Stories of Technology, Innovation, & Entrepreneurship in the Southeast

With nearly 82 percent of Americans planning to take a trip this summer, the personal finance website WalletHub today released its report on the Best Summer Travel Destinations in 2024. Knoxville came in 16th place, compared to 100 U.S. cities.

Here’s how Knoxville shapes up:

• 6^th – Local Costs
• 49^th – Number of Attractions
• 53^rd – Cost of Cheapest Flight
• 49^th – Duration of Cheapest Flight
• 12^th – Cost of Three-Star Hotel
• 36^th – Weather
• 45^th – Activities

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Manufacturing Report

The Knoxville Chamber released its quarterly ECO report. It dives into the health and outlook of various industries in Knoxville. The general business activity was considered “the same” as the previous quarter, which we can interpret as a positive.

Current Indicators:

• Increases: Production, capacity utilization, new orders, shipments, workweek length, and capital expenditures.
• No Changes: Growth rate of orders, unfilled orders, delivery time, inventories, wages and benefits, and number of employees.
• Mixed Changes: Prices for raw materials and finished goods.

Six-Month Outlook:

• Increases: Production, capacity utilization, new orders, shipments, and number of employees.
• No Changes: Unfilled orders, delivery time, wages and benefits, workweek length, and capital expenditures.
• Mixed Changes: Prices for raw materials, growth rate of orders, inventories, and prices for finished goods.

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Retail Report

Higher living costs and lack of affordable housing have proven to be a challenge for workers. The general business activity was considered “worsened” compared to the previous quarter.

Current Indicators:

• No Changes: Internet sales, full-time and part-time employee numbers, average workweek, and capital expenditures.
• Increases: Wages and benefits, input prices.
• Mixed Changes: Inventories and net sales revenue.

Six-Month Outlook:

• Increases: Wages and benefits, input prices.
• No Changes: Internet sales, full-time and part-time employee numbers.
• Decreases: Net sales revenue.
• Mixed Changes: Average workweek, inventories (split between increase and no change), and selling prices (mixed). Capital expenditures (split between decrease and no change).

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Services Report

The service industry has encountered some significant changes in the past quarter. Most notably, service workers say selling prices have not fully adjusted to higher materials and labor costs, and the struggle continues to find qualified employees. Despite those reported challenges, the general business activities were deemed “the same” as the previous quarter.

Current Indicators:

• Increases: Revenue and input prices.
• Mixed Changes: Full-time employees, wages and benefits, and capital expenditures are almost evenly split between “increase” and “no change.”
• No Changes: Part-time employees and selling prices.

Six-Month Outlook:

• Increases: Revenue, input prices, and capital expenditures.
• No Changes: Full-time and part-time employees, and the average employee workweek.
• Mixed Changes: Selling prices are almost evenly split between “increase” and “no change.

Read the full ECO report from the Knoxville Chamber.

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