NASHVILLE, Tenn. (WKRN) — With the COVID-19 pandemic a bit under control, the U.S. economy has made an incredible comeback. Consumer spending is strong, jobs are coming back, and the housing market is booming, and quite possibly the hottest it’s been in years.
Here locally in Middle Tennessee, there’s a new spotlight on our economic growth. Through several economic downturns, a massive flood, and tornadoes, Nashville has always shown resilience. Now is no different.
“Nashville has an economic history of a rapid recovery form any kind of economic downturn,” said Ralph Schulz, President and CEO of the Nashville Area Chamber of Commerce.
Our balanced economy keeps us grounded, and we’re seeing the benefits right now.
“Before COVID, our growth rate was about three times the national average and we expected that to return after COVID,” Schulz said.
A new report shows that we’re on our way there, ranking Nashville as the U.S. city with the most economic growth in 2021.
To find the locations with the most growth this year, researchers at real estate company Stessa analyzed several employment and housing metrics to generate a composite score and ranked locations accordingly.
“Looking at the percentage change in total employment this year, the unemployment rate, the average monthly building permits issued per capita, as well as the average monthly home sales per capita at the metro level, researchers issued the Nashville metropolitan area a composite score of 78.9—the highest score among all large metros,” the company said.
#1. Nashville-Davidson–Murfreesboro–Franklin, TN
- Composite score: 78.9
- Percentage change in total employment: 1.1%
- Unemployment rate: 3.9%
- Average monthly building permits per 100,000 residents: 132
- Average monthly home sales per 100,000 residents: 174
- Population: 1,933,860
“The growth we’re seeing is very much in line with what we expected to be Nashville recovery economically,” Schulz said. “Employers are more concerned right now with the lack of workforce then we are concerned with unemployment.”
For those who are looking for work, Schulz says opportunities are only growing as Nashville has not seen a slowdown in the interested companies both relocating and expanding here.
“It’s a popular place to be if you’re a business and its a popular place to live if you want to live with a good lifestyle, so the combination of those two factors, it bodes well for Nashville’s expanding opportunity going forward.”