It’s that time of year again!
Each spring, we take a step back to evaluate how the Nashville metro area’s economy and job market are doing. Using data from the U.S. Bureau of Labor Statistics (BLS) on the Nashville / Davidson / Murfreesboro / Franklin Metropolitan Statistical Area (MSA), we’ve compiled a few insights that we hope you find helpful.
So, how is the Nashville area’s economy faring?
New data was just released in February 2018, and the most recent numbers paint a pretty rosy picture for Middle Tennessee:
- The biggest news? 2.4% unemployment in Nashville! Remarkably, the unemployment rate in the Nashville area is still tracking below the national average – and once again, we’re lower than where we were last year. According to the U.S. Bureau of Labor Statistics’ February 06, 2018 Nashville Area Economic Summary, the Nashville area’s unemployment rate is at 2.4% – lower than the national rate (3.9%), and more than a full percent lower than our rate this time last year (3.8%).
- Williamson County continues to have the lowest unemployment rate of all the counties in our MSA, coming in at an astounding 2.2%.
- Total nonfarm employment continues on a 5-year upward trajectory, rising 2.3% in the Nashville area over the same time last year. This year, the leisure and hospitality, as well as professional and business services categories showed the highest percentage gains (5.8% and 4.4%, respectively).
- Average hourly wages in the Nashville area ($22.01) continue tracking below the national average ($23.86), although they have increased slightly over the past year (rising from $21.49 to $22.01).
While it’s reassuring to see high employment rates and wage growth, persistently low unemployment has created critical talent shortages throughout Middle Tennessee – making recruiting great people even more challenging. Employers that pay competitive wages, proactively recruit passive candidates and build a strong employment brand will win the war for talent.
Want comprehensive Nashville employment and economic statistics?
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Or, just give your local Wood Personnel office a call. Our Middle TN staffing and placement services will help you attract higher quality people (even in today’s tight talent market), keep your workforce productive and flexible, and thrive in any employment or economic conditions.