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Study says Nashville must take steps to develop workforce if economic growth is to continue
For Immediate Release
January 17, 2008
NASHVILLE, Tenn. - A report commissioned by the Nashville Area Chamber of Commerce, the Nashville Career Advancement Center and the Tennessee Department of Labor & Workforce Development states that in order for the Nashville region to continue its economic growth, the region must take steps to ensure that it develops a deep, talented workforce.
The study, prepared by the Arlington, Va.-based Center for Regional Economic Competitiveness and released today, was the primary topic of discussion at today's Partnership 2010 investor meeting. Partnership 2010 is the economic development initiative of the Nashville Area Chamber of Commerce.
The study examined trends in the areas of population growth, workforce supply and demand, and occupational and educational demands.
"This report makes it clear that in order for Nashville to continue on the successful path we're on today, we're going to need to invest more heavily in education and training and we're going to have to continue to attract creative, talented people from other parts of the country," said Charlie Hawkins, senior manager of recruiting and staffing with LifeWay Christian Resources, who serves as chairman of the Nashville Chamber's Workforce Development Advisory Committee.
The report, titled "Labor Market Opportunities in the Nashville Economic Market Area: An Assessment of the Region's Labor Force Demand and Supply," states that of the approximately 1.25 million working-age people in the Nashville region, about 853,000 people are participating in the labor force and 34,000 are seeking work (4 percent unemployment rate). The report concludes that the region could face a shortage of about 2,300 or more workers per year during the next decade as job creation outpaces the number of people available to work.
"We are looking at workforce supply and demand from a long-term, regional perspective," said Tennessee Labor and Workforce Development Commissioner James Neeley. "To effectively support our regional economic development priorities, it is imperative that we align our education and training resources with our workforce development needs."
Key findings of the report include:
Population and Economic Growth Trends
The region's job growth (2.4 percent) slightly exceeded its population growth (2.1 percent) between 2002 and 2007. Future job growth is expected to slow to 1 percent annually over the next decade due to various national economic trends.
Nearly 21 percent of total regional employment is due to proprietorships, much higher than in other U.S. metro areas.
Workforce Supply Trends
More than 15 percent of the region's workforce is aged 55 or older, meaning that one in six people currently of working age will pass the traditional retirement age of 65 during the next decade.
The central question facing Nashville is whether enough young people will join the labor force to replace these retiring workers.
Nashville is a magnet for relocating workers from other areas of the country – the region gained 26,293 net new migrants between 2005 and 2006.
The region's ability to continue to attract a substantial number of these "in-migrants" is the only solution to addressing the potential worker shortage.
Worker Demand Trends
Almost two-thirds of the nearly 126,000 net new jobs between 2002 and 2007 were created in four "supersectors" -- wholesale/retail trade, professional and business services, education and health services, and leisure and hospitality.
The region's manufacturing sector, due in large part to the presence of the automotive industry, is more highly concentrated and more globally competitive than in other areas of the U.S.
Occupational Demand Trends
Many of the region's fastest growing occupations are in the fields of health care, education, and retail and wholesale trade.
The fastest-growing occupations offering above-average wages include registered nurses, postsecondary teachers, general and operations managers, chief executives, and business operations specialists.
The region's fastest-declining jobs are those most affected by technology and automation (more so than global competition), including clerks, couriers, meter readers, and low-skill production workers.
Educational Demand
Jobs that require higher education levels are growing at a much faster rate than other parts of the economy. Workers will increasingly need to continue their educations in order to find good employment opportunities.
While Davidson and Willamson counties have relatively high concentrations of workers with at least a bachelor's degree, many other parts of the Nashville region must overcome lower rates of bachelor's degree attainment.
The region's higher education institutions, including two-year institutions, are struggling to meet needs for nurses, postsecondary teachers, and a number of technical, IT, engineering, and computer network/systems occupations.
Renee Bradford, Dell's Nashville HR site leader, said the report's emphasis on education and training mirrors her company's own expectations for entry-level workers looking to begin careers with Dell.
"In recruiting for logistics, production and call centers, we look for people with formal technical and professional training," Bradford said. "We want to help our employees build long-term careers right out of the gate, and a key to being successful at Dell is to arrive with a well-rounded background, including the right education and demonstrated leadership skills."
To view the complete study, click here.
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