As a leader of your organization, relocating a business is a significant decision that has significant impacts on stakeholders. When considering moving your business to Jefferson County or any other area of East Tennessee, several factors should be carefully considered. These considerations include taxes, customers, cost of living, growth possibilities, access to infrastructure, and regional amenities. As stewards of industry and business in Jefferson County, we’ll offer you some of the main benefits of moving your business to Jefferson County in 2020 that shouldn’t be overlooked.
- Low Taxes
Fuel tax, wireless tax, property tax, income tax, sales tax: taxes are the necessary evil that we accept as a part of living in civil society. When relocating a business, taxes are a huge factor, so we’ll address this aspect first. Taxes have a significant impact on business, so company owners and directors must think carefully about the tax impact stemming from moving a business.
Taxes, or lack thereof, are an especially attractive aspect of relocating your business from another state to Tennessee. Tennessee is one of only nine states in America with no state income tax. Because your employees will be keeping more of their paychecks in Tennessee, it could mean that your relocation to Jefferson County will improve the morale of your workforce. High job satisfaction usually leads to lower employee attrition rates and improved recruitment efforts, both of which can save your company even more money.
You may recall Amazon or other large corporations receiving tax credits in exchange for opening new offices or operation centers in a state or county. Business owners considering relocating their businesses in 2020 should explore the possibility of receiving tax credits for having offices in different locations.
- Access to New Customers
Without customers, you don’t have a business, and so being in the ideal place to serve your best customers is critical. While you should certainly consider the impact of relocating a business to your current customers, gaining access to new customers should be an overarching goal of moving your company. Moving your business to Jefferson County in 2020 offers your business access to over 52,000 new customers who are profoundly loyal to support local businesses. Additionally, Jefferson County falls into the upper 50% of median household income compared to the rest of the state.
- Low Cost of Living
Along with taxes, the cost of living is one of the most important considerations for employees accepting a position in another state or county.
Because of Jefferson County’s affordability, many residents can fulfill their desire to own their own home. In fact, 73% of residents in the county own a home. Renters enjoy Jefferson County as a home as well, with an ultra-low median rent of $670.
Overall, Tennessee ranks 6th in the top ten states with the lowest cost of living, making it a welcome change to new residents relocating for work.
- Growth Possibilities
Along with low taxes and cost of living, property tax is also meager in Tennessee when compared with the rest of the US. Low property taxes mixed with access to new customers will allow your business to proliferate, and being able to expand by obtaining new property for new operations or offices will undoubtedly help you meet growth demands.
Another resource that companies need to grow quickly is access to a well-educated and highly-trained workforce. Not only does Jefferson County host an impressive 91% high school graduation rate, but the Greater Jefferson County Tennessee area and surrounding counties are also home to seven higher education institutions including Carson-Newman University, Walters State Community College, Tennessee College of Applied Technology-Morristown, The University of Tennessee-Knoxville, Tusculum University, and Pellissippi State Community College.
Additionally, Innovation Valley and Oak Ridge National Laboratory in East Tennessee draw in some of the best and brightest minds in Science, Technology, and Manufacturing.
Manufacturing and industrial companies absolutely love Jefferson County for all the reasons above. However, there’s another significant factor that draws national brands like Oshkosh Corporation or Bush Beans to the area: infrastructure. Sitting at the crossroads of I-40 and I-81, Jefferson County, Tennessee, couldn’t be better located for travel and transportation throughout the entire Eastern Seaboard. CNBC recently voted Tennessee the #5 spot for states with the best infrastructure in America, and with the IMPROVE act earmarking millions in improving and maintaining roads and bridges across the state, Tennessee is likely to hold onto its claim for having the best-maintained commute infrastructure in the entire country.
Is your location too far to drive? No problem. When moving your business to Jefferson County, TN, you’ll have access to no less than ten regional and public airports within a 1-hour drive. Access to airport operations and aviation services help companies remain competitive and improve overall business functions.
- Loads of Regional Amenities
Regional amenities are those extra unique things that make where you live a community adding to the overall quality of life. Jefferson County is home to some of the safest, quaint cities and towns that offer families ample activities with a small-town feel. Jefferson County, TN, is a short drive to the Great Smoky Mountains National Park, a variable 500,000-acre playground, which is the most frequented national park in all of America.
With access to Douglas Lake and Cherokee Lake, both nestled against the backdrop of the Smoky Mountains, Jefferson County, TN, is one of the best counties for outdoor activities in Tennessee. Both lakes offer multiple boat ramps and marinas for access to some of the best fishing, boating, and water sports in East Tennessee.
Running out of things to do in Jefferson County, TN, is tough to do, but with neighboring Sevier County, TN, your company will have access to all the family fun in Sevierville and Pigeon Forge without having to deal with the traffic day in and day out.
Moving Your Business to Jefferson County
When you consider all the factors that go into a business relocation decision, Jefferson County, TN, stands among one of the best places to relocate a business to in Tennessee in 2020. Whether you are a site selector working on behalf of a client, a company seeking to relocate, or a developer seeking the next big opportunity, it is our goal to provide you with the most current information and resources available in our area. Contact Derrick Collins, Economic Development Director, by calling 865-397-9642 or online today!