Home to 21 Fortune 1000 companies, Tennessee is repeatedly noted today as one of the best economic climates in the nation. Its outstanding business economy continues to attract new capital investment and create jobs in every region of the state.

In fact, last year was a watershed year for economic and community development in Tennessee. Despite a national economic slowdown caused by overseas job markets, rising fuel costs and economic losses related to Hurricane Katrina, Tennessee experienced a number of high profile job announcements and saw an overall gain in job creation.

Long known as a center for manufacturing excellence, Tennessee also offers a unique combination of entrepreneurial spirit, business innovation and managerial competence.

Tennessee consistently ranks among the top 10 states for business climate in economic publications (including Site Selection, Expansion Management and Business Facilities) and is rated in the top five for the lowest tax burden by California's Milken Institute.

Enticed by the low cost of doing business in Tennessee, companies from automotive to biotechnology are utilizing its resources, infrastructure and ready work force with impressive results. More than 16,000 companies start-up in Tennessee every year while nearly 20 major corporate headquarters have been lured to the state over the past two years.

Pictured above: Memphis Mayor Dr. Willie W. Herenton, Tennessee Governor Phil Bredesen, International Paper Chairman and CEO John Faraci, Shelby County Mayor A.C. Wharton and CEO of Memphis' Methodist Healthcare Systems and Immediate Past Memphis Chamber Chair Gary Shorb announcing International Paper's headquarters move to Tennessee.

Notable companies moving their corporate headquarters to Tennessee last year include Nissan and International Paper. Nissan's planned new North American corporate headquarters in Franklin will create more than 1,200 executive, managerial and administrative jobs in Middle Tennessee, with an average salary of more than $85,000. Meanwhile, International Paper's new corporate headquarters in Memphis has brought the company's senior executives and corporate managers together with their approximately 3,000 employees already working in West Tennessee.

In East Tennessee, Sysco Corporation will invest $32.4 million in a 79-acre distribution facility at I-275 Business Park in Knoxville. The major food supplier, serving restaurants, health and educational facilities and lodging establishments will employ more than 300 people.

Tennessee's success in attracting business has not been limited to domestic industry. More than two decades ago, Tennessee reached out to Japanese companies to invest and now boasts more Japanese capital investment than any other state following California.

Pictured are Nissan President and CEO Carlos Ghosn and Tennessee Governor Phil Bredesen celebrating Nissan's North American Headquarters relocation to Tennessee.

More than 127,000 Tennesseans have jobs as a result of foreign investment in the state and the U.S. Department of Commerce lists it as one of the five fastest growing export states in the nation (rising from approximately $11 billion in exports in 2002, to more than $19 billion in exported products in 2005).

Tennessee Economic Partnership (TEP), a public-private partnership of business and economic development officials, continues to tell the Tennessee success story to companies and consultants interested in learning more about the state. TEP has brought private capital investment to Tennessee and created higher personal and family incomes for all Tennesseans. More information about Tennessee's business climate can be found online at www.state.tn.us/ecd or by calling 615-741-1888.