Tennessee’s economy will reach its longest sustained period of growth in the post-World War II era next year and, barring an unforeseen economic shock, what has looked like a long recovery for the job growth within the state, isn’t expected to slip into a downturn or recession for at least the next couple of years, according to the state’s top economists. The numbers that pinpoint this sustained and reliable growth include a steady economic grown of 2.6 percent, unemployment averaging 3.6 percent (up by a tenth of a percentage point from last year), and personal income growth of 4.3 percent, up from 4.25 percent just last year.
Here’s a look at where that growth is coming from, and where we anticipate it staying for the next several years.
Amazon is making an estimated $623 million capital investment over seven years and creating 5,000 net new full-time jobs with an average pay of $76.32 an hour, which is more than $150,000 a year. The company is set to start hiring later this year. Amazon said its new office will provide technology and management for its retail operations division, which handles customer service, transportation, the supply chain and fulfillment of online orders. The company hasn’t detailed, however, what types of jobs will be needed — how many software engineers, for instance, or managers will make up the 5,000 positions. And it’s not just Amazon jobs that will see a spike in growth due to the announcement. This operations center is projected to create more than 13,000 jobs for Tennessee’s workforce. Other businesses in the area will also see an increase in demand to support the growth of the retail giant. This may include anything from hospitality to recreation to business consulting. Only time will tell how many ancillary jobs are created because of the new operations center.
Beyond the incoming wave of Amazon employees, tech startups, in particular, appear to be part of Nashville’s long-term job growth. As more and more industries become increasingly dependent on technological improvements, the companies providing opportunities in technical and supporting roles are rising to fill the demand. Nashville, in particular, is seen as a strong economy for growth in the tech industry due to the presence of a number of colleges and universities supplying graduates who are looking to join young and growing companies.
Nashville’s Manufacturing Sector
While Nashville’s tech scene is likely at the epicenter of this regional economic boom, manufacturing is another industry that is seeing aggressive growth and subsequent increases in staffing demand. When companies are struggling to find the right people for the jobs they need to be filled quickly, they turn to staffing partners to find them the talent to get the job done. That’s why working with an agency like All-Star can make a big difference in helping you find the right opportunity for your career change. Our team of industry experts knows all the demands and opportunities in a hot market like Nashville. And we work tirelessly to match the right person to the job.
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