 1.3%.
Employees of large businesses added $31 of weekly wages in the last year, which is an increase of 1.2% as compared to the national average of 2.1%.
Top Industries for Business and Employment
The table below illustrates the largest industries in the state, by number of businesses:Table: Top 10 Industries by # of Businesses
| Industry | # Businesses | % Change |
|---|---|---|
| Restaurants and other eating places | 11,219 | 2.9% |
| Private households | 7,208 | 1.9% |
| Computer systems design and related services | 4,630 | 6.1% |
| Offices of physicians | 4,160 | 1.7% |
| Management consulting services | 3,914 | 11.9% |
| Gasoline stations with convenience stores | 3,253 | 0.6% |
| Insurance agencies and brokerages | 2,814 | 3.1% |
| Offices of lawyers | 2,544 | 0.1% |
| Residential building construction | 2,515 | 4.3% |
| Accounting and bookkeeping services | 2,470 | 1.3% |
The table below illustrates the largest industries in the state, by number of employees:
Table: Top 10 Industries by # of Employees
| Industry | # Employees | % Change |
|---|---|---|
| Restaurants and other eating places | 249,429 | 1.8% |
| General medical and surgical hospitals | 102,625 | -0.4% |
| Temporary help services | 95,715 | -3.6% |
| Offices of physicians | 67,937 | 2.4% |
| Management of companies and enterprises | 52,272 | 3.3% |
| Supermarkets and other grocery stores | 48,243 | 0.1% |
| General freight trucking long-distance | 45,473 | 0.8% |
| Couriers and express delivery services | 43,475 | 4.2% |
| General warehousing and storage | 42,649 | 16.4% |
| General merchandise stores including warehouse clubs and supercenters | 38,704 | -3.0% |
The table below illustrates the largest industries in the state, by highest wages:
Table: Top 10 Industries by Weekly Wage
| Industry | Wkly Wages | % Change |
|---|---|---|
| Portfolio management | $8,505 | 16.7% |
| Spectator sports | $4,970 | -29.3% |
| Musical groups and artists | $4,893 | -35.3% |
| Miscellaneous intermediation | $4,665 | 25.2% |
| Agents and managers for public figures | $3,945 | 16.5% |
| Pesticide and other ag. chemical mfg. | $3,904 | -16.9% |
| Independent artists writers and performers | $3,624 | 4.2% |
| Marketing research and public opinion polling | $3,602 | 163.3% |
| Investment banking and securities dealing | $3,601 | 10.3% |
| Securities brokerage | $3,569 | 12.3% |
Data Sources
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