GNRC Economic Data Highlights - Sept 2021. More information at www.gnrc.org and www.gnrc.org/dashboards
Economic Data Highlights for the Greater Nashville Area
G N R C R e s e a r c h a n d A n a l y t i c s Te a m | S e p t e m b e r 2 0 2 1
About the Greater Nashville Regional Council
2
Workforce
Workforce Development
Higher Education
High School Completion
• A highly trained and skilled workforce is vital to attracting new employers and making sure Middle Tennesseans are prepared for the jobs available
• Tennessee is working to have 55% of its population with either a post‐secondary degree or certificate • Programs like the TN Promise and TN Reconnect are tools used to reach this goal
• A high school diploma dramatically increases someone's ability to find gainful employment
3
Source: ACS 5‐year estimates 2015‐2019
Workforce: Demographics
Labor Force by Sex
Labor Force by Race/Ethnic Group
1.5%
1.9%
2.9% 0.1%
6.8%
0.3%
16.3%
47%
53%
77.0%
White Black or African American American Indian or Alaska Native Asian Native Hawaiian/Pacific Islander Other
Male Population 16 Years and Over: in Labor Force Female Population 16 Years and Over: in Labor Force
The majority of our workforce is white, and 28% of our workforce is nonwhite and/or Hispanic/Latino.
The majority of our workforce is Male.
4
Source: ACS 5‐year estimates 2015‐2019
Workforce: Demographics
Labor Force by Age Group
250,000
21%
20%
The majority of our workforce is age 25 to 59 (76%). 15% of the workforce are teens and young adults age 16‐24 and 11% of the workforce is made up of older adults or those age 60+.
200,000
150,000
13%
12%
9%
100,000
7%
4%
4%
50,000
3% 3% 3%
1% 1%
‐
16‐19 20‐21 22‐24 25‐29 30‐34 35‐44 45‐54 55‐59 60‐61 62‐64 65‐69 70‐74 75+
5
Source: ACS 5‐year estimates 2015‐2019
Workforce: Demographics
Labor Force by Age Group & Sex
The majority of our workforce is age 25 to 59 (76%). 15% of the workforce are teens and young adults age 16‐24 and 11% of the workforce is made up of older adults or those age 60+. The majority of our workforce is male (53%) across all age groups. This is especially evident at the oldest age bracket, where males are 61% of 75+ year olds that are still working.
39% 2,777
4,329 61%
16‐19 20‐21 22‐24 25‐29 30‐34 35‐44 45‐54 55‐59 60‐61 62‐64 65‐69 70‐74 75+
43% 5,056
6,722 57%
47% 14,649 47% 15,278 46% 14,109
16,657 53% 17,049 53% 16,446 54%
48% 43,517
47,029 52%
47% 99,184
111,464 53%
46% 104,379
120,935 54%
47% 60,102
66,516 53%
48% 66,817
71,522 52%
49% 35,860
36,629 51%
48% 18,836
20,455 52%
49% 22,535
23,798 51%
Male Female
6
Source: ACS 5‐year estimates 2015‐2019
Workforce: Highest Education Among Adults
Didn’t Graduate High School
Bachelor’s or Higher
High School Diploma
Associate’s Degree
32% of the State’s adult population have just a high school diploma, compared to 26% in our region .
7% of the State’s adult population have at least an associate’s degree, equal to 7% in our region .
27% of the State’s adult population have a college degree or better, compared to 36% in our region .
13% of the State’s adult population didn’t finish high school, compared to 10% in our region.
College degree rates are consistently higher in our region compared to the state and have increased in the last 10 and 5 years.
7
Source: ACS 5‐year estimates 2015‐2019, 2010‐2014, 2005‐2009
Education Among Adults
Educational attainment 2009 to 2019
Tennessee Some College, no degree
GNRC Region
Some College, no degree
Didn’t finish HS
Associate’s degree
Bach or higher
Didn’t finish HS HS diploma
Associate’s degree
Bach or higher
HS diploma
2009
18% 34% 20% 6% 22% 14% 30% 21% 6% 29%
2014
15% 33% 21% 6% 24% 12% 28% 21% 7% 32%
2019
13% 32% 15% 7% 27% 10% 26% 20% 7% 36%
College degree rates are consistently higher in our region compared to the state and have increased in the last 10 and 5 years.
8
Source: ACS 5‐year estimates 2015‐2019
Workforce Readiness: Adults
Not finishing high school is highest in Houston County (23%).
Area Name
% Didn’t finish HS % HS grad % Bachelor's or Higher
Tennessee
13% 10% 13% 11% 16% 23% 15%
32% 26% 37% 22% 42% 47% 48% 28% 38% 28% 45% 31% 38% 13% 29%
27% 36% 21% 42% 16% 13% 14% 28% 20% 32% 16% 28% 14% 60% 32%
GNRC REGION Cheatham County Davidson County Dickson County Houston County Humphreys County Montgomery County Robertson County Rutherford County Stewart County Sumner County Trousdale County Williamson County Wilson County
Almost half (48%) of Humphreys County’s adults have just a high school diploma. The majority (60%) of Williamson County adults have a college degree or higher.
7%
13%
8%
13% 10% 16%
5% 8%
9
Workforce Training: TN Reconnect
Tennessee Reconnect 2018‐2019 Academic Year: • 41,832 applicants • 56% have dependents/children • 71% were female • Average Gross Income: $38,355 • Average Age: 32
Recipients (% of Applicants)
Applicants
Recipients
Tennessee
41,832 11,562
44% 40% 44% 40% 48% 39% 49% 24% 47% 40% 25% 50% 53% 37% 43%
18,406
GNRC REGION
4,652
Cheatham County, Tennessee Davidson County, Tennessee Dickson County, Tennessee Houston County, Tennessee Humphreys County, Tennessee Montgomery County, Tennessee Robertson County, Tennessee Rutherford County, Tennessee Stewart County, Tennessee Sumner County, Tennessee Trousdale County, Tennessee Williamson County, Tennessee Wilson County, Tennessee
247
109
4,216
1,686
308
148
38 99
15 49
1,117
268 203 834
• 18,217 Recipients
432
2,085
• 58% had dependents/children • 71% were female • Average Gross Income: $42,638 • Average Age: 33
75
19
1,382
691
51
27
771 741
285 319
Our region made up 28% of TN Reconnect applicants and 25% of recipients in 2018‐2019. Trousdale county had the greatest share of applicants that received funding in our region.
10
Workforce Training: TN Promise
Application Rates by County
Cohort
Average
1
2
3
4
5
6
84.9 82.1 91.9 62.7 88.7 74.4 83.7 79.5 77.4 95.4 94.5 64.5 90.9
Cheatham County, Tennessee 75.6 Davidson County, Tennessee 86.7 Dickson County, Tennessee 85.9 Houston County, Tennessee 66.3 Humphreys County, Tennessee 82.4
83.7 85.3 80.8 72.1 82.3 74.7 75.6 75.6
82
84.4
92.1
91.6 83.6 95.9 87.1 97.6 75.2 87.9 86.9 100 95.3 98.8 82.2 86.3
80.1 92.5 58.3 83.7 71.8 85.2 79.8 74.2 96.3 91.3 54.7 93.4
76
81
98.1
98.3 28.6 97.2 73.4 94.3 84.8 74.9 98.5 96.8 73.8
64
88.9
Montgomery County, Tennessee
74
77.5 85.6 77.7 89.9 99.4
Robertson County, Tennessee 73.4 Rutherford County, Tennessee 72.3 Stewart County, Tennessee 59.3 Sumner County, Tennessee 89.3 Trousdale County, Tennessee 98.7 Williamson County, Tennessee 53.6
66
93.5 87.2 58.8 94.2
94
63.6 89.2
Wilson County, Tennessee
96.1
86
For TN Promise, our region has had consistent rates in each county across cohorts. Application rates have been lowest in Houston & Williamson, and highest in Davidson, Trousdale, and Sumner. Cohort 5 represents the ones most affected by the pandemic, and Cohort 6 are those set to enroll this Fall.
11
Source: TN Dept. of Education 2019‐2020 Report Card
Workforce Readiness: Recent Grads
Area Name
2020 graduation rate
Even in 2020, with lots of virtual learning, our region had significantly higher high school graduation rates (92%) than the State (89.7%). Graduation was highest in Trousdale county (98.9%) for the 2019‐2020 school year.
State of Tennessee GNRC REGION Cheatham County Davidson County Dickson County Houston County Humphreys County Montgomery County Robertson County Rutherford County Stewart County Sumner County Trousdale County Williamson County
89.7 92.0 91.9 82.4 94.3 91.7 96.7 94.5 95.0 95.6 95.0 95.4 98.9 96.5 96.1
Wilson County
12
Source: TN Dept. of Education Report Cards 2015‐2020
Workforce: High School Graduation Rates
High School Graduation Rates 2015‐2020
93.0
92.0
92.0
91.2
91.2
90.9
90.8
90.8
91.0
89.7
90.0
89.1
89.1
89.1
89.0
88.5
87.9
88.0
87.0
86.0
85.0
2015
2016
2017
2018
2019
2020
State of Tennessee
GNRC REGION
13
Source: TN Dept. of Education Report Cards 2015‐2020
Workforce Readiness: Recent Grads
High School Graduation Rates 2015‐2020
98.9
98.7
100.0
98.1
97.9
97.9
97.4
97.4
97.4
95.3
95.0
94.9
Within our region, Davidson County consistently has the lowest high school graduation rates. Stewart and Trousdale Counties have consistently had the highest in our region in the last 5 years.
95.0
92.9
90.0
85.0
82.4
81.6
81.0
80.3
80.3
80.2
80.0
75.0
70.0
2015
2016
2017
2018
2019
2020
Davidson County
Stewart County
Trousdale County
14
Employment
Employment
Industry Type
Wage Growth
• Job growth is an important indicator of a region's economy that shows the opportunity for employment • Unemployment levels tell where people may be left behind in the labor market or have been impacted by economic downturns
• Industries tend to cluster around others in similar fields in regions already seeing success • A region with diverse industries is more likely to better recover from economic setbacks • The wages attributed to each type of industry can vary a lot and deeply affect the region's economic health
• It is vital in a healthy economy for a worker's rate of pay to, at the very least, keep pace with inflation and the cost of living
15
Source: ACS 5‐year estimates 2015‐2019
Employment: Type
Self‐Employed (Incorporated and Not Incorporated)
Private Sector Public Sector
Private Non‐Profit Unpaid Family Workers
Majority of workers across our region are in the private sector. Public sector jobs are most common in Montgomery, Self‐Employment is highest in Cheatham, and Non‐profit work is highest in Davidson.
70% 70% 65% 70% 73% 65% 71% 67% 72% 74% 69% 72% 69% 67% 71%
13% 12% 16% 10% 12% 21% 16% 21% 13% 13% 18% 12% 16%
9% 9%
7% 8% 7% 4% 3% 3% 5% 6% 6% 3% 7% 6% 9% 7%
0% 0% 0% 0% 0% 1% 1% 0% 0% 0% 0% 0% 0% 0% 0%
Tennessee
GNRC REGION Cheatham County Davidson County Dickson County Houston County Humphreys County Montgomery County Robertson County Rutherford County Stewart County Sumner County Trousdale County Williamson County
12%
9%
11%
10% 10%
9% 7% 9% 8% 9%
10%
9%
9%
14% 10%
12%
Wilson County
16
Source: BEA Employment 2015‐2019
Employment: Growth
Employment Growth United States GNRC REGION Cheatham, TN Davidson, TN Dickson, TN Tennessee Houston, TN Humphreys, TN Robertson, TN Rutherford, TN Stewart, TN Sumner, TN Trousdale, TN Williamson, TN
% change 2015‐ 2019
Change 2015‐ 2019
Year to Year % Change in Total Employment (Number of Jobs)
7% 9%
13,483,700
346,270 195,126
4.5%
4.2%
16% 10% 14% 11%
3.8%
4.0%
1,424
3.5%
83,351
3.3%
3.5%
2,775
3% 2%
76
3.0%
150
2.4%
2.5%
Montgomery, TN 16%
11,410
1.8% 2.1%
2.1%
2.1%
4%
1,481
2.0%
1.6%
18%
28,058
2.0%
1.5%
6%
258
1.5%
16% 26% 22% 24%
12,595
1.0%
677
37,963
0.5%
Wilson, TN 14,908 In the last 5 years, our region has outpaced the nation and state in job (as well as business ) growth. Year to year, that job growth has slowed since 2015 but business growth has been increasing
0.0%
2015‐2016
2016‐2017
2015‐2017
2016‐2018
United States
Tennessee
GNRC REGION
17
Source: Bureau of Labor Statistics 2016‐2020
Business Growth
Year to Year % Change in Employing Establishments 2016‐ 2020
% Change 2016‐ 2020 Establishments
Area
6.0%
USA
8%
4.9%
4.8%
4.8%
TN
13%
5.0%
4.6%
GNRC Region
21%
3.8%
4.0%
3.1%
2.9%
3.0%
2.6%
In the last 5 years, our region has outpaced the nation and state in business growth. Year to year, that growth has been steadily increasing since 2015.
2.4%
2.2%
1.8%
2.0%
1.2%
1.0%
0.0%
USA
TN
GNRC Region
18
Source: Bureau of Labor Statistics 2010, 2015, 2020
Employment: Unemployment
2010 2020 Cheatham County, TN 9.1% 4.8% 5.6% Davidson County, TN 8.3% 4.3% 8.0% Dickson County, TN 10.4% 5.4% 5.9% Houston County, TN 12.2% 8.6% 8.2% 2015 Humphreys County, TN 11.4% 6.7% 6.4% Montgomery County, TN 8.7% 5.8% 7.6% Robertson County, TN 9.4% 4.8% 6.1% Rutherford County, TN 9.0% 4.4% 6.9% Stewart County, TN 12.6% 7.6% 6.6% Sumner County, TN 9.0% 4.6% 6.5% Trousdale County, TN 11.1% 5.9% 6.1% Williamson County, TN 6.7% 4.0% 4.8% Wilson County, TN 8.5% 4.5% 6.3% Unemployment rates have historically been highest in rural counties like Houston, Humphreys, and Stewart. During 2020 and the pandemic, it was highest in Davidson and Houston .
Unemployment Over Time, 2010‐2020
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2010 9.8% 8.6% 9.6%
2015 5.6% 4.6% 5.3%
2020 7.5% 7.0% 8.1%
TN
GNRC REGION
USA
TN
GNRC REGION
USA
19
Foreign Direct Investment 2003 ‐ 2020
Jobs created by FDI FDI projects FDI capital investment Jobs created by FDI FDI projects FDI capital investment
Tennessee
215,184
449
$
22,414,000,000
GNRC REGION
25,777
158
$
8,422,000,000
12%
35%
38%
% of TN % of Region
Cheatham County, Tennessee
Davidson County, Tennessee
10,800
78
$
2,100,000,000
42%
49%
25%
Dickson County, Tennessee
164
2
$
25,200,000
1%
1%
0%
Houston County, Tennessee
Humphreys County, Tennessee
Montgomery County, Tennessee
2,300
12
$
1,700,000,000
9%
8%
20%
Robertson County, Tennessee
1,100
5
$
283,300,000
4%
3%
3%
Rutherford County, Tennessee
7,900
26
$
3,300,000,000
31%
16%
39%
Stewart County, Tennessee
113
1
$
24,800,000
0%
1%
0%
Sumner County, Tennessee
1,100
8
$
258,300,000
4%
5%
3%
Trousdale County, Tennessee
Williamson County, Tennessee
1,100
19
$
205,900,000
4%
12%
2%
Wilson County, Tennessee
1,200
7
$
524,500,000
5%
4%
6%
Foreign Direct Investment (FDI) in our region makes up 38% of foreign investment dollars coming to TN. Foreign investment is greatest in Davidson county.
20
Source: BEA Employment 2019
Employment by Industry
LQ industry of USA
LQ industry of TN
Location quotient = ratio of an industry’s share of local employment divided by its share of the reference area (state or nation) If LQ > 1, there is a greater share of that industry compared to the reference area, meaning it is an economic base industry that has ‘surplus’ to be exported. Our region’s base industries include: • Construction • Information • finance & insurance • real estate, • professional/scientific/technical services • Management • educational services • arts/entertainment/recreation • accommodation and food services
GNRC REGION GNRC as % of TN
Total Employment
1,438,015
34%
Forestry, fishing, and related activities Mining, quarrying, and oil and gas extraction
422
4% 0.06 14% 0.13 23% 0.23 36% 1.05 24% 0.91 32% 0.93 31% 0.98 34% 1.24 55% 1.31 39% 1.01 41% 1.01 45% 1.05 52% 1.50
0.11 0.42 0.67 1.04 0.69 0.94 0.92 0.98 1.60 1.14 1.20 1.33 1.51 0.99 1.30 0.97 1.49 1.04 0.93 0.79
1,001
Utilities
922
Construction Manufacturing Wholesale trade
83,276 87,181 42,754 131,618 80,014 32,170 77,720 70,231 109,133 29,437
Retail trade
Transportation and warehousing
Information
Finance and insurance
Real estate and rental and leasing
Professional, scientific, and technical services Management of companies and enterprises Administrative and support and waste management and remediation services
106,466 34% 1.20
Educational services
37,516 144,189 51,957 119,269 82,746 122,586
44% 1.11 33% 0.88 51% 1.51 35% 1.11 32% 1.00 27% 0.70
Health care and social assistance Arts, entertainment, and recreation Accommodation and food services
Other services (except government and government enterprises)
Government and government enterprises
21
Source: BEA Employment 2019
Employment: By Industry
Top 5 Sectors (Most Employees)
Government
Healthcare & Social Assistance
Retail
Professional, Scientific, & Technical Services
Accommodation & Food Services
22
Source: ACS 5‐year estimates 2015‐2019
Employment: By Industry by Race
“Blue Collar” Jobs
“White Collar” Jobs
37% more likely to work in production/ logistics
21% more likely to work in construction
33% more likely to work in management, business, or science industries
37% more likely to work in service
In our region, Nonwhite and/or Hispanic/Latino workers are more likely to be in “blue collar” jobs compared to White, Not Hispanic workers. These jobs include service occupations, construction and maintenance, and production, transportation, and material moving occupations.
In our region, White, Not‐Hispanic workers are more likely to have occupations within management, business, and science industries including engineering, finance, media, education, legal work, and healthcare.
23
Source: Bureau of Labor Statistics Wages 2020
Employment: Wages by Industry
Weighted Average Annual Pay by Industry, 2020
$‐ $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000
$128,530
$113,092
$108,904
$104,080
$99,744
$98,292
$88,627
$82,130
$71,594
$68,164 $64,316
$63,655
$61,020 $65,006
$60,844
$57,855
$50,388
$48,652
$44,216
$42,532
$36,565
$22,672
The highest paying industries compared to the state are • Mining, quarrying, and oil and gas extraction • Arts, entertainment, recreation
Weighted by number of employees
TN GNRC REGION
Across all industries except Transportation & Warehousing, our region has higher annual wages than the state average.
• Finance and insurance • Educational services
24
Source: ACS 5‐year estimates 2015‐2019
Employment: Wages by Industry
Median Earnings by Industry, 2019
$‐ $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000
$74,760
$71,187
$57,729
$57,426
$48,314 $46,112
$45,786
$45,136 $46,983
$43,844
$43,518
$40,254 $37,202
$38,437
$36,469
$28,825
$28,518
$27,931
$26,879
$22,868
$15,016
Tennessee GNRC REGION (Average)
On average, counties in our region earn more than the state across all industries, except for Retail, Utilities, Finance/Insurance, and Accommodations & Food Services.
25
Source: Bureau of Labor Statistics Wages 2016‐2020
Employment: Wage Growth
In reported year’s dollars
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Year to Year % Change in Average Weekly Wage 2016‐2020
% Change 2016‐2020 Wages
Area
USA
19.40%
TN 16.23% GNRC Region 16.16%
Compared to the state and nation, our region hasn’t seen as much wage growth in the last 5 years. Year to Year changes, however, show an upward trend.
2016‐2017
2017‐2018
2018‐2019
2019‐2020
USA
3.3% 3.0% 3.5%
3.4% 3.3% 2.3%
3.5% 2.5% 4.0%
8.1% 6.6% 5.5%
TN
GNRC Region
USA
TN GNRC Region
26
Source: Bureau of Labor Statistics Wages 2020
Employment: Wages by Industry & County
GNRC REGION (Average)
Rutherford, TN
TN
Cheatham, TN Davidson, TN Dickson, TN Houston, TN Humphreys, TN Montgomery, TN Robertson, TN
Stewart, TN Sumner, TN Trousdale, TN Williamson, TN Wilson, TN
$ 55,142 $ 37,395 $ 75,363 $ 84,505 $ 62,265 $ 63,120 $ 77,951 $ 34,767 $ 58,658 $ 81,333 $ 94,474 $ 57,678 $ 87,504 $ 116,057 $ 40,751 $ 52,251 $ 56,996 $ 49,099 $ 20,489 $ 40,456 $ 68,877
$ 49,257 $ 10,009 $ 32,502 $ 28,599 $ 49,650 $ 59,297 $ 43,844 $ 31,206 $ 31,807 $ 67,861 $ 64,576 $ 41,151 $ 53,892 $ 75,519 $ 35,306 $ 28,843 $ 38,220 $ 28,646 $ 16,885 $ 37,242 $ 36,562
$ 49,515
$ 67,598 $ 51,321 $ 179,228 $ 86,935 $ 70,127 $ 62,500 $ 80,751 $ 40,290 $ 51,732 $ 90,733 $ 116,734 $ 66,199 $ 111,605 $ 133,022 $ 42,832 $ 68,195 $ 72,321 $ 95,511 $ 26,595 $ 42,965 $ 165,248
$ 42,752
$ 38,975
$ 51,696 $ 37,489 $ 72,183
$ 40,305 $ 31,293 $ 73,607
$ 43,303
$ 51,521
$ 42,845
$ 47,861
$ 41,937
$ 75,381
$ 46,656
10 Total, all industries
NAICS 11 Agriculture, forestry, fishing and hunting NAICS 21 Mining, quarrying, and oil and gas extraction
$ ‐ $ ‐ $ ‐
$ ‐ $ ‐ $ ‐
$ ‐
$ ‐ $ ‐ $ ‐
$ ‐ $ ‐
$ ‐
$ ‐ $ ‐
$ ‐ $ ‐
$ ‐ $ ‐ $ ‐
$ ‐ $ ‐
$ ‐
$ ‐
$ 93,094 $ 61,734 $ 73,736 $ 74,734 $ 34,813 $ 47,420 $ 64,637 $ 84,385 $ 48,392 $ 65,759 $ 93,525 $ 37,176 $ 30,121 $ 49,612 $ 17,888 $ 19,066 $ 43,052 $ 25,491
$ ‐ $ ‐
$ 81,756 $ 64,783 $ 57,443 $ 65,175 $ 31,214 $ 46,166 $ 94,749 $ 75,638 $ 50,676 $ 63,774 $ 96,025 $ 44,880 $ 24,377 $ 48,841 $ 26,712 $ 19,085 $ 38,128 $ 14,681
$ ‐
$ 110,005 $ 78,508 $ 66,746 $ 122,516 $ 38,434 $ 84,076 $ 99,217 $ 116,277 $ 84,392 $ 92,466 $ 134,012 $ 62,750 $ 42,082 $ 59,330 $ 40,437 $ 21,986 $ 46,926 $ 47,493
NAICS 22 Utilities
$ 54,127 $ 64,763
$ 51,935 $ 54,587 $ 61,318 $ 30,718
$ 56,494 $ 88,582
$ 57,685 $ 55,621 $ 60,044 $ 32,693
$ 57,323 $ 56,192
$ 29,845 $ 47,081 $ 45,615 $ 28,394
$ 62,886 $ 55,886
NAICS 23 Construction
$ 45,761
$ 41,961 $ 59,821 $ 27,912
NAICS 31‐33 Manufacturing
$ ‐
$ ‐
$ ‐
$ ‐
$ ‐
NAICS 42 Wholesale trade
$ 27,639 $ 51,901 $ 105,621 $ 71,823 $ 42,334
$ 26,305
$ 24,696 $ 50,655 $ 20,182 $ 54,037 $ 34,864 $ 38,461
$ 29,482 $ 35,831 $ 154,679 $ 54,406 $ 56,434 $ 59,196 $ 56,443 $ 39,909 $ 38,626 $ 43,943 $ 19,159 $ 18,093 $ 39,536 $ 42,658
$ 33,086 $ 45,716 $ 70,072 $ 88,702 $ 48,968 $ 58,901 $ 117,098 $ 35,016 $ 34,753 $ 48,433 $ 23,674 $ 18,829 $ 43,433
NAICS 44‐45 Retail trade
$ ‐
$ ‐ $ ‐ $ ‐ $ ‐ $ ‐
$ ‐
$ ‐
$ ‐
NAICS 48‐49 Transportation and warehousing
$ 55,106 $ 58,304 $ 41,837 $ 47,708 $ 65,483 $ 24,275 $ 49,795 $ 50,951 $ 18,301 $ 17,184 $ 35,648
$ 78,036 $ 73,443 $ 40,121 $ 56,387 $ 59,583 $ 31,607 $ 29,325 $ 42,096 $ 18,236 $ 16,845 $ 31,747 $ 33,486
$ 22,324 $ 45,733 $ 20,744 $ 71,533
$ 26,842
NAICS 51 Information
$ ‐ $ ‐
NAICS 52 Finance and insurance
NAICS 53 Real estate and rental and leasing
$ ‐ $ ‐
$ 34,800
NAICS 54 Professional and technical services NAICS 55 Management of companies and enterprises NAICS 56 Administrative and waste services
$ ‐ $ ‐ $ ‐ $ ‐
$ 38,349
$ ‐
$ 62,550
$ 39,640
$ ‐ $ ‐
$ ‐ $ ‐
NAICS 61 Educational services
$ 44,650
$ 36,686
NAICS 62 Health care and social assistance
$ 35,704 $ 16,880 $ 50,264
$ 19,488 $ 15,224 $ 27,102
$ ‐ $ ‐
NAICS 71 Arts, entertainment, and recreation
$ 12,616
$ 17,103 $ 52,047
NAICS 72 Accommodation and food services NAICS 81 Other services, except public administration
$ ‐
$ 33,303
$ ‐
$ ‐
$ ‐
NAICS 99 Unclassified
27
Source: ACS 5‐year estimates 2015‐2019
Employment: Household Income
Median Household Income (In 2019 Inflation Adjusted Dollars)
Average Household Income (In 2019 Inflation Adjusted Dollars)
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
62,843 53,320 65,630 61,913 60,388 53,076 42,711 45,667 57,541 63,307 67,429 45,809 67,204 56,321 112,962 75,991
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
88,607 74,750 90,149 72,891 86,309 70,198 56,271 61,050 71,258 79,439 82,581 58,720 89,411 64,745 149,836 93,387
USA
Tennessee
Our region tends to have higher median and average household incomes than the State and Nation, especially in Davidson & Williamson County. The lowest incomes are in Houston, Humphreys, and Stewart County.
GNRC REGION
Cheatham County Davidson County Dickson County Houston County Humphreys County Montgomery County Robertson County Rutherford County Stewart County Sumner County Trousdale County Williamson County
Wilson County
28
Source: ACS 5‐year estimates 2015‐2019
Employment: Household Income by Race
Median Household Income by Race of Householder, 2019
$‐ $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000
$78,471
$76,677
$72,194
$57,216
$51,016
$47,861
$43,885
$38,791
White, Not Hispanic
Black or African American
Asian
Hispanic/Latino
Tennessee GNRC Region
Our region has higher median household incomes across all racial and ethnic groups than the State. However, the disparities between White, Not Hispanic workers and nonwhite and/or Hispanic/Latino workers are greater in our region.
Black or African American workers make 47% less than White workers across TN , and 51% less in our region . Hispanic/Latino workers make 30% less across TN , but 42% less in our region .
29
Source: ACS 5‐year estimates 2015‐2019
Employment: Household Income by Age
Median Household Income by County vs. Householders 65+, 2019
$120,000
$112,962
$100,000
$75,991
$80,000
$67,429
$67,204
$63,307
$61,913
$60,388
$57,541
$61,964
$56,321
$60,000
$53,076
$45,809
$45,667
$42,711
$45,711
$40,000
$73,573
$50,882
$48,959
$48,203
$47,412
$47,219
$46,973
$44,971
$20,000
$40,264
$39,622
$39,262
$37,254
$34,770
$‐
Countywide, Median household income Region: Average Median household income
Median household income, Householder 65+
Region: Average Median household income, Householder 65+
The median income for 65+ headed households is significantly lower compared to median income across all households. The biggest disparity is in Williamson County, with a difference of almost $40,000 .
30
Quality of Life
Housing Stock
Housing Prices
Population Health
• Both existing and new members of the region's workforce must be able to find places to live. • The lack of housing options or need for people to live farther away from work directly affects the region's quality of life
• The region's population needs affordable options for all incomes to attract the best workers and support the needs of its existing people
• A healthy population is more likely to enter the workforce and support its community through service and other actions
31
Source: ACS 5‐year estimates 2015‐2019
Quality of Life: Cost Burden for Housing
% Cost Burdened Renters
% Cost Burdened Owners
Cost burden is highest in Davidson (45%), Rutherford (42%), and Montgomery (43%) among renters. Cost burdened is defined as spending 30% or more of one’s monthly income on housing costs or rent.
Total Cost Burdened % Cost Burdened
689,438 203,711
27% 28% 22% 32% 21% 23% 25% 29% 24% 26% 23% 25% 29% 21% 23%
Tennessee
43% 43% 34% 45% 35% 33% 40% 43% 40% 42% 29% 41% 33% 39% 40%
18% 19% 19% 22% 16% 20% 20% 20% 18% 17% 21% 20% 28% 17% 17%
GNRC REGION Cheatham County Davidson County Dickson County Houston County Humphreys County Montgomery County Robertson County Rutherford County Stewart County Sumner County Trousdale County Williamson County
3,386
90,850
4,039
651
1,660
21,241
6,133
28,995
1,206
17,074
Among owners, Cost burden is highest in Davidson (22%) and Trousdale (28%).
913
16,326 11,237
Wilson County
32
Source: 2017 H+T Index Release, using 2015 ACS and 2014 LEHD
Quality of Life: Cost Burden for Housing & Transportation
Cost burden for housing is typically spending 30% or more on housing costs Cost burden for housing & transportation is typically spending 45% or more on housing + transportation costs Our region overall has lower housing & transportation costs than the TN and USA averages as a % of median income. However, the share of costs are highest in lower‐income counties that are farther from the urban core such as Humphreys (55%), Houston (53%) and Stewart (54%).
Transportation Cost as a % of Median Income
Housing Cost as a % of Median Income
H+T as % of Median Income
USA Average
22% 25% 21% 24% 20% 27% 31% 30% 23% 23% 20% 31% 21% 26% 12% 19%
27% 21% 21% 23% 24% 23% 22% 24% 22% 22% 21% 23% 23% 20% 21% 21%
49% 46% 42% 47% 44% 50% 53% 55% 46% 45% 41% 54% 44% 46% 33% 40%
Tennessee Average
GNRC REGION
Cheatham County Davidson County Dickson County Houston County Humphreys County Montgomery County Robertson County Rutherford County
Stewart County Sumner County
Trousdale County Williamson County
Wilson County
33
Source: Zillow
Quality of Life: Housing Stock ‐ For Sale Inventory
For Sale Inventory, Jan 2018 to Dec 2020 by MSA
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
‐
Nashville, TN
Memphis, TN
Knoxville, TN
Compared to other MSAs in the State, our region has showed higher and more consistent for sale housing stock over the last 2 years, with peaks during summers. 2020 didn’t impact our region’s housing stock as much as the other MSAs.
34
Source: HUD State of the Cities Database
Housing Stock: Residential Building Permits
Year to Year, % Change in Residential Building Permits 2015‐2020
25%
23%
22%
Building in our region has been increasing in recent years and outpaced the state in 2019. The greatest boom took place from 2018 to 2019 with a 23% increase in residential building permits.
20%
20%
15%
12%
10%
11%
10%
5%
5%
2%
0%
2015‐2016
2016‐2017
2017‐2018
2018‐2019
2019‐2020
‐2%
‐5%
‐8%
‐10%
Tennessee
GNRC REGION
35
Source: HUD State of the Cities Database
Housing Stock: Residential Building Permits
% Change year to year
2015‐2016 2016‐2017 2017‐2018 2018‐2019 2019‐2020
Tennessee
12%
5%
‐2%
11%
20%
Greatest building increases from 2019‐ 2020 were in Davidson and Montgomery counties, while the more rural counties saw decreases.
GNRC REGION
10%
2%
‐8%
23%
22%
Cheatham County
43%
69%
0%
18%
‐25%
Davidson County
17%
‐33%
8%
43%
34%
Dickson County
23%
23%
11%
1%
29%
Houston County Humphreys County ‐20%
25%
10%
‐9%
40%
Montgomery County
21%
12%
0%
44%
47%
Robertson County
34%
94%
‐46%
34%
40%
Rutherford County ‐21%
26%
11%
‐2%
‐9%
Stewart County
‐73%
50%
17%
‐71%
Sumner County
25%
77%
‐27%
‐18%
40%
Trousdale County
‐17%
54%
42%
‐22%
‐15%
Williamson County 20%
4%
‐26%
16%
‐7%
Wilson County
2%
62%
‐38%
38%
23%
36
Source: HUD State of the Cities Database
Quality of Life: Housing Stock ‐ Residential Building Permits
GNRC Region Residential Building Permits, 2015‐2020
Residential Building Permits by Type, 2020, GNRC Region
18,000
30,000
28,636
16,500
16,000
28,000
14,000
26,000
12,136
11,518
23,413
12,000
24,000
10,000
22,000
20,592
20,287
8,000
19,037
20,000
18,441
6,000
18,000
4,000
16,000
2,000
14,000
390
228
‐
12,000
Units in 2‐unit Multi‐Family Structures
Units in 3‐ and 4‐unit Multi‐ Family Structures
Units in 5+ Unit Multi‐ Family Structures
Units in All Multi‐Family Structures
Units in Single‐ Family Structures
10,000
2015
2016
2017
2018
2019
2020
The majority of units built in 2020 were single‐family units . Of the multi‐family units, most of them are larger complexes with 5 or more units.
37
Source: Zillow
Quality of Life: Home Value Over Time
Monthly Zillow Home Value Index, Jan 1996‐May 2021
350,000
300,000
$266,841
250,000
200,000
GNRC Region USA Tennessee
150,000
$97,982
100,000
50,000
‐
These all outpace inflation , which had an annual average increase of 2.1% , while our home values have risen an average of 6.9% per year
Home values in our region have been steadily increasing since 1996, an overall increase of 172%, compared to 166% in the US and 141% in TN
38
Source: Zillow
Rents Over Time
Monthly Zillow Observed Rent Index January 2014‐May 2021 by MSA
1800
$1,637
1600
1400
$1,135
1200
1000
800
600
400
200
0
Nashville, TN
Memphis, TN
Knoxville, TN
This has also outpaced inflation , with an annual average increase of 2.1%, while our rents have risen about 7.4% each year .
Rents have also increased and have consistently been higher than the other MSAs in the State. The rent across all types of units has increased by 44% since 2014.
39
Source: County Health Rankings, 2021 Release
Quality of Life: Health Rankings
1 = better health; 95 = worse health
Health Outcomes include: • Premature death • Poor or fair health • Low birthweight Health Factors include: • • •
Health Outcomes Rank out of 95
Health Factors Rank out of 95
Cheatham Davidson Dickson Houston
26
11
Poor physical health days Poor mental health days
8
9
27 54 64 12
18 65 45 14 16
Humphreys Montgomery Robertson Rutherford
Health behaviors (smoking, obesity, physical activity, STIs, teen pregnancy) Clinical Care (access to care, uninsured, vaccination rates)
9 4
3
•
Stewart Sumner
22
33
3
5
• Socioeconomic Factors (high school completion, poverty, violent crime, inequality) • Physical Environment (drinking water violations, long commute, air pollution)
Trousdale Williamson
30
35
1 2
1 4
Wilson
Williamson ranks #1 in the state for health outcomes & factors, with Wilson close behind. Houston and Humphreys are ranked lower out of the 95 counties in the state for health.
40
Environment
Traffic & Congestion
Commuting Patterns
Development Pressures
• Beyond affecting the region's quality of life, traffic and
• People traveling long distances for their jobs and using their personal vehicles impacts the region's air quality and people's workday satisfaction
• A growing economy and the need for more housing and places to work are causing significant environmental pressures due to development
congestion can cause environmental harm
41
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49Made with FlippingBook flipbook maker