Preliminary employment numbers at the metro level were recently released by the Bureau of Labor Statistics (BLS). The Nashville MSA added about 5,000 jobs in the month of August. Year to date, the Nashville metro area has added about 24,000 jobs, continuing the strong job growth that the area is experiencing.
This increase equates to a 3.1% increase which ranks 7th highest among metros with a population of at least 1M.
In addition to sustained employment growth, Nashville’s unemployment rate is one of the lowest in the nation for August, coming in at 2.7%. Among all metros with at least 1M in population, this is the 6th lowest unemployment rate.
One of the strengths of Nashville’s economic ecosystem is its diversity of industry and balance of sectors. Over the past year, the region has seen well-balanced growth across all sectors. This diversification has positioned the Nashville region well in economic downturns as recessions have less of an impact on the Middle Tennessee area, both in intensity & duration. In the chart below, we can see how our industries have growth in the past year.
The leisure & hospitality industry is continuing its strong growth out of the pandemic and surpassing pre-covid numbers, as pent-up demand surges for Nashville’s vibrant music & entertainment scene. Construction continues to grow despite higher rates as demand for housing shows no sign of slowing. As housing affordability continues to be a challenge for residents, especially long-time Nashvillians, it will be important to see continued growth in construction for residential real estate. Despite this challenge, Nashville is well positioned for continued, sustainable, and balanced growth and how that balanced growth is critical to the prosperity of the region, even when national headwinds are looming.
