NASHVILLE, Tenn. (WTVF) — The Nashville Chamber of Commerce is sharing its latest economic data as we wrap up the first month of the new year. The data shows steady growth for 2023, but there are possible concerns for this year.
According to the data from the Chamber of Commerce, the average household income increased by more than 10% from 2021 to 2022 and that number continued to rise for 2023.
Unemployment hovered at a record 2.7% for Middle Tennessee and the area remained relatively insulated from the increase in inflation across the country.
The chamber says in recent years our region has navigated global challenges with what they call remarkable adaptability, but they say potential economic hazards could come. The unknowns are generally inflationary pressures and swings from the national economy that impact the region.
The data shows in 2023, Middle Tennessee saw significant job growth totaling around 24,000 new jobs. While adding these jobs is a good thing, the chamber mentioned that the workforce still needs to fill more than 50,000 job openings in the Nashville area.
The chamber says Nashville may only get busier and bigger. They expect the population to continue to grow.
The growth would attract companies to set up shop in the area, but they say we should be on the lookout for any possible declines in the local economy.
Get ready to get inspired - Tad found a second purpose later in life, turning his hobby into his full-time gig. He helps the planet, helps homeowners and finds fulfillment in a slower pace after being on the front-line during the pandemic.
-Rebecca Schleicher
