FHA Loans in Tennessee

About This State and its People, Places, and Industries

Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,214,888, making it the nation's 17th-largest state by population, and covers 42,169 square miles (109,220 km2), making it the 36th-largest by total land area. Tennessee is bordered by Kentucky and Virginia to the north, North Carolina to the east, Georgia, Alabama, and Mississippi to the south, and Arkansas and Missouri to the west. The Appalachian Mountains dominate the eastern part of the state, and the Mississippi River forms the state's western border. Tennessee's capital and second largest city is Nashville, which has a population of 626,144. Memphis is the state's largest city, with a population of 670,902. Nashville has the state's largest metropolitan area, at 1,521,437 people.

The State of Tennessee is rooted in the Watauga Association, a 1772 frontier pact generally regarded as the first constitutional government west of the Appalachians. What is now Tennessee was initially part of North Carolina, and later part of the Southwest Territory. Tennessee was admitted to the Union as the 16th state on June 1, 1796. In the early 19th-century, Tennessee was home to some of American history's most colorful political figures, among them Davy Crockett, Andrew Jackson, and Sam Houston. Tennessee was the last state to leave the Union and join the Confederacy at the outbreak of the U.S. Civil War in 1861, and the first state to be readmitted to the Union at the end of the war. Tennessee furnished more soldiers for the Confederate Army than any other state, and more soldiers for the Union Army than any other Southern state.[8] Tennessee has seen some of the nation's worst racial strife, from the formation of the Ku Klux Klan in Pulaski in 1866 to the assassination of Martin Luther King in Memphis in 1968. In the 20th century, Tennessee transitioned from an agrarian economy to a more diversified economy, aided at times by federal entities such as the Tennessee Valley Authority. In the early 1940s, Oak Ridge, Tennessee was established to house the Manhattan Project's uranium enrichment facilities, helping to build the world's first atomic bomb.
Tennessee has played a critical role in the development of rock and roll and early blues music. Beale Street in Memphis is considered by many to be the birthplace of the blues, with musicians such as W.C. Handy performing in its clubs as early as 1909. Memphis was also home to Sun Records, where musicians such as Elvis Presley, Johnny Cash, Carl Perkins, Jerry Lee Lewis, Roy Orbison, and Charlie Rich began their recording careers, and where rock and roll took shape in the 1950s. The 1927 Victor recording sessions in Bristol generally mark the beginning of the country music genre, and the rise of the Grand Ole Opry in the 1930s helped make Nashville the center of the country music recording industry.

Tennessee's major industries include agriculture, manufacturing, and tourism. Tobacco, cotton, and soybeans are the state's primary agricultural crops, and major manufacturing exports include chemicals, transportation equipment, and electrical equipment. The Great Smoky Mountains National Park, the nation's most visited national park, is headquartered in the eastern part of the state, and a section of the Appalachian Trail roughly follows the Tennessee-North Carolina border. Other major tourist attractions include Elvis Presley's Graceland in Memphis and the Tennessee Aquarium in Chattanooga.

According to the U.S. Census Bureau, as of 2006, Tennessee had an estimated population of 6,038,803, which is an increase of 83,058, or 1.4%, from the prior year and an increase of 349,541, or 6.1%, since the year 2000. This includes a natural increase since the last census of 142,266 people (that is 493,881 births minus 351,615 deaths), and an increase from net migration of 219,551 people into the state. Immigration from outside the United States resulted in a net increase of 59,385 people, and migration within the country produced a net increase of 160,166 people. 20% of Tennesseans were born outside the South, compared to a figure of 13.5% in 1990. In recent years, Tennessee has received an influx of people relocating from several northern states, California, and Florida, for the low cost of living, and the booming healthcare and automobile industries. Metropolitan Nashville is one of the fastest-growing areas in the country due in part to these factors.

According to the U.S. Bureau of Economic Analysis, in 2005 Tennessee's gross state product was $226.502 billion, making Tennessee the 18th largest economy in the nation. In 2003, the per capita personal income was $28,641, 36th in the nation, and 91% of the national per capita personal income of $31,472. In 2004, the median household income was $38,550, 41st in the nation, and 87% of the national median of $44,472.

Major outputs for the state include textiles, cotton, cattle, and electrical power. As proof of interest in beef production, Tennessee has over 82,000 farms, and beef cattle are found in roughly 59 percent of the farms in the state. Although cotton was an early crop in Tennessee, large-scale cultivation of the fiber did not begin until the 1820s with the opening of the land between the Tennessee and Mississippi Rivers. The upper wedge of the Mississippi Delta extends into southwestern Tennessee, and it was in this fertile section that cotton took hold. Currently West Tennessee is also heavily planted in soybeans, focusing on the northwest corner of the state.

Major corporations with headquarters in Tennessee include FedEx Corporation, AutoZone Incorporated and International Paper, all based in Memphis; Pilot Corporation and Regal Entertainment Group, based in Knoxville; Eastman Chemical Company, based in Kingsport, the North American headquarters of Nissan, based in Franklin; and the head-quarters of Caterpillar Financial (the finance division of the well known mining company Caterpillar) based in Nashville. Tennessee is well-known for the location of a large manufacturing facility owned by Nissan, and has been since 1982 in Smyrna.

The Tennessee income tax does not apply to salaries and wages, but most income from stocks, bonds and notes receivable is taxable. All taxable dividends and interest which exceed the $1,250 single exemption or the $2,500 joint exemption are taxable at the rate of 6%. The state's sales and use tax rate for most items is 7%. Food is taxed at a lower rate of 5.5%, but candy, dietary supplements and prepared food are taxed at the full 7% rate. Local sales taxes are collected in most jurisdictions, at rates varying from 1.5% to 2.75%, bringing the total sales tax to between 8.5% and 9.75%, one of the highest levels in the nation. Intangible property is assessed on the shares of stock of stockholders of any loan company, investment company, insurance company or for-profit cemetery companies. The assessment ratio is 40% of the value multiplied by the tax rate for the jurisdiction. Tennessee imposes an inheritance tax on decedents' estates that exceed maximum single exemption limits ($1,000,000 for deaths 2006 and after.)
Tennessee is a right to work state, as are most of its Southern neighbors. Unionization has historically been low and continues to decline as in most of the U.S. generally. As of January 2010, the state’s unemployment rate is 10.7%.
Tennessee hosts the NFL Tennessee Titans, the NBA Memphis Grizzlies and the NHL Nashville Predators.

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