Nashville Economic Growth Outpacing National Average
NASHVILLE, Tenn. - New reports show Nashville's economy ranks as one of the fastest-growing in the country.
Forbes Magazine ranks Music City number 2 out of 10 large cities that are on the rise when it comes to manufacturing jobs. Much of the region's manufacturing strength is tied to the automotive sector, thanks to the presence of General Motors and Nissan.
While, productivity in large and traditionally manufacturing-rich cities like Los Angeles and Chicago have dipped 18 percent and 11 percent respectively in manufacturing jobs, industry is booming in Southern cities.
Another report released Friday at the Unites States Conference of Mayors also shows good signs for Nashville’s economic strength.
Music City ranks third in the country 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 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, Calif., beat out Nashville.
The report says Nashville has not yet cracked a total GMP of $100 billion, but that is projected to happen this year.
(NewsChannel 5 and The Associated Press.)