While many have been surprised by the results of the recent presidential election, one not so surprising fact is how much the economy influenced voters’ decisions. Over 90% of voters cited the economy as an important factor with 52% citing it as extremely important1. In the past 3 years, inflation has reached almost 9% at one point in the US, which significantly reduces people’s purchasing power. This pain is not just felt at the grocery store with the cost of eggs. Housing prices have increased significantly with the median home price rising 31% in 2 years. Our local economy in Nashville saw a similar spike of 34% in the same period.

Income in Nashville

One of the benefits of our growing economy is increased wages due to the influx of workforce and high-quality jobs that have come into the region in the past several years. The BEA (Bureau of Economic Analysis) recently released income data ranking Nashville 12th for highest personal income in the country4 at just under $80,000. From 2021 to 2023, Nashville’s personal income grew over 11%. The most effective method for combating inflation and high costs of living is to increase income and our local economy is doing just that.

While our income levels continue to rise, Nashville’s cost of living remains relatively low. Our economy is not immune to national economic headwinds, and we’ve certainly seen an increase in the cost of living. However, Nashville remains just around the national overall index for cost of living at 99.9, and just over for housing costs at 102.9. Compared with the top 15 metros for income, Nashville is one of only 4 metros with an overall cost of living index and a housing cost of living index below 105.

1 https://news.gallup.com/poll/651719/economy-important-issue-2024-presidential-vote.aspx

2 https://www.bea.gov/data/income-saving/personal-income-county-metro-and-other-areas

3 https://www.coli.org/

4among metros with at least 1M in population

The Chamber Research Center provides research and data in support of continued economic prosperity for the region. They are also an analytics and data resource for Chamber members and can provide business lists, economic data, and custom research. To learn more about the Research Center, visit the link HERE.

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