As of 2022, Tennessee's GDP has grown to over $533 billion, with the technology sector being one of the fastest-growing industries in the state, accounting for over 7% of the state's GDP.
Tennessee is home to a diverse range of industries, including healthcare, music, and automotive manufacturing, providing a unique environment for software development and innovation.
The state's business-friendly environment, with a low cost of living and doing business, has attracted many major companies, including Amazon, Google, and Microsoft, to establish operations in Tennessee.
The city of Nashville, in particular, has become a hub for the tech industry, with a growing number of startups and entrepreneurs calling the city home.
In fact, according to the Bureau of Labor Statistics (BLS), the Nashville-Davidson--Murfreesboro--Franklin, TN Metropolitan Division has seen a significant increase in employment of software developers, with a growth rate of 34.6% from 2020 to 2022.
This growth is expected to continue, with the BLS predicting a 21.5% increase in employment of software developers in Tennessee from 2022 to 2032, much faster than the national average.
Tennessee's higher education system, including universities such as Vanderbilt and the University of Tennessee, provides a talented pool of software developers and engineers, further fueling the state's tech industry.
The state government has also implemented initiatives to support the growth of the tech industry, including the Tennessee Department of Economic and Community Development's (TNECD) "Tennessee Tech Initiative", which aims to promote the state as a hub for technology and innovation.
In addition, the state's major cities, including Nashville, Memphis, and Knoxville, have established their own tech-focused initiatives, such as the Nashville Technology Council and the Memphis Technology Foundation, to support the growth of the tech industry and provide resources for startups and entrepreneurs.
The combination of a strong economy, a talented workforce, and a business-friendly environment makes Tennessee an attractive location for companies looking to develop custom software solutions.
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