More Accolades for Nashville

[markhollin]

Nashville makes the Top Ten (#9) amongst metro areas prime for investors:

http://www.bizjournals.com/nashville/news/2017/06/23/study-names-nashville-one-of-the-top-areas-for.html

Here is the study:

https://www.malartu.co/blog/2017/6/14/the-top-10-metro-areas-for-middle-market-investing

[jmtunafish]

I saw this headline at the Tennessee Department of Labor web site which caught my attention:  "Tennessee Sees Significant Decreases in County Jobless Rates"  http://www.tennessee.gov/workforce/news/51093

While that headline looks good, it's not all lollipops and unicorns across the state.  I did a little digging into the stats on the TDOL web site and was astounded by how much of the state's job growth is concentrated in Nashville.  TDOL says there were 37,200 more Tennesseans working in May 2017 than in May 2016.  But the same table says there were 39,240 more workers in the Nashville metro area in May 2017 than in May 2016.  (Davidson County, by the way, has a ridiculously low unemployment rate of just 2.1%, and Williamson County's rate of just 2.0% is the lowest in the state.) This means, with a few exceptions, the rest of the state is languishing or hemorrhaging jobs.  Among the state's metropolitan and micropolitan areas, here's how their employment changed May '16-May '17, keeping in mind that some of the state's metro and micro areas cross state lines:

1. Nashville : 39,240
2. Memphis : 8,960
3. Chattanooga : 7,200
4. Jackson : 1,730
5. Cookeville ; 1,110
6. Lewisburg : 900
7. Tullahoma : 820
8. Crossville : 620
9. Greeneville : 620
10. Cleveland : 470
11. Morristown : 210
12. Shelbyville : 190
13. Union City : 70
14. Johnson City : 10
15. Lawrenceburg : -20
16. Dyersburg : -120
17. Paris : -150
18. Clarksville : -180
19. Newport : -200
20. Dayton : -210
21. Athens : -310
22. Martin : -410
23. Sevierville : -450
24. McMinnville : -1,020
25. Kingsport-Bristol : -1,720
26. Knoxville : -1,950

Edited June 26, 2017 by jmtunafish

[Nashtitans]

Whats up with Knoxville??

[jmtunafish]

9 minutes ago, Nashtitans said:

Whats up with Knoxville??

Seriously!  East Tennessee as a whole, other than Chattanooga, is losing jobs at an alarming rate.  I know the Tri Cities hasn't been doing well for a while, but what the heck has happened to Knoxville??  On the other hand, I'm glad to see Memphis and Jackson rebounding.  As for Clarksville, I suspect Clarksville's economy ebbs and flows with the whims of the Army, at least until Hankook comes on line.  But really, it's almost embarrassing how well Nashville is doing compared to the rest of the state.

[titanhog]

Yeah...there really are a lot of haves and have-nots around the nation.  Many places are booming...and many are busting.  Too bad we can't snap our fingers and everyone be booming at the same time.

[bigeasy]

A bit confused on those numbers you have because when I click on the article I see Knoxville's rate decreased from 3.9% to 2.7%. (Which is actually a higher drop than Nashville YOY)

 

[jmtunafish]

4 hours ago, bigeasy said:

A bit confused on those numbers you have because when I click on the article I see Knoxville's rate decreased from 3.9% to 2.7%. (Which is actually a higher drop than Nashville YOY)

 

Yeah you have to really dig deeper into the numbers to see what's going on.  In the last 12 months, Knoxville has lost 1,950 jobs, but its labor force has also shrunk; 5,550 smaller in May 2017 than in May 2016, hence the lower unemployment rate.  Meanwhile, Nashville's labor force increased by 32,460.  So yes, a low unemployment rate tells only part of the story.  In some cases, such as places like Nashville, Chattanooga, Cookeville, even Memphis and Jackson, there's been a solid growth in jobs as well as a growth in the labor force.  But in other cases, such as Knoxville and the Tri Cities, the unemployment rate is low only because more people dropped out of the labor force than there were jobs lost.

metro/micro area...May 2016 labor force...May 2017 labor force...change
Athens...22,910...22,360...-550
Chattanooga...257,560...263,210...+5,650
Clarksville...111,850...111,100...-750
Cleveland...58,170...58,140...-30
Cookeville...57,950...58,490...+540
Crossville...23,460...23,820...+360
Dayton...13,380...13,040...-340
Dyersburg...16,720...16,350...-370
Greeneville...30,670...30,980...+310
Jackson...62,260...63,500...+1,240
Johnson City...90,010...89,090...-20
Kingsport-Bristol...138,630...135,930...-2,700
Knoxville...416,650...411,100...-5,550
Lawrenceburg...17,920...17,640...-280
Lewisburg...14,920...15,650...+730
Martin...15,860...15,240...-640
McMinnville...18,180...17,000...-1,180
Memphis...620,750...624,510...+3,760
Morristown...51,260...50,920...-340
Nashville...963,690...996,150...+32,460
Newport...14,700...14,320...-380
Paris...14,020...13,710...-310
Sevierville...52,760...51,890...-870
Tullahoma... 47,410...47,890...+480
Union City...14,410...14,310...-100

Edited June 26, 2017 by jmtunafish

[Rockatansky]

This was inappropriate of me. I apologize.

Edited June 26, 2017 by Rockatansky

[CenterHill]

Good to see job growth in Memphis. 

[GreenHillsBoy]

3 hours ago, Rockatansky said:

Meanwhile the State f-cks over Nashville any chance they get. Jealous?

AMEN, would like for the rural legislators to attempt to understand where the economic engine of the state is...NASHVILLE!!!

[Guest]

3 hours ago, Rockatansky said:

Meanwhile the State f-cks over Nashville any chance they get. Jealous?

Ha, if only....I would like to see the MSA number broken down by county....I think you will find WillCo, Rutherford, and Wilson providing more than a fair share...

[dmillsphoto]

23 minutes ago, nashville_bound said:

Ha, if only....I would like to see the MSA number broken down by county....I think you will find WillCo, Rutherford, and Wilson providing more than a fair share...

I mean... he did say "rural."

[Guest]

He did...which I read as R and not D

[SoundScan]

59 minutes ago, nashville_bound said:

Ha, if only....I would like to see the MSA number broken down by county....I think you will find WillCo, Rutherford, and Wilson providing more than a fair share...

Here you go.

 

[markhollin]

 

BRIDGESTONE ARENA RECOGNIZED BY ACADEMY OF COUNTRY MUSIC

- 501 Broadway earns title of 2017 Large Capacity Venue of the Year -

 Nashville, Tenn. (June 27, 2017) – The Academy of Country Music has named Bridgestone Arena the Academy of Country Music 2017 Large Capacity Venue of the Year! This achievement – which was voted on by the Academy's professional members and honors the behind-the-scenes industry professionals and venues who contribute so much to the artistry, success and longevity of country music – will be celebrated at the 11th Annual ACM Honors on Aug. 23 in Nashville. 

“We are honored to be among so many prestigious venues as we are celebrated by the Academy of Country Music,” Senior Vice President of Booking for Bridgestone Arena David Kells said. “This award comes on the tail of a sold-out Nashville Predators season and dozens of sold-out events at Bridgestone Arena. We look forward to celebrating this achievement in August and welcoming the talented lineup of performers entering Smashville this year.”

 Additionally, The Ryman won again as Small Capacity Venue of the Year.

 

 

[MLBrumby]

Nashville is mentioned more than any other city in a WSJ article about a "renaissance" of Southern rock.  https://www.wsj.com/articles/the-souths-rock-renaissance-1498858779

"In Nashville, Live Nation , the country’s biggest concert promoter, has been bulking up. It now runs the city’s Ascend Amphitheater and Carl Black Chevy Woods Amphitheater. Rival AEG Presents is planning to open two new music establishments—a 4,000-capacity venue and a 600-capacity one—in downtown Nashville as part of a new entertainment district."

 

Edited July 1, 2017 by MLBrumby

[jmtunafish]

Nashville had the 3rd fastest growing economy in 2016 among the nation's large metros (1,000,000+).

http://headlightdata.com/fastest-growing-large-metro-economies/

Edited July 6, 2017 by jmtunafish

[BnaBreaker]

That is great news!  I'm especially thrilled to see Grand Rapids on top!  What a GREAT town it is.  It's wonderful to have such a diversified economy... No offense to OKC... they're doing some great things... but it's not a good situation there given that SO much of the economy is tied up in the oil industry alone.  Same with Houston, although with it being such a huge city I think it's much easier for it to take the blow.  

[titanhog]

Not sure you call this an accolade.  Nashville ranked #1 city in U.S. where cost of living is rising the fastest.  Now takes over $70k salary to live comfortably.

http://www.businessinsider.com/us-cities-where-cost-of-living-is-rising-the-fastest-2017-6/#1-nashville-10

[bigeasy]

I wish one of these articles would actually have a decent photo of the city. Side note, that article is pretty eye opening. A $9K increase in "Live Comfortably Amount" in just one year, which triples the amount Seattle has at #2. I don't know if there is a solution for this, but stuff like that makes me really not look forward to the future of the city. How will this place even be affordable in a few years. I was not expecting to see Nashville be $20K above a city like Austin, and then see that our housing doubles that of Philly

Edited July 9, 2017 by bigeasy

[Rockatansky]

FYI: The report doesn't claim that the cost of living here is now higher than Seattle, Austin or Philly. Instead it shows that our increase in the cost of living rose more quickly than those cities.

[Flatrock]

A great article on Nashville's growth and business climate from 'Entrepreneur' magazine from a couple of weeks ago. https://www.entrepreneur.com/article/295839?utm_source=HearstNewspapers&utm_medium=related&utm_campaign=syndication

[markhollin]

Nashville has the hottest single-family housing market in the U.S., according to a report that shows nation-leading annual growth in home sales and price appreciation for the recent second quarter.

The No. 1 ranking by online real estate marketplace Ten-X Research of Irvine, Calif.., is also based on local growth in population, wages and jobs plus overall state of the economy. 

http://www.tennessean.com/story/money/real-estate/2017/07/11/nashville-ranked-nations-hottest-single-family-housing-market/466627001/

[markhollin]

From Nashville Post:

Cushman & Wakefield report shows Nashville with nation-leading 6.9% office vacancy rate

The Nashville office market saw its second quarter vacancy rate at 6.9 percent, the lowest rate in the nation for large U.S. cities, Cushman & Wakefield reports.

The Nashville market’s office inventory of about 37 million square feet saw about 443,000 square feet of space absorbed in the first half of the year, slightly below the figure from the first have of 2016.

Nashville’s 6.9% vacancy rate was followed by Midtown South Manhattan (7.5%) and Seattle (7.7%), according to the Cushman & Wakefield statistics.

The top 10 markets in terms of year-over-year rent growth in the second quarter were Oakland/East Bay (+16.1%), Palm Beach (+12.7%), Orange County, California (+12.5%), Boston (+12.4%), St. Peterburg, Florida (+10.7%), Nashville (+9.9%), Los Angeles (+9.4%), Austin (+8.7%) Jacksonville (+8.6%) and Baltimore (+8.3%).

For industrial space in the Nashville market, the overall vacancy rate at mid-year was 2.9 percent.

[titanhog]

4 minutes ago, markhollin said:

From Nashville Post:

Cushman & Wakefield report shows Nashville with nation-leading 6.9% office vacancy rate

The Nashville office market saw its second quarter vacancy rate at 6.9 percent, the lowest rate in the nation for large U.S. cities, Cushman & Wakefield reports.

The Nashville market’s office inventory of about 37 million square feet saw about 443,000 square feet of space absorbed in the first half of the year, slightly below the figure from the first have of 2016.

Nashville’s 6.9% vacancy rate was followed by Midtown South Manhattan (7.5%) and Seattle (7.7%), according to the Cushman & Wakefield statistics.

The top 10 markets in terms of year-over-year rent growth in the second quarter were Oakland/East Bay (+16.1%), Palm Beach (+12.7%), Orange County, California (+12.5%), Boston (+12.4%), St. Peterburg, Florida (+10.7%), Nashville (+9.9%), Los Angeles (+9.4%), Austin (+8.7%) Jacksonville (+8.6%) and Baltimore (+8.3%).

For industrial space in the Nashville market, the overall vacancy rate at mid-year was 2.9 percent.

 

So, do we have enough coming online to raise that vacancy rate over the next couple of years...or do we need a lot more spec. office space after that?