The City of Kingsport is continuing to see growth in virtually every sector of the market, including residential, commercial, industrial, small business and professional services.
As a result, Kingsport has seen its revenues grow by nearly $4.5 million during the 2022 fiscal year – an increase of 4% over the previous year. During that time, property tax collections grew by $750,000 and local option sales tax collections rose by $2.25 million.
Nearly 2,000 families have moved to Kingsport from outside the region since March 2020, according to the Move to Kingsport initiative. Top reasons for relocating have been job opportunities, retirement and the ability to work remotely.
Currently, Kingsport has more than 2,500 housing units in some stage of development, from the planning phase to the construction phase. Notable developments include Field Crest (1,000 units), Groceclose (600 units), Brickyard (386 units) and Magnolia Ridge (95 units).
On the commercial front, the owners of the Kingsport Pavilion, the Fort Henry Mall and the Greenacres shopping center are all talking with brokers about new tenants locating to their properties. In downtown Kingsport, construction has started at the Citizens Supply building and on the adjacent lots construction drawings are being produced, where 32 townhomes are being planned.
A new industrial park is in the works on the western end of town – a 160-acre site owned by the Holston Army Ammunition Plant. Kingsport and Hawkins County are working on a partnership in the venture and the park could accommodate warehousing, light industry and transportation businesses.
“Kingsport is experiencing growth and progress in not just one or two sectors of the economy, but multiple ones,” said John Rose, economic development director for the city. “We expect to see this growth continue this year and hopefully some major announcements will be coming soon.”