Thank you for visiting paducahsun.com, the online home of The Paducah Sun.

June 2012
27 28 29 30 31 01 02

Click here to submit an event.

Nashville economy outpacing U.S. average

Associated Press

NASHVILLE, Tenn. - Nashville's economy ranks as one of the fastest-growing metro economies in the country, according to a report released at the United States Conference of Mayors.

The new report shows that Nashville ranks third in the U.S. based on the rate of growth of the gross metropolitan product, or GMP, which measures the value of all goods and services produced in a metro area, The Tennessean reported.

The report shows that during 2013, Nashville grew its GMP by 4.2 percent, double the national average of 2.1 percent growth. In terms of GMP growth, only Austin, Texas, and San Jose, California, beat out Nashville.

Nashville's high ranking isn't surprising, said David Penn, an economics professor at Middle Tennessee State University.

"We've blown the top off the recovery for employment growth, we are way past our previous recession peak, and we have been the hot spot in the state for some time," he said.

Though Nashville's GMP has grown quickly, the city has not yet cracked a total GMP of $100 billion, but that is projected to happen this year, according to the report prepared by IHS Global. The report said that 33 U.S. metros surpassed $100 billion in GMP in 2013, led by $1.4 trillion in New York.

Nashville's GMP during 2013 was $96.3 billion, it said. The report said that Austin, Columbus, Ohio, and Sacramento, California joined the elite club in 2013. It projected that Las Vegas and Nashville will reach the $100 billion mark this year.

Part of the reason Nashville has experienced fast GMP growth relative to other places is the diversity of its economy, said Matt Murray, associate director of the University of Tennessee-Knoxville's Center for Business and Economic Research.

"Nashville's got such a rich array of health care services, financial services, and of course it has the entertainment industry," Murray said.

That means the city's economy doesn't lean too hard on any one sector, he said.

Comments made about this article - 0 Total

Comment on this article

Your comment has been submitted for approval
captcha 70b462cdbe784d4db06101d6c77baf85
Top Classifieds
  • PILLOW TOPmattress sets NEW in plasti ... Details
  • RUNNING, fixable, junk vehicles, equi ... Details
  • Cash for farms & gold (270)339-8 ... Details
  • Washer/Dryer, 2 Dinette Sets, Carpet ... Details
  • Duplex By Owner 3 BR 1 BA each side ... Details
  • SEEING is believing! Don't buy p ... Details
  • Sale by Owner65 Acres inLivingston Co ... Details
  • FHA, USDA, VA & Conventional Loan ... Details
  • OPEN HOUSE 1285 Hedge Ln. OCT 11, 1-4 ... Details
  • 8 Unit Apt. Bldgs. For Sale By Owner ... Details
  • Ford Ranger '86 2WD, $1, 000 2 ... Details
  • Scarlet Red Road Glide 1 owner 33K Mi ... Details
  • Chey El Camino '80 newly restore ... Details
  • 2010 KZ Spree 32.5 ft traveltrailer w ... Details
This Week In Photos
Most Popular
  1. Shootings rock universities in Arizona, Texas
  2. Mustangs clinch district on Senior Night
  3. Nobel Peace Prize gives Tunisia boost
  1. Christian Fellowship founders reflect on work
  2. McCracken District Court
  3. Wreck sends teen to hospital
  1. Shootings rock universities in Arizona, Texas
  2. Mustangs clinch district on Senior Night
  3. Nobel Peace Prize gives Tunisia boost

Check out these recently discussed stories and voice your opinion...