February 2025
Knoxville, TN is experiencing strong economic momentum, driven by steady population growth, major business expansions, and increasing national recognition as a thriving market.
Knoxville ranked #7 top growth city in 2024 by U-Haul
What This Means for You: Growth rankings are configured by each state’s net gain (or loss) of customers utilizing one-way U-Haul equipment in a calendar year. Knoxville’s ranking as a top U-Haul growth city highlights a strong influx of new residents, signaling increased demand for housing, rental properties, and commercial development. The state of Tennessee was also ranked in the top 5.
Golden Corral has identified Knoxville, Tennessee as a top growth market for multi-unit expansion
What This Means for You: The nation’s largest national buffet brand has identified Knoxville, Tennessee as a top growth market for the brand’s franchise opportunity. The brand offers local restaurant operators and business owners the potential to become a franchisee in an award-winning concept that enjoys widespread consumer appeal throughout Tennessee and North America.
In N Out plans expansion to Tennessee cities, including 3-5 stores in Knoxville.
What This Means for You: In-N-Out broke ground on its Tennessee office in Franklin in September 2024. It plans to open its first locations in Tennessee, beginning with Nashville in 2026 and then expanding to Chattanooga and Knoxville.
Performance Food Group’s Hamblen County expansion to create dozens of jobs
What This Means for You: Performance Food Group, a major food service company, is investing approximately $33.2 million and creating 37 new jobs as a part of its expansion in Hamblen County.
Construction of East Knoxville multi-use stadium enters final phase
What This Means for You: Nearly 20 months after the official groundbreaking, construction work on the multi-use stadium in East Knoxville is on track to be completed ahead of the inaugural Smokies game on April 15. The $114-million, 7,500-seat future home of the Knoxville Smokies and One Knoxville SC is nearly ready to host thousands of fans this spring.
Boyd Center Report Shows Tennessee’s Economy to Surpass US Growth in 2025
What This Means for You: According to a new report by the Boyd Center for Business and Economic Research at the University of Tennessee, Knoxville, Tennessee’s economy is expected to expand faster than the U.S. overall in 2025. Tennessee’s inflation-adjusted gross domestic product (real GDP) is projected to have grown by 2.4% in 2024 and to grow by 2.5% in 2025, while the U.S. economy is expected to grow by only 2% in 2025 after a growth rate of 2.7% in 2024.
