NASHVILLE, TN — With the COVID-19 pandemic a bit under control, the US economy has made a remarkable comeback after months of deep dive. Consumer spending is strong, many are employed, and the housing market is booming.
In 2020, gross domestic product (GDP) had fallen by 31.4%, the sharpest in modern US history. During the 2008 economic recession, the GDP fell by less than 9% and took several years to recover. But after the initial shutdowns due to the pandemic, GDP has been recovering fast as economic activity resumes.
Nashville has been showing great economic growth, even though the area has been hit with economic downturns following the pandemic, a massive flood, and a tornado, they have shown resilience in facing them all.
“Nashville has an economic history of a rapid recovery from any kind of economic downturn,” said Ralph Schulz, President, and CEO of the Nashville Area Chamber of Commerce.
A recently published report showed that Nashville currently was in the first position among the U.S cities with the most economic growth in 2021.
To find the locations with the most economic growth in 2021, researchers at Stessa analyzed data using several factors including percentage change in total employment from January to May 2021; unemployment rate from May 2021, average monthly building permits per capita, and average monthly home sales per capita. To improve relevance, they include metropolitan areas with at least 100,000 people and were grouped based on the population size
As a result, Nashville-Davidson-Murfreesboro-Franklin, TN received a total composite score of 78.9, the highest among 15 metropolitan cities in the U.S. according to a survey made by Stessa. Percentage change in total employment is around 1.1%; the unemployment rate is about 3.9%; average monthly building permits per 100,000 residents is 132; average monthly home sales per 100,000 residents is 174. Total population is currently at 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 than we are concerned with unemployment.”
Schulz also mentioned that Nashville is a great place to live and a great place to open a business. The business opportunity just started to expand in the Nashville area, especially after the pandemic.
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