66 people a day moved to Nashville in 2023
The US Census released its population estimates for 2023 earlier this week. The data showed population growth and the components of that change through different factors – births, deaths, domestic migration, international migration, etc. We issued a press release earlier this week highlighting how the Nashville MSA added over 31,000 to its population in 2023 with about 24,000 coming through migration. That’s about 66 people a day moving to Nashville. The results are exactly what we predicted in an economic update provided to the Greater Nashville Realtor’s Association. This population data shows how much of an attractive destination Middle Tennessee is for people across the Nation, and it highlights how Nashville is uniquely positioned to bolster its workforce – a challenge much of the US is facing. The results are great news for Middle TN, but let’s dive deeper into the data.
Nashville’s Population Growth One of Highest in the Nation
Nashville’s increase of 31,000 is the 12th highest total population increase in the US among all metros. Percentage-wise, that equates to the 10th highest among all similarly sized metros. The Nashville area grew by over 7,000 through natural population, i.e., the difference between births and deaths. The other component of population change, migration, shows that Nashville had the 12th highest total in migration increase (10th highest percentage).
Nashville’s Population Growth Spread Across the Region
If we look at which areas in the region are driving the growth, we see that the population growth was fairly balanced across the region. All but one county grew by at least a full percentage point, and half of the counties grew by at least 5,000. Rutherford county saw the highest total increase at almost 6,500, followed by Wilson County at just over 5,000, and Davidson rounding out the top 3 at just under 5,000.
Why it Matters
Population growth is critical to the success of the local economy for several reasons. It grows the local workforce, which is especially important during a time of significant talent shortages. The Nashville Area has about 2 job postings for every unemployed person that is actively seeking employment. Also, companies that bring those jobs are going to relocate and expand to where they have the best chance at finding a workforce. Finally, the increase in population helps to grow the tax base, which is critical for the infrastructure of the local economy. Roads, education, public transit are all things that rely on tax dollars which rely on the people who pay them.
