Nashville has had a solid start to the year, with construction volume continuing where 2019 left off.
New construction starts continue throughout the city and large-scale projects such as the Nashville Yards development continue to help keep the market active. Unemployment has remained steady despite a continued increase in population. With such a positive start, we would have said the future looks bright for Nashville; however, in the last few weeks the COVID-19 virus has had a detrimental impact to the market, which has seen a slowdown in construction and notifications of potential delays. This, in turn, has led to subsequent additional costs across multiple projects. For now, Nashville is holding steady and we are not expecting construction to close as it has done in Boston. Still, we would sound a note of caution that, as with many other locations, the ripple effects from COVID-19 could change things dramatically.