- 15,322 more businesses
- 370,794 more employees
- 42.7% increase in total wages
- $8,730 in additional annual wages per employee
- 21.7% increase in wages per employee
Since 2009, the number of businesses in Tennessee has grown by 11.2% (1.7% greater than the national average of 9.5%). Employment in Tennessee has grown by 17.3% (2.8% greater than the national average of 14.4%). Wages have grown by 21.7% since the end of the Great Recession. This wage growth is 0.9% less than the national average of 22.5%.
The average weekly wage in Tennessee of $943 is 11.4% below the national average of $1,064. The gap between the national average has widened from 10.7% a widening of 0.7% since the end of the recession.
The Retail trade sector has the most businesses in the state of Tennessee . Since the end of the recession, the number of businesses has grown from 21,182 to 21,895, a gain of 3.4%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||13,058||10,427||25.2%|
|Finance and insurance||9,873||8,695||13.5%|
|Real estate and rental||5,659||5,308||6.6%|
|Transport and warehousing||4,409||4,201||5.0%|
|Arts and entertainment||2,874||2,376||21.0%|
|Agriculture and forestry||867||762||13.8%|
|Mining and oil extraction||204||213||-4.2%|
Tennessee has had a few sectors that have experienced either business closures or consolidation such as Construction (-4.4%) and Manufacturing (-1.7%) but several sectors have had some good business expansion since 2009. Professional services and Other services have increased 21.4% and 23.9% respectively, Accommodation and food services have increased by 25.2% since the recession ended.
The Healthcare sector employs the most workers in the state of Tennessee . The number of jobs has increased 15.9% since the end of the recession from 317,601 to 368,192. The table below illustrates the change in employment in each sector:
|Accommodation and food services||291,256||233,516||24.7%|
|Transport and warehousing||157,401||124,020||26.9%|
|Finance and insurance||108,722||105,119||3.4%|
|Real estate and rental||39,711||33,128||19.9%|
|Arts and entertainment||37,599||29,909||25.7%|
|Agriculture and forestry||7,477||7,295||2.5%|
|Mining and oil extraction||3,273||3,236||1.1%|
There has been only one sector that has had a reduction in employment since the recession, Information has declined by 2.5%, but this accounts for less than 1200 workers. Manufacturing has increased by 15.9% adding just under 40,000 workers since 2009. Several sectors have increased their work force by over 25% since the recession including; Waste services (+40.1%), Transport and warehousing (+26.9%), Professional services (+26.7%), Educational services (+26.9%) and Arts and entertainment (+25.7%)
The sector with the highest wages is the Company management sector at $1,943. Prior to the recession, the sector’s average weekly wage was $1,400. This is an increase of $543 per week or 38.8%. The table below illustrates the change in average weekly wages in each sector:
|Finance and insurance||$1,536||$1,210||26.9%|
|Mining and oil extraction||$1,302||$1,097||18.7%|
|Transport and warehousing||$1,037||$870||19.2%|
|Arts and entertainment||$997||$688||44.9%|
|Real estate and rental||$943||$713||32.3%|
|Agriculture and forestry||$644||$503||28.0%|
|Accommodation and food services||$358||$299||19.7%|
As many sectors have added workers, wages have also been on the rise in all sectors. The Utilities sector is the only top 5 sector that had wages grow by less than 20%. Utilities wages grew by 19.1% since the recession. Some of the other top increases are Finance and insurance which grew 26.9% and Information which grew by 30.7% but the standout is the Arts and entertainment sector which grew by 44.9% since 2009.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Private households which has grown 67.7%. The top industry that has contracted the most is Wholesale trade agents and brokers which has contracted by 16.5% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Wholesale trade agents and brokers||4,443||5,318||-16.5%|
|Offices of physicians||4,050||4,204||-3.7%|
|Computer systems design and related services||3,876||2,382||62.7%|
|Gasoline stations with convenience stores||3,217||2,998||7.3%|
|Management consulting services||3,105||2,293||35.4%|
|Insurance agencies and brokerages||2,754||2,428||13.4%|
|Offices of lawyers||2,542||2,584||-1.6%|
|Accounting and bookkeeping services||2,362||2,045||15.5%|
|Residential building construction||2,322||2,591||-10.4%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is General warehousing and storage which has grown 253.1%. The industry that has added the lowest percentage of employees is Nursing care facilities, skilled nursing which has has grown by 2.2% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||104,005||81,648||27.4%|
|Temporary help services||94,762||51,867||82.7%|
|Offices of physicians||64,386||55,364||16.3%|
|Supermarkets and other grocery stores||48,004||44,316||8.3%|
|Management of companies and enterprises||45,467||26,112||74.1%|
|General freight trucking, long-distance||41,385||38,610||7.2%|
|Couriers and express delivery services||38,095||34,908||9.1%|
|Hotels and motels, except casino hotels||33,818||29,349||15.2%|
|Nursing care facilities, skilled nursing||33,496||32,770||2.2%|
|General warehousing and storage||32,979||9,340||253.1%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Pesticide and other ag. chemical mfg. which has grown 151.4%. The average weekly wage in the Portfolio management industry has grown by 27.5% since the recession. This is the industry with the lowest change in wages a month the top industries in Tennessee . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Animal food manufacturing||$4,029||$1,722||134.0%|
|Investment banking and securities dealing||$3,245||$3,386||-4.2%|
|Pesticide and other ag. chemical mfg.||$3,233||$1,286||151.4%|
|Musical groups and artists||$3,053||$1,501||103.4%|
|Cable and other subscription programming||$2,820||$1,622||73.9%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 197 to 260, which is an increase of 32.0%.
The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has grown from 24,837 to 27,832, which is an increase of 12.1%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||85,785||74,926||14.5%|
|More Than 1,000 Employees||134||112||19.6%|
The biggest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees in companies this size has grown from 134,683 to 175,249, which is an increase of 30.1%.
The smallest percentage change in the number of employees has been in businesses with fewer than 5 employees. The number of employees with this number of employees has grown from 130,020 to 145,371, which is an increase of 11.8
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||145,371||130,020||11.8%|
|More Than 1,000 Employees||295,644||251,336||17.6%|
The biggest percentage change in the average weekly wage has been in businesses with fewer than 5 employees. The average weekly wage in companies this size has grown from $707 to $996, which is an increase of 40.9%.
The smallest percentage change in the average weekly wage has been in businesses with 20 to 49 employees. The average weekly wage in companies this size has grown from $677 to $823, which is an increase of 21.6%.
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$996||$707||40.9%|
|More Than 1,000 Employees||$1,515||$1,092||38.7%|
This page was created and is maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt is an executive, data scientist and software engineer who holds an MBA in Management Information Systems. In 2010, he partnered with scientists at Northwestern University to launch The Street Wire. This was one of the first mainstream uses of what would become “Narrative Science”, an artificial intelligence platform specializing in natural language generation. You can contact Kurt on LinkedIn here.