The report also states that Knox County’s average salary is about $53,000 per year and about 21% of all workers are self-employed.
KNOX COUNTY, Tenn. – There are about 478,000 people in Knox County, according to a new report from Advance Knox released Thursday. This number is expected to reach approximately 557,000 people by 2040.
Advance Knox is an effort to create a specific, solid vision to guide the county’s growth over the next 20 years. Reports and plans collected during this effort can be used to guide commissioners on any issues that arise during this time, from zoning decisions to county policies.
The effort is expected to last 18 months. They organized the first round of public consultation in March 2022, before publishing the report. The second round of public comment is scheduled for fall 2022, before a final public comment session in early 2023. A final plan is expected to be created by May 2023.
The report found that 55% of Knox County residents live in areas outside of Knoxville and Farragut. The report says a large portion of people who have moved into the unincorporated parts of Knox County since 2010 are over the age of 65. This trend is expected to continue, according to the report.
By 2040, a fifth of the county’s residents are also expected to be over 65. This population may differ significantly from the younger, college-age population of Knoxville that is attracted to the University of Tennessee. Although this population is large, representing more than 40,000 people, it is not expected to grow as much as older populations.
The report found that about 92% of people over the age of 25 in Knox County have a high school diploma and 39% have a bachelor’s degree. About 15% of county residents have earned a graduate or vocational degree.
The report also states that Knox County’s cost of living is about 89% of the national average, similar to surrounding counties. Meanwhile, households living outside of urban areas earn a median of $73,528, nearly $20,000 more than the state median.
According to the report, Knox County has a gross domestic product of approximately $24 billion, representing all goods and services produced in the county. The county’s overall economy has also grown faster than numbers for the metropolitan statistical area, which covers eight counties, including Knox.
Compared to the MSA, the report says Knox County’s economy has fared better from the COVID-19 pandemic and has a slightly smaller economy than it was in 2018.
On average, people earn $53,662 in the county. The report says that number has increased 35% since 2010. It also says about 21% of all workers in the county are self-employed, a similar number to the MSA and the state.
Most people work in health care and social services, according to the report. More than 37,000 people work there, 25% more than the retail sector.
Compared to 2018, the transportation and warehousing industry has also seen massive growth. Few people worked there in 2018, but more than 10,000 now worked in the Knox County industry in 2020.
About 66% of Knox County workers are under the age of 29, and about 71,000 people live in Knox County but work outside the county. The report says nearly 112,000 people live outside the county but work there.
Outside of Knoxville, the report says there were 98,578 single-family dwellings in 2020, 77% of which were single-family dwellings. About 64% of people living in the county own their homes, while 36% rent. The median new home price in Knoxville was around $359,000 at the start of 2022, according to the report.
In 2016, the price per square foot for a home was around $104 in the county. In 2022, it climbed to around $176 on average.
In 2020, the report also said home prices had risen 2.2 times the wage rate in Knox County and that about 70% of Knoxville households could not afford the median price of a new home. home. They were considered “cost overburdened” because they spent 30% or more of their income on housing.
In outlying areas of Knox County, the report says the average household spends about 30% of their income on transportation costs alone. This includes costs associated with buying new cars, maintaining them, paying for insurance, fuel or public transport.
Approximately 1,721 miles of road stretch around the county, and there are 134 bridges in Knox County with 381 miles of county-owned storm water pipes. People said around 52% of their commuting time was commuting to work or home.
About 23% of people’s trips are for shopping, with Turkey Creek and Cedar Bluff malls located in the county.
On average, daily commutes take about 23 minutes in Knox County, and about 88% of roads are considered to be in at least “fair” condition. A section of Pellissippi Parkway to Hardin Valley Road sees over 55,000 vehicles daily, as well as freeways in Knoxville.
More than 30% of households do not have access to a car in a portion of South Knox County along Maryville Pike, as well as in several areas of downtown Knoxville.
The county’s water and sewer utilities are almost evenly split between KUB, Knox Chapman, Hallsdale Powell, Knox Chapman, and First Utility. According to the report, about 81% of single-family homes built since 2017 are outside of Knoxville.
Significant construction is also expected in the Hardin Valley areas, with further development plans for Karns and Farragut. The report says 7,048 subdivisions are expected to be built in Knox County and 1,379 are under construction.