Nashville sure has seen a lot of growth over the past decade. Let’s take a look at few noteworthy changes.
Population
In 2006, Nashville’s population was 1.39. Today, the city is booming as more and more people seek a Music City lifestyle. Population is now at 1.64.
The population increase isn’t limited to just the Nashville proper area. Last year, CNN Money ranked the Greater Nashville Area as one of the 10 fastest growing cities in the US.
A thriving music industry, a host of big healthcare employers and a burgeoning start-up scene have made Nashville a hotspot for several years.
The city’s famed Music Row, with its record companies, music publishers, clubs and guitar shops, is where some of the city’s 20,000 music industry jobs can be found.
Yet, many more of the area’s residents work in the much less-glitzy field of healthcare.
“About half of all the for-profit hospital beds in the country are administered from Nashville,” said Matthew Wiltshire, head of Nashville’s department of economic and community development. “Healthcare is a $30 billion industry here.”
This insight from the Nashville Metropolitan Planning Organization may tell you all you need to know about the area’s expectations for the next several years:
The greater Nashville region is poised to grow by leaps and bounds over the next couple of decades. Across the 10-county Cumberland Region around Nashville, the MPO forecasts close to another million people by the year 2035. Where those people will live, work, and play and the socio-economic characteristics of those folks will significantly influence the need for investments into our region’s roads, transit, and walking and bicycling infrastructure.
Industries Leading the Way
Arts
Nashville ranks No. 2 in the nation for arts vibrancy
As noted by Forbes, “The city has a vibrant music and entertainment scene spanning a variety of genres.” Nashville features beloved music venues like The Country Music Hall of Fame and Museum, Belcourt Theatre, and Ryman Auditorium.
Nashville is known all over the world as Music City, U.S.A. – a nickname built on the well-earned reputation of Nashville as a hub for musicians, songwriters, record labels, & music industry insiders. Even with the changing landscape on Music Row and all around the city, the music scene in Nashville seems to be getting even stronger and more diverse than ever. Of course, that doesn’t mean that music is all Nashville has to offer.
Technology
Nashville leads the nation in advanced manufacturing
As reported by Brookings Institute, Nashville has had more job growth in advanced industries since the recession than any other metro area in the country, and the growth is largely thanks to motor vehicle manufacturers.
The middle Tennessee area has seen several auto manufacturing related companies bring their headquarters to the area. The most well-known relocation is probably Nissan North America’s relocation to the Cool Springs area of Franklin. In addition to their corporate office, they have continued to bring new production online at the manufacturing facility in Smyrna, just East of Nashville.
In 2013, Forbes ranked Nashville as the 10th best city in the U.S. for tech jobs. The current market is reflecting that digital drive, with major tech companies (including Google) increasing their presence in Nashville. As noted in the article in Forbes, “In Nashville tech employment is up 65.8%, largely due to the area’s rise as a hospital management and healthcare IT hub, with a 160% spike in jobs in computer systems design services.”
Fast forward 2 years, & Nashville is the nation’s second fastest-growing tech job market. With all of the tech opportunities is the area, it’s no wonder that the population is growing rapidly – and with well-educated professionals.
Tourism
Orbitz editors name Nashville a top destination for 2015
Tourism officials predict that 2015 will be another hot year for Nashville. Orbitz named Nashville one of their top five picks for travelers in 2015, citing a trend for more leisurely paced, mid-sized cities and less crowded airports.
A walk around the family-friendly downtown streets on any given Saturday gives a pretty good indication of just how popular Nashville has become as a tourist destination. With attractions like the Country Music Hall of Fame, the Musicians Hall of Fame, the new Music City Convention Center, and the legendary honky-tonks on Broadway, it’s easy to see why people love to visit the city.
The biggest draw in town may well be Bridgestone Arena, which was recently ranked among the top 5 in the world in ticket sales for the 1st quarter of 2015. As home to the Nashville Predators, the arena gets plenty of visits from both the tourist and the local community.
Nashville Housing Market Looking Up
Average home appreciation over past 9 years:
National – $3,419
Nashville Area – $49,687
With such high home appreciation rates, Nashville has been a great place for homeowners to rebound from the Great Recession, and the market appears to still be on the way up. Along with the new jobs, influx of educated professionals, and increase in tourism, staple industries like healthcare continue to provide the foundation needed for future housing growth.
According to Auction.com & reported by Nashville Business Journal, Nashville’s housing market is the third-hottest in the U.S.
“Nashville’s housing market is maintaining its strong performance, spurred by a local economy that continues to surge,” the report says of Nashville. The report concludes, “Despite increased permitting activity, Nashville’s strong economic landscape will propel demand, and ultimately home prices, over the next few years.”
The hottest U.S. housing market, according to Auction.com, is Denver, followed by San Antonio.
You can read the full report here(PDF; scroll to page 7 for a deeper look at Nashville).
Looking for a recent update? Here is April’s home sales report from the Greater Nashville Association of Realtors (GNAR)
It is certainly is interesting to see just how much Nashville has grown over the past 10 years, and it will be fascinating to see what comes next. If you are in need of real estate advice or are looking to buy or sell in this fast-paced marketplace, contact our team of real estate specialists today.