Industry Spotlight: Nashville

The music capital of the United States is starting to gain a lot more recognition for its healthy economy.

The music capital of the United States is starting to gain a lot more recognition for its healthy economy. Job seekers looking to change things up needn't look any further than Nashville, Tennessee, where growth rates continue to rise while unemployment falls.

The Only Ten I See: Nashville powerhouse in the waiting
Before understanding which industries are the hottest in the region, it's important to know just how Nashville became the employment powerhouse it currently is. According to the Tennesssean, employment in the area grew 20 percent from 2009 to 2015, effectively doubling its population growth during the same stretch.

The job growth rate the city experienced during that six year span placed it third in the country, the news source reported. Forbes currently ranks it No. 6 in the nation for job growth and No. 28 for "Best places for businesses and careers."

"With a 10% population growth and the employment explosion since 2010, this is an exciting time for the Music City," says Amy Culpepper, Division Director of Beacon Hill's Financial Division in Nashville. "We have consistently seen growth in the manufacturing and distribution sectors, with many new companies opening shared services center, plants and distribution centers in the surrounding areas."

There are currently 960,000 people employed in the area, according to the Bureau of Labor Statistics. Its unemployment rate is well below the nation's average and currently sits at 3.1 percent, a full percentage point lower than it was in December, 2015.

Tennessee Titans in Trade: Trade, transportation and utilities
Nashville's most populated sector is the trade, transportation and utilities market, which currently has 176,000 workers, the BLS reported. It has maintained a steady 1 percent job growth rate over the past year. Forbes reported the city plays host to a number of large transportation corporations.

The education sector is growing quickly in Nashville.

Music City is Sharp: Educational and health services
This region is loaded to the brim with universities and health care facilities, making it an absolute paradise for job seekers looking within those fields. According to the BLS, the industry currently employs 145,000 and holds an impressive 4.6 percent growth rate over the last year.

"We are the home of an abundantly diverse healthcare sector – our healthcare industry contributes approximately $38.3 billion to the area, with almost 250,000 jobs if you count the entire local market," notes Ms. Culpepper. "Nashville is quickly becoming a healthcare hub for the nation."

Nashville's chamber of commerce listed the largest employers in the area, and it's easy to see how this industry is becoming the backbone of the local economy. Vanderbilt University and Medical Center took home the top spot, while Saint Thomas Health Services and Community Health Systems finished in the top 10.

The Round-up
Overall, Nashville is seeing growth in nearly every single industry. In the midst of an economic downturn for most blue collar jobs, the city employs 41,000 in mining, logging and construction, and 82,000 in the manufacturing sector, according to the BLS. The former has a surprising 3.3 percent yearly growth rate, while the latter has held steady at 5 percent for some time now.

The professional and business services sector accounts for 150,000 employees, and has a 4.7 percent growth rate to boot. This number fluctuated and reached 9 percent in February, the BLS reported.

With never-ending nightlife opportunities and a number of growing industries, it's easy to see why Nashville is having success bringing professionals to the area. It's also becoming an excellent place to start a family, as median household income is sitting at roughly $53,000, and the median home price is $172,000, according to Forbes. Those looking to change things up and explore a new area of the country should certainly keep this southern region on their shortlist.

This content is brought to you by the Marketing Team at Beacon Hill Staffing Group.

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