Nashville had one of the fastest-growing economies in the 2010s, leading many to call it a modern-day boomtown.
In 2017, an average of 100 people moved to the city every day. All of this has conveniently segued into a booming construction industry, which seemed to peak last year. This year, things are set to taper off. The residential market is still quite large and usually accounts for about half of all volume each year. The next largest sector is infrastructure, thanks in part to the growing role of the automotive industry. The Nashville metro area is made up of dozens of disparate communities tied together by dozens of highways.
In anticipation of a declining market, Nashville’s construction industry has been holding steady for the last few years. It added a few workers – likely young people who just finished apprenticeships – but has for the most part not changed since 2018. The city’s unemployment rate has been steadily declining throughout 2020 and 2021 and is finally roughly where it was before the pandemic. All of these workers should encourage spending and could drive growth in the local economy.