Tennessee’s diverse economy drives growth on global stage
July 2025 — Nashville and Middle Tennessee’s business climate is turning local employers into global players. Twelve companies headquartered in Tennessee earned spots on the 2025 Forbes Global 2000 list, a milestone that highlights why more businesses are moving to the state for its tax advantages, workforce strength, and diverse economy.
“Nashville’s diverse, robust, and growing economy makes it an ideal location for us,” Tom Stumb, chairman and CEO at Truxton, told Invest:. “The city has experienced strong population and job growth since we opened, and we are content to remain focused here.”
The Forbes Global 2000 ranks the largest public companies worldwide by sales, profits, assets, and market value, with this year’s list reaching new records in all four metrics despite global economic and geopolitical uncertainty. The companies listed collectively account for $52.9 trillion in revenue, $4.9 trillion in profit, $242.2 trillion in assets, and $91.3 trillion in market value.
Of the U.S. companies highlighted, 12 are headquartered in Tennessee, spanning healthcare, transportation, banking, and retail. Heavyweights include Nashville-based HCA Healthcare and Pinnacle Financial Partners; Memphis-based FedEx, AutoZone, and International Paper; and Dollar General in Goodlettsville, showing how the state’s economic base has expanded while staying diverse enough to weather market cycles.
Executives say the region’s blend of tax advantages, strong population growth, and collaborative business culture keeps firms competitive.
“We have business owners moving their entire businesses from states like California, Illinois, New York, and New Jersey to Nashville, as well as to Texas and Florida, because we have no state income tax, no state capital gains tax, and no state estate tax,” said Stumb.
Healthcare continues to be a growth for many local firms, not only providers but also design, construction, and professional services that support the sector’s expansion. “From a market perspective, we’re especially excited about healthcare. We’ve been active in that space for about six years now and continue to see incredible growth within Nashville and beyond,” said Carrie Stokes, CEO & President of Barge Design Solutions, in an interview with Invest:.
Civic and mixed-use developments are also creating ripple effects in the region. “There’s an abundance of opportunities out there,” said Matthew Gulsvig, principal and architect at DLR Group. “In line with our plan, we’re pursuing civic-minded projects, higher ed projects, and mixed-use opportunities. The sports and entertainment experience within the mixed-use environment is very promising.”
While the Forbes report highlights how global tensions and tariffs could disrupt business, broader analysis shows that trade, and with it, corporate growth, remains largely resilient. UNCTAD data shows that annual growth in the value of trade goods and services has leveled off but remains modestly positive in early 2025, still down from the peaks seen during the post-pandemic surge in 2021 and 2022. Recent research from the Economic Policy Institute adds that even when trade flows stay strong, the benefits can be uneven, with fragile supply chains and shifting policies putting pressure on companies to stay flexible and support clients through changing conditions.
“There’s a lot of uncertainty — tariffs, regulatory changes, global events,” said Chris Hight, chief manager at KraftCPAs. “We need to be out there, having conversations, making sure we’re ready to help clients navigate whatever comes their way.”
That readiness often means helping clients plan both for immediate and longer-term challenges. Stokes added, “We’re keeping a close eye on what often feels like daily changes in the form of executive orders and policy shifts and figuring out how we can support them despite those uncertainties.”
Local leaders point out that this steady, relationship-driven approach and focus on long-term opportunities help set the region apart. “Knowing that everything goes through cycles, we’re continuing to work with our clients and foster relationships and identify new opportunities in Tennessee,” Gulsvig said.
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