This 2024 volume of An Economic Report to the Governor of the State of Tennessee is the forty-eighth in a series of annual reports compiled in response to requests by state government officials for assistance in achieving greater interdepartmental consistency in planning and budgeting efforts sensitive to the overall economic environment. Both short-term, or business cycle-sensitive forecasts, and longer-term, or trend forecasts, are provided in this report. The report’s special section provides an assessment of business formation in Tennessee. The Tennessee forecast in Chapter 2 provides an in-depth look at the state’s housing and rental markets.