Tennessee
From Wikinvestor
Tennessee is a state located in the Southern United States. In 1796, it became the sixteenth state to join the Union. The capital city is Nashville, and the largest city is Memphis.
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Geography
Tennessee borders eight other states: Kentucky and Virginia to the north; North Carolina to the east; Georgia, Alabamaand Mississippi on the south; Arkansas and Missouri on the Mississippi River to the west. Tennessee ties Missouri as the state bordering the most other states. The state is trisected by the Tennessee River. The highest point in the state is Clingmans Dome at 6,643 feet (2,025 m). Clingmans Dome, which lies on Tennessee's eastern border, is the highest point on the Appalachian Trail. The state line between Tennessee and North Carolina crosses the summit. The lowest point is the Mississippi River at the Mississippi state line. The geographical center of the state is located in Murfreesboro.
The state of Tennessee is geographically and constitutionally divided into three Grand Divisions: East Tennessee, Middle Tennessee, and West Tennessee. Tennessee features six principal physiographic regions: the Blue Ridge, the Appalachian Ridge and Valley Region, the Cumberland Plateau, the Highland Rim, the Nashville Basin, and the Gulf Coastal Plain. Tennessee is home to the most caves in the United States, with over 8,350 caves registered to date.
Climate
Most of the state has a humid subtropical climate, with the exception of the higher mountains, which are classified as having a maritime temperate climate due to cooler temperatures[3]. The Gulf of Mexico is the dominant factor in the climate of Tennessee, with winds from the south being responsible for most of the state's annual precipitation. Generally, the state has hot summers and mild to cool winters with generous precipitation throughout the year. On average the state receives 50 inches (130 cm) of precipitation annually. Snowfall ranges from 5 inches (13 cm) in West Tennessee to over 16 inches (41 cm) in the higher mountains in East Tennessee.
Summers in the state are generally hot, with most of the state averaging a high of around 90 °F (32 °C) during the summer months. Summer nights tend to be cooler in East Tennessee. Winters tend to be mild to cool, increasing in coolness at higher elevations and in the east. Generally, for areas outside the highest mountains, the average overnight lows are near freezing for most of the state.
While the state is far enough from the coast to avoid any direct impact from a hurricane, the location of the state makes it likely to be impacted from the remnants of tropical cyclones which weaken over land and can cause significant rainfall. The state averages around 50 days of thunderstorms per year, some of which can be quite severe. Tornadoes are possible throughout the state, with West Tennessee slightly more vulnerable. On average, the state has 15 tornadoes per year. Tornadoes in Tennessee can be severe, and Tennessee leads the nation in the percentage of total tornadoes which have fatalities. Winter storms are an occasional problem—made worse by a lack of snow removal equipment and a population which might not be accustomed or equipped to travel in snow—although ice storms are a more likely occurrence. Fog is a persistent problem in parts of the state, especially in much of the Smoky Mountains.
Demographics
The center of population of Tennessee is located in Rutherford County, in the city of Murfreesboro.
According to the U.S. Census Bureau, as of 2006, Tennessee has 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.
Economy
According to 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, 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 fiance division of the well know mining company Caterpillar) based in Nashville
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.
