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Facts, Figures, Markets
Cost of Living
The overall cost of living is 12.5 percent lower than the national average.
| National average | 100.0 |
| Knoxville | 87.5 |
| Grocery | 90.2 | Miscellaneous | 96.4 |
| Health | 90.1 | Transportation | 87.8 |
| Housing | 74.1 | Utilities | 90.1 |
| Cost of Living Index | |||
| Knoxville, TN | 87.5 | Huntsville, AL | 91.3 |
| Asheville, NC | 100.3 | Lexington, KY | 97.1 |
| Atlanta, GA | 96.0 | Memphis, TN | 89.6 |
| Charlotte, NC | 93.4 | Montgomery, AL | 94.3 |
| Chattanooga, TN | 92.8 | Nashville, TN | 95.1 |
| Columbia, SC | 95.1 | ||
| Source: ACCRA; 1st Qtr,/ 2005 | |||
| Tax Structure | |
| City | Property tax rate per $100 value - $3.05 |
| County | Property tax rate per $100 value - $2.96 |
| Sales tax | 7 percent |
| Local sales tax | 2.25 percent |
| Distance from Major Cities | |||
| Atlanta | 220 miles | Louisville | 244 miles |
| Birmingham | 258 miles | Memphis | 387 miles |
| Charlotte | 240 miles | Nashville | 180 miles |
| Chicago | 545 miles | Washington, D.C. | 485 miles |
| Cincinnati | 257 miles | ||
| Population | |
| City of Knoxville (2003) | 173,278 |
| Knox County (as of 2005) |
404,972 |
| Downtown workers (2004) | 22,538 |
| Downtown residents | 1,800 |
| Source: U.S. Census Bureau: TN Dept. of Labor & Workforce Development | |
| Demographics | |
| Knoxville Metro Area | |
| Square miles | 2,225 |
| People per square mile | 326 |
| Median household income | $35,054 |
| Median age | 38.2 |
|
Source: U.S. Census Bureau | |
| Climate | |
| Average summer temperature | 77º F |
| Average winter temperature | 36º F |
| Average annual rainfall | 47.14 inches |
| Average annual snowfall | 1.40 inches |
| Source: U.S. Census Bureau | |
CBID Markets
| Downtown Office Market | |
| Current Employee Population | 22,538 |
| Total Office Space | 6,041,457 sq. ft. |
| Occupancy Rates | 91.2% / 8.8% vacancy rate |
| Lease Rates | $8.00 - $19.21 / Average: $13.41 |
| Total Wages | $191,364,314 |
| Source: 2004 Metropolitan Planning Commission (Knox County) | |
Rental
| DOWNTOWN RESIDENTIAL MARKET | |
| Population | 1,700 |
| Households | 1,219 |
| Average Household Income | $22,287 |
| Average Age | 35.4 |
| The core of Downtown Knoxville is home to 1,800 residents and the current residential base, which exceeds 1,200 units, is growing each day. | |
| Housing starts/completion for 2003 | |
| Sterchi Lofts | 100 lofts |
| Emporium | 43 lofts |
| GameDay Condos | 48 condos |
| Promontory Point (luxury condos) | 20 condos |
| Lerner | 12 lofts |
| Phoenix | 10 lofts |
| Other | 15 units |
| Source: Metropolitan Planning Commission, U.S. Census Bureau | |
| Downtown Retail Market | |||||
| Minutes out | |||||
| 2003 | CBID | 10 | 20 | 30 | 50 |
| Population | 1,700 | 163,809 | 371,007 | 576,577 | 785,023 |
| Households | 1,219 | 72,367 | 157,061 | 238,822 | 322,750 |
| Avg. HHI | $24,965 | $40,798 | $49,995 | $50,959 | $48,795 |
| Avg. Age | 35.4 | 34.4 | 35.8 | 36.6 | 36.9 |
| Retail Establishments |
120 | ||||
| City | County | MSA | |||
| Population | 173,278 | 404,972 | 712,366 | ||
| Households | 76,650 | 157,872 | 281,472 | ||
| Avg. HHI | $37,708 | $49,182 | $45,697 | ||
| Avg. Age | 33.4 | 36.0 | 38.2 | ||
| Retail Establishments |
4,532 | 4,883 | 8,618 | ||
| Total Retail Sales | $6,568 mm | $10,727 mm | |||
| Source: Demographics Now!, East Tennessee Development District | |||||
Knoxville’s Tourism Market
Knoxville’s annual visitor volume accounts for 12 percent of Tennessee’s total visitor population. Top states of origin for visitors include North Carolina, Ohio, Georgia and Virginia. Knoxville visitor volume averages 4.2 million visitors annually, with 59 percent traveling for pleasure and 21 percent for business. The majority of visitors travel by vehicle (79 percent), with 13 percent traveling by air.
Overnight visitors account for 67 percent of all visitors, staying an average of 3.4 nights. Hotel/motel and bed and breakfast facilities account for the lodging of choice (54 percent), with 29 percent staying with family and friends. Expenditures per trip for the sample visitor population continues to climb at $312. The average travel party includes 2.1 people from one household and approximately one of every four visiting households includes children.
Visitor activities in Knoxville largely mirror those of all Tennessee visitors with shopping being the number one activity (31 percent), followed by visiting state and national parks (13 percent), historic places and museums (12 percent) and cultural events and festivals (10 percent).
Source: Travel Industry Association of America - 2000 Profile of U.S. Travelers to Select Tennessee Cities
17 Market Square, Suite 201
Knoxville, TN 37902
(865) 637-4550
info@downtownknoxville.org
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