Job Growth Doesn’t Always Equate to Income Growth: Nashville Experiences Both
NASHVILLE, Tenn. (September 19, 2023) – The Nashville Area Chamber of Commerce announced Wednesday that not only has the Nashville Metropolitan Statistical Area (MSA) continued to be a leader in job growth, but it has also achieved significant strides in income growth. According to a recent analysis by the U.S. Department of Commerce Office of the Under Secretary for Economic Affairs (OUSEA), Nashville stands out as one of the few metros in the nation to experience both high job and high-income growth over the last 40 years.
The unemployment rate in the Nashville MSA is one of the lowest in the country, standing at 2.9% as of July 2023. While the region has been lauded for its rapid job growth, it's the simultaneous rise in income levels that sets Nashville apart from other booming metros. This dual growth is especially crucial in the current economic climate, where inflationary trends have been eroding people's purchasing power.
"Nashville's dual growth in both employment and income is a testament to the resilience and competitiveness of our local economy," said Ralph Schulz, President and CEO of the Nashville Area Chamber of Commerce. "It's not just about creating jobs; it's about creating quality jobs that offer sustainable wages, thereby enriching the lives of our residents."
When narrowing the data to the last 10 years and considering only metros with a population of at least 2 million, Nashville remains a standout. It is one of only four metro areas—alongside Austin, Riverside, and Orlando—to have experienced job growth of over 30% and wage growth above 40%.
"Income growth is the other side of the economic coin that often gets overlooked. In Nashville, we're proud to say that we're not just creating jobs, but we're elevating the standard of living for our residents," said Jeff Hite, Chief Economic Development Officer at the Nashville Area Chamber of Commerce. "This is a win-win for both employers and employees, making Nashville an even more attractive destination for talent and business."
The Nashville Area Chamber of Commerce continues to work diligently to ensure that the local workforce is equipped with the skills required for the high-wage, high-demand jobs that are driving the region's prosperity. Through partnerships with educational institutions, community organizations, and government agencies, the Chamber is committed to aligning talent supply with industry needs, thereby contributing to both job and income growth in the region.
This latest data further cements Nashville's status as a leading hub for both economic and individual prosperity, making it an increasingly attractive destination for businesses and individuals alike.
About the Nashville Area Chamber of Commerce's Research Center
The Nashville Area Chamber of Commerce's Research Center is dedicated to providing comprehensive data analysis and insights that drive informed decision-making and support sustainable economic growth in the Middle Tennessee region. By studying key economic indicators and trends, the Research Center plays a vital role in shaping the future of our region.
About Nashville Area Chamber of Commerce and Partnership 2030
The Nashville Area Chamber of Commerce is Middle Tennessee's largest business federation, representing more than 1,800 member companies. Belong, engage, lead, prosper embodies the Chamber's focus on creating economic prosperity by facilitating community leadership. Established in 1990 as an economic development and community enhancement initiative of the Chamber, Partnership 2030 is a regional cooperative dedicated to making Middle Tennessee among the nation's best places to live, work and do business. Partnership 2030 is supported by a diverse group of public and private companies as well as governmental agencies from the organization's 10-county service area. The work of the Chamber is supported by its members, Partnership 2030 investors and sponsors; the Chamber's Pivotal Partners (a partnership at the highest level for all Chamber programs and events) are Bass, Berry & Sims, BlueCross BlueShield of Tennessee, Community Health Systems, Gresham Smith and Regions. For more information, visit www.nashvillechamber.com.