A recent study of 100 major cities has Nashville ranked as the 5th best boomtown in the U.S. To calculate its rankings, the study took a look at:
- Population and housing market: What is the rate of population influx compared to the amount of available housing.
- Increasing Workforce and employment opportunities: Unemployment rates, civilian labor force, and median earnings.
- Growing industry: Rate of business and industry growth, including number of establishments and paid employees per paid period.
Nashville’s Business Growth score was 72.9, which was good for third highest among the metro areas in the study. It also had the fifth highest Workforce & Earnings score of 54.6. This was due to a 9% increase in workforce (ninth highest), and a 25% decrease in unemployment (14th highest). Nashville also had a 7% increase in median earnings for workers (16th highest).
If you’ve lived in Nashville long enough, you know about the housing shortage, which was also a factor in these rankings. Although the city only had a 5%, housing growth, which is obviously not keeping up with the population increase, it was still good enough for the 13th biggest increase out of the cities in the study. I believe that Nashville will continue to improve in this area as it’s available home inventory has seen a steady increase 3 months in a row for the first time in years.