Assistant Commissioner, Business and Workforce Development
We’re in it for the long term. By investing in a broader international footprint, we’ve ensured that Tennessee is firmly entrenched in the new global economy.
The Volunteer State is home to 1,000+ foreign-based businesses that have invested over $44.3 billion in capital and employ more than 156,000 Tennesseans. Tennessee continues to proactively identify and recruit new foreign direct investment (FDI) to the state alongside efforts to increase Tennessee exports. Our state has offices courting foreign direct investment in Japan, South Korea, Ireland, Spain, Austria, Germany, Switzerland, Italy, the United Kingdom, Belgium, Luxembourg and the Netherlands. We work closely with our federal partners to promote exports, which totaled more than $34.6 billion in 2021. This investment demonstrates Tennessee’s commitment to competing globally for business and jobs, which is not something that most states can claim.
In 2021, the Tennessee Department of Economic and Community Development received 33 project commitments from foreign-owned businesses, resulting in 4,889 job commitments and $892 million in capital investment. These major foreign projects included French-owned Capgemini America Inc. (500 new jobs, $20.1 million in capital investment), Danish-owned Hydro-Gear Limited Partnership (375 new jobs, $10 million in capital investment), and Japanese-owned NTT DATA Services, LLC (350 new jobs, $9.9 million in capital investment).
We believe in high expectations, low debt and a pro-business regulatory environment. Tennessee is proud to be a right-to-work state with no personal income tax. Our state and local tax burdens are some of the lowest in the country. We have the lowest debt per capita among U.S. states and Tennessee’s budget operates with a healthy surplus.
Foreign-based establishments in Tennessee
Tennesseans employed by foreign-based establishments
Billion in capital invested in Tennessee by foreign-based establishments
In the U.S. for FDI job creation (2018)
Commodity | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Medical Equipment & Supplies (3391) | $3.4 B | $3.3 B | $3.9 B | $4 B | $4.3 B |
Pharmaceuticals & Medicines (3254) | $599 M | $701 M | $875 M | $960 M | $2.9 B |
Navigational/Measuring/Electromedical/Control Instruments (3345) | $1.9 B | $2.1 B | $2.1 B | $2 B | $2.4 B |
Basic Chemicals (3251) | $1.9 B | $2 B | $1.8 B | $1.6 B | $2 B |
Communications Equipment (3342) | $951 M | $845 M | $722 M | $1.1 B | $2 B |
Motor Vehicles (3361) | $2.8 B | $2.8 B | $2.5 B | $1.6 B | $1.6 B |
Resin, Syn Rubber, Artf & Syn Fibers/Filaments (3252) | $1.4 B | $1.4 B | $1.5 B | $1.3 B | $1.6 B |
Navigational/Measuring/Medical/Control Instrument (3341) | $1.9 B | $1.1 B | $1.3 B | $883 M | $1.4 B |
Motor Vehicle Parts (3363) | $2.7 B | $2.3 B | $1.9 B | $1.4 B | $1.3 B |
Engines, Turbines & Power Transmission Equipment (3336) | $868 M | $925 M | $864 M | $687 M | $886 M |
Data current as of November 2022.
Foreign Country | # of Establishments | Total Employment | Capital Investment |
---|---|---|---|
Japan | 202 | 53,757 | $20,209,780,774 |
Germany | 128 | 20,108 | $6,831,684,868 |
United Kingdom | 113 | 11,715 | $1,685,625,773 |
Canada | 76 | 8,249 | $3,310,912,288 |
France | 75 | 10,357 | $939,179,797 |
Ireland | 65 | 7,854 | $136,181,108 |
Sweden | 33 | 5,488 | $1,111,686,500 |
Switzerland | 41 | 4,715 | $1,165,654,904 |
South Korea | 19 | 3,515 | $2,301,089,307 |
Italy | 35 | 3,301 | $1,009,158,611 |
Tennessee continues to proactively identify and recruit new foreign direct investment (FDI) to the state alongside efforts to increase Tennessee exports. Our state has offices courting foreign direct investment in Japan, South Korea, Ireland, Austria, Germany, Switzerland, Italy, and the United Kingdom. We work closely with our federal partners to promote exports.
Billion in capital invested in Tennessee by foreign-based establishments
In the U.S. for FDI job creation
Read up on all the details of International Businesses of Tennessee.