3 Cities to Watch
Source: U. S. Department of Labor
Neil Pierson is editor of Scotsman Guide Commercial Edition.
Reach him at (800) 297-6061 or firstname.lastname@example.org.
The state’s generally healthy economy is bolstered by a low unemployment rate, at 4 percent as of this past May. Tennessee hadn’t seen a figure
that low since March 2001, according to the U.S. Department of Labor.
The state added more than 56,000 jobs year over year as of this past April,
and unemployment rates for the month decreased in all 95 counties, the
state’s Department of Labor and Workforce Development (DLWD) reports.
Of the 56,000 jobs added over the year ending this past April, more than
a quarter were created in April 2017 alone. Three subsectors — accommodation and food services, retail trade, and transportation and warehousing — each added at least 3,000 jobs this past April. Williamson
County, south of Nashville, had the lowest unemployment rate in the
state this past April at 2.6 percent.
Focus: Health care
Nashville is touted as one of the nation’s health-care industry hubs.
The capital city’s metro area alone is home to some 400 health-related
companies that have an estimated $38.8 billion economic impact on the
local economy, the Nashville Health Care Council (NHCC) reports. There are
18 publicly traded health care companies in Nashville, and NHCC-member
companies employ more than 628,000 worldwide and have global
revenues of $144 billion.
Nashville’s Community Health Systems, HCA Healthcare and LifePoint
Health operate more than one-third of the investor-owned hospitals
in the U.S. In the city, Saint Thomas Health and Vanderbilt University
Medical Center employ more than 10,000 people. The NHCC reported
that health care companies occupied 17. 4 percent of all office and industrial space in the state as of 2014. By 2022, an estimated 1 in 11 new jobs
in Tennessee will be in health care.
The “Birthplace of Rock ‘n’ Roll” is now the second-largest city in Tennessee with about 652,000 residents. It is known worldwide for its cultural
influences and is attractive to investors. Colliers International hailed
Memphis as one of the top 10 emerging U.S. industrial markets in 2017,
with a vacancy rate of 6. 6 percent, half of what it was five years ago.
The city’s top employers include FedEx, International Paper, AutoZone
The home of the University of Tennessee and 186,000 people, the metro area has a diverse workforce and employers like the U.S. Department
of Energy, Covenant Health and DENSO Manufacturing. The downtown
area’s office-vacancy rate has dropped about 6 percentage points since
2013 and there are some progressive ongoing projects, including a
165-room Hyatt hotel, a new movie theater and a relocation of the
city’s largest advertising agency.
The city has grown by almost 21 percent since 2010, U.S. Census
figures show, with about 132,000 current residents. More than 22,000
students attend Middle Tennessee State University. As the seat of Rutherford County, with a population of 300,000, Murfreesboro has one of
the state’s top public school districts. The Nissan plant employs 8,000
people and other large-scale employers include National HealthCare
Corp., Ingram Content Group, State Farm Insurance and Amazon.
Sources: Appalachian Magazine, CBRE, Colliers International, Greater Memphis Chamber,
History.com, Knoxville Chamber, Knoxville Mercury, Nashville Health Care Council,
National Civil Rights Museum, Nashville Post, National Geographic, Rutherford County
Chamber of Commerce, Tennessee Aquarium, Tennessee Department of Economic
and Community Development, Tennessee Department of Labor and Workforce
Development, Tennessee Department of Tourist Development, The Tennessean,
Urban Land Institute, U.S. Census Bureau, U.S. Department of Commerce,
U. S. Department of Labor, U. S. News & World Report, Vanderbilt University.