Nashville Area Chamber Releases 2018 Vital Signs Report

Today, the Nashville Area Chamber of Commerce released its 2018 Nashville Region’s Vital Signs report. 

The report is developed by the Chamber’s Research Center in partnership with the Greater Nashville Regional Council (GNRC) which serves as the federally-designated Metropolitan Planning Organization (MPO) for the Nashville area.

This year’s Vital Signs report highlights changes within the Nashville MSA and the Clarksville MSA over the past 10 years examining how the region has evolved since the Great Recession. The report notes that the proximity of the Nashville and Clarksville Metropolitan Statistical Areas and the region’s unprecedented growth creates an opportunity for increased collaboration among local governments and the business community to drive continued economic development and prosperity for all residents.

“There is no question that growth has equaled opportunity for Middle Tennesseans,” said Ralph Schulz, president and CEO of the Nashville Area Chamber of Commerce. “The data also shows that this rapid growth has presented challenges. These challenges are often a result of not keeping up with the critical infrastructure and services to support that growth, which limits the region’s ability to maximize opportunities for all of our residents.”

The 2018 Nashville Region’s Vital Signs examines patterns and trends in Middle Tennessee for:

  • The region’s overall growth in terms of population and economic development,
  • Workforce and educational attainment,
  • Transit and infrastructure, and
  • Affordability and health.

Key findings:

  • The region outpaced population growth expectations coming out of 2008. That rapid growth has continued but has leveled out to match projections in recent years.
  • From 2007 – 2017, the Nashville MSA ranks fourth behind Charlotte, Austin and Raleigh for population growth, adding nearly 400,000 new residents.
  • The creation of new jobs has significantly outperformed projections from 2010.
  • Weekly wages in the region are on par with the national average, unemployment rates are low, and job growth numbers are high.
  • The population across all levels of education has seen an increase in the percentage of people below the poverty line from 2007-2006. Fortunately, unemployment rates have continued to drop, and the average poverty rate has been steadily declining over the past three years reflecting a positive trend.
  • Nashville pays highly competitive rates to individuals who have completed high school or have some college, but still lags in average earnings for graduate and professional degrees.
  • The region is above the national average in educational attainment of bachelors and other graduate or professional degrees. A factor in this data point is the people moving from other states and abroad who are bringing advanced degrees with them.

Challenges:

  • While the overall cost of living in the region remains lower than the national average, the increased cost of living, especially as it relates to housing due to an increased demand outpacing supply, is a challenge.
  • While affordable housing is a need, just as important is connecting housing to employment and education opportunities. Improving mobility and infrastructure is a critical part of planning for the region’s future.
  • The healthcare industry has an economic impact of $46 billion to the region and sustains over 270,000 jobs. Despite the number of healthcare resources, Middle Tennessee has poor health outcomes with high rates of obesity, heart disease, diabetes and other illnesses that impact the workforce.
  • 22 percent of children live in poverty.
  • The region has one of the highest rates of child and teen deaths among peer metro areas, and a relatively high rate of children without health insurance.
  • In comparison with peer cities, Nashville has seen a decrease in the number of employers that offer health insurance.
  • The cost of transportation needs across the region totals $8 billion.

Positive strides in addressing these challenges include postsecondary education attainment policies and programs including Middle Tennessee Reconnect and Nashville’s Talent Hub designation, Nashville area employers’ prioritizing employee health, innovative transportation and mobility programs such as the Oasis Bike Workshop and efforts toward transportation demand management.

In addition to the support of the Greater Nashville Regional Council, the Chamber would like to thank its Vital Signs Supporting Sponsors: Barge Design Solutions and FirstBank, and its Media Partner: The Tennessean. Funding for the report is provided in part by grants from the Federal Highway Administration, Federal Transit Administration and Tennessee Department of Transportation.

To view the report, visit www.nashvillechamber.com/vitalsigns.

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