We all know the housing market is booming in Nashville, but one of the key factors driving the demand for homes is the massive job growth that we’ve seen in recent years.
According to stats just released from the Bureau of Labor Statistics, Nashville ranked third in job growth out of all major cities in 2017 with an increase of 3.17%. Only Austin and Riverside-San Bernardino were ranked higher. Nashville’s 2.8% unemployment rate also ranks as the lowest in the country compared to metropolitan areas that have a population of 1 million or more.
Top 10 Metro Areas With Highest Job Growth
These numbers bode well for Nashville, especially since the metro Nashville area sees about 90 people move to Nashville per day. This is exciting and scary at the same time. Growth is good for a city and it’s residents if it is manageable and there is a solid plan in place.
Nashville understands that there is a transportation issue rising, although not everyone agrees on the best solution to address this. You can view more info about the proposed transit plan here.
Nashville Metro GDP Growth
With increased job growth, Nashville has seen a huge boost in gross domestic product. In fact with a 27% increase in GDP, the city ranks as the 5th fastest growing economy over the last 5 years.
Nashville has come a long way over the last five years and bigger things are expected as most experts agree that the area will add 1 million more people by 2040. It will be interesting to watch how our city embraces this growth and continues to work on solutions to issues related that growth.