Another month, another study tracking job opportunities and business growth across the U.S., as Americans “return to the migration patterns that were common before the Great Recession,” searching from coast to coast for the best places to go.
If you’re looking at raw numbers, it looks like the biggest crop of the wandering workforce is headed to the Lone Star State, as six Texas counties filled out the top-10 population gainers across the U.S., according to the Census bureau.
But don’t feel left out, Tennessee: According to a new study from MagnifyMoney, tracking the “biggest boomtowns” in America, Nashville’s at a hot No. 5 on the top 100.
How Nashville and other cities’ ‘boom’ factor got ranked
MagnifyMoney’s calculations took a mix of factors into account: what population growth looked like, and whether local housing was keeping up with the demand; job opportunities and earning trends; and growing industries and businesses located in the studied cities.
We racked up solid grades here in Nashville — out of a top score of 100, our “business growth” clocked in at about 73, with workforce/earning and population/housing at about 55. Those were high enough to put us right in the Top 5, behind Charleston, South Carolina.
Texas’ capital admittedly lapped the competition, with a perfect population and housing score and business growth at 93. (Their workforce/earning score, meanwhile, was closer to ours, but still mighty impressive.)
So, what does this really say about Nashville, in more concrete terms?
A little bit of raw data:
— On a Bureau of Labor Statistics list of metro areas’ unemployment rates, Nashville ranked as the fifth lowest in the country in August, 2018, with 3.2 percent, tied with Austin.
— At the start of the year, it was reported that Tennessee led the nation in the growth of small businesses.
Where we’re still struggling, though: housing supply. And that’s been true for several years, as Nashville’s population has boomed.
As of this June, housing supply across Nashville was at about 1.6 months — a healthy housing supply is closer to six months.
That reality is a big driver of rising real-estate prices, and, by looking at their calculations, a significant reason why MagnifyMoney saw Nashville as an appealing place for relocating renters and buyers, but not the top spot.
The good news:
Nashville housing inventory is slowly but surely working toward catching up. A quick factoid from the Greater Nashville REALTORS:
— Active inventory at the end of July, 2018: 11,671. A year prior: 9,151.
“The continued increase in inventory can lead to a more balanced and healthy market across Middle Tennessee, calming the steady pricing increases we’ve seen in the past few years, which in turn may inspire buyers on the fence to start their home buying search,” Greater Nashville REALTORS president Sher Powers said in a news release, noting that inventory growth like this isn’t following in a lot of other U.S. markets.
So, bottom line: Studies are showing that Nashville’s a top-notch place to settle and work toward your future, and it’s only getting better.
Thinking Nashville might be the right place to buy a home? Please let us know if we can help you find the perfect fit. Take a look at some Nashville homes for sale now here, and reach ACRE here.