2013: Nashville, TN
Nashville is a thriving city filled with risk-takers. Positive energy and camaraderie fuel the spirit of the region. Every day, people find new ways to take advantage of opportunities offered, to make something from nothing, to make their mark, to realize their dreams. The economy of the Nashville area is consistently one of the most dynamic, diverse and resilient in the U.S. Due to the region’s many positive attributes, business growth and success routinely outpace that of the state or the nation. Data show that business formation and job growth exceed national rates, and that unemployment levels remain lower. Aggregate measures of success such as GDP growth highlight the favorable business climate that characterizes the Nashville market.
The Nashville region’s business environment is characterized by a favorable geographic location, quality workforce, lower taxes and growth opportunities enhanced by a diverse economy. Over the last decade, the Nashville area has experienced tremendous growth across industry sectors, including the major industries of health care, tourism, publishing and music. High-profile businesses from across the country and the globe have moved to the Nashville area in the past few years, from ServiceSource, to Saks Fifth Avenue, to Backyard Burgers, to Nissan, to the Consulate-General of Japan.
Cost of living is one of the Nashville area’s major advantages. Residents benefit from an overall cost of living that is consistently below the U.S. average. Among major U.S. cities, Nashville has long had one of the most favorable climates for high levels of disposable income relative to costs.
The Nashville and Middle Tennessee region continues to be an area of consistent, strong growth in population, and very favorable employment and economic growth prospects. To maintain its record of success, the region must strive to keep and expand its tangible workforce advantages. Investment in education and training for workers will become increasingly important amid demographic changes, competition for resources, changing workplace needs and growing global pressures to perform at every level. Success will also mean sustaining a competitive edge in attracting the “best and brightest” talent from around the country.