Tennessee’s median household income increased 5.8 percent in 2017 compared to the previous year – the fastest growing median household income in the Southeast and the fifth fastest growing in the United States.
The 2017 median household income in Tennessee was $51,340.
“Not only are we bringing more jobs to Tennessee, we are bringing higher-paying jobs and that is great news for families across the state,” Governor Bill Haslam said.
“As we’ve worked to create an environment where businesses can thrive, incomes have increased, making Tennessee an even better place to live, work and raise a family.”
The newly released data from the U.S. Census Bureau also showed positive growth in median household income in the state’s four largest metropolitan areas.
The U.S. Census Bureau reports the median household income in the Chattanooga, TN-GA metropolitan statistical area (MSA) grew by 8.0 percent in 2017 compared to 2016, which makes it the sixth fastest growing metropolitan area in the U.S. Its median household income in 2017 was $50,250.
The Nashville-Davidson-Murfreesboro-Franklin, TN MSA also had solid growth of 6.5 percent, making it the 12th fastest growing metropolitan area in median household income in the U.S. Its 2017 median household income was $63,939.
The median household incomes in the Knoxville, TN MSA and the Memphis, TN-MS-AR MSA also grew in 2017 compared to 2016. Families in Knoxville experienced a 4.0 percent increase and families in Memphis saw a 2.4 percent rise. The Knoxville median household income in 2017 was $51,848, while the Memphis median household income was $50,984.