It’s that time again!
A few times each year, we like to get a pulse on how the Nashville area is doing from an economic and employment perspective. It’s been several months since we’ve reviewed 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 a nutshell, not bad! New data was just published over the past few weeks, so let’s take a look at the most recent numbers:
- The Nashville area unemployment rate is still tracking below the national average – and we’re lower than where we were last year. According to the U.S. Bureau of Labor Statistics’ February 23, 2016 Nashville Area Economic Summary, the Nashville area’s unemployment rate is at 4.2% – lower than the national rate (4.8%), and over half a percent lower than our rate this time last year (4.8%)!
- Of all the counties in our MSA, Williamson’s unemployment rate is still the lowest, coming in at 3.6%.
- Total nonfarm employment continues on a 3-year upward trajectory, up 3.2% in the Nashville area from the same time last year. Mining, logging and construction employment showed the biggest increase, jumping up an impressive 6.2% from the same time last year.
- Although average hourly wages have increased over the past year for Nashville area employees (from $20.63 to $21.13), they’re still below the national average ($22.71).
The good news? Our economy is continuing to improve, adding new jobs each month.
The bad news? As it does, labor markets will continue to tighten and wages are likely to continue rising. The best workers will become even more difficult to recruit cost your business even more to employ.
For comprehensive Nashville employment and economic information statistics, follow these links:
Want to learn more?
Give Wood Personnel a call. Our Middle TN staffing services will keep your workforce flexible, while allowing you to capitalize on new business opportunities – no matter what our local economy throws your way,