Knoxville and Surrounding Area Faring Well in Today's Economy
As American consumers are spending more on food, fuel, and commodities and economic analysts ponder recession, East Tennessee has been spared many of the worst economic challenges. While other areas suffer job losses and business closings, Knox and its surrounding counties has fared pretty well - the Knoxville Metropolitan Area has the lowest unemployment rate in the state. One reason for this is corporate business expansions. For instance, "Green Mountain Coffee Roasters plans to open an East Knox County plant, engineering firm SAIC is moving at least 150 jobs to Oak Ridge, and VW is building a $1 billion plant in Chattanooga that will employ 2,000 workers and likely spawn feeder business in our area." From January 2007 to January 2008, the Knoxville Metropolitan Area added 5,950 jobs, with 4,040 jobs added in Knoxville alone. Knox County's unemployment rate in 2007 was down a half point from 2006 and its median household income was 108 percent of the state's median. In addition, the county's population grew by 11 percent from 2000-2007. 
Photo by Suffering the Benz.
In addition to corporate expansion, the area's diversified economy has helped to insulate against economic instability. For example, expansions in health care brought 1,600 health-related jobs to the state in 2007 while providing construction companies with non-residential work. Many of those jobs are located in Knox County. Also, Oak Ridge National Laboratories, the Tennessee Valley Authority, the University of Tennessee, and local schools offer stable government jobs to many area residents. Of the various sectors, near-term growth is expected to continue in "construction, durable and nondurable goods manufacturing, wholesale/retail trade, finance/insurance/real estate and education." A 2006 breakdown of employment by sector can be found here. All of this means that the region has suffered less than many others and our local business leaders are optimistic that there will be a quick recovery once the national economy stabilizes. For more information on the economic opportunities available in the Knoxville area, submit your inquiries here.
