Farragut named state's most business-friendly city

11/16/2011

Farragut for the second time has been named the Most Business-Friendly City in Tennessee by the Beacon Center of Tennessee in the free market think tank's annual ranking of the state's 50 most populous cities.

Farragut is the first city to receive the top ranking twice, having first been awarded the title in the Beacon Center's inaugural rankings in 2006.

The study, titled "How Business-Friendly are Tennessee's Cities?", scores each city in three categories that reflect a commitment to encouraging business success and fostering an entrepreneurial spirit. Those categories are Economic Vitality, Business Tax Burden, and Community Allure.

According to the group, Farragut has consistently ranked toward the top, finishing first in 2006 and second in last year's rankings. In 2011, its job performance and low tax burden give it the state's most business-friendly climate.

"Farragut has maintained a solid commitment to low taxes and an inviting economic policy," Beacon Center President and CEO Justin Owen said in a statement. "The city's dedication to business growth has paid off, leading it to the top of the business-friendly rankings in 2011."

Founded as the Tennessee Center for Policy Research, the Beacon Center analyzes cities' friendliness to business each year based on several factors.

In Farragut's favor, the Beacon Center found the town lacks a property tax, has a low crime rate, and has witnessed strong job growth compared to other cities. It finished first in the Business Tax Burden category with a perfect score, third in Economic Vitality, and eighth in the less-weighted category of Community Allure, pulling well ahead of the second ranked city of Brentwood. Franklin, Mt. Juliet, and Spring Hill round out the top five.

"This award is a reflection of Farragut's commitment to creating a business-friendly climate free of stifling taxes and restrictive regulatory burdens," Owen said. "We applaud the local elected officials and business leaders for earning the distinction as Tennessee's Most Business-Friendly City for the second time in just six years."

On the opposite end of the spectrum, Memphis, Brownsville, Martin, Dyersburg, and Tullahoma rank in the bottom five for business-friendliness in 2011.

The Beacon Center of Tennessee describes itself as an independent, nonprofit, and nonpartisan research organization committed to achieving a freer, more prosperous Tennessee. Through research and advocacy, the Beacon Center said it seeks to advance the principles of free markets, individual liberty, and limited government.

Source: Knox News Sentinel