It’s been several months since we’ve examined the most recent data from the U.S. Bureau of Labor Statistics (BLS) on the Nashville / Davidson / Murfreesboro / Franklin Metropolitan Statistical Area (MSA).
So, how’s business in Middle Tennessee? From an employment perspective, things are certainly looking up! Let’s take a look at the numbers:
- We’re still slightly below the national unemployment rate – and lower than where we were last year. According to the U.S. Bureau of Labor Statistics’ February 26, 2015 Nashville Area Economic Summary, the Nashville area’s unemployment rate is at 5.0% – lower than the national rate (5.4%), and a half-percent lower than our rate this time last year (5.5%)!
- Of all the counties in our MSA, Williamson’s unemployment rate is still the lowest, coming in at 4.4%.
- Total nonfarm employment is up 3.1% in the Nashville area from the same time last year, continuing its upward trend from 2013. Professional and business services showed the biggest increase, jumping up an impressive 7.1% from the same time last year.
- Average hourly wages for Nashville area employees ($20.63) are below the national average ($22.33).
As our economy continues to improve, labor markets will continue to tighten and wages are likely to begin trending upward again. The best workers will become even more difficult to recruit, spurring Nashville area employers to increase pay as a way to attract higher quality candidates.
For comprehensive Nashville employment and economic information statistics, follow these links:
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