Boyd Center for Business and Economic Research
Tennessee Business Leaders Survey
The Boyd Center for Business and Economic Research created the Business Leaders Survey in August 2020. Responses are collected biannually from business leaders across the state to provide a unique perspective on Tennessee and the nation’s economy.
Responses from the most recent Tennessee Business Leaders Survey were provided in August 2025. Compared to last winter, more leaders believe there is a chance that the U.S. will fall into a recession in the next year. About a quarter of employers who responded to the summer survey said tariffs have affected their business a lot, while almost 50% said they have felt a little effect from tariffs. Nearly half (44.2%) said they are passing on some or all of the tariff costs to customers. Most respondents felt the Tennessee economic outlook was better than the U.S. We summarize key themes that emerge in our Summer 2025 report.