Tennessee's economy outpacing the nation on most measures

Aug 17, 2017

Credit Tenn. Sec. of State

NASHVILLE, Tenn. (OSBORNE)  --  The state is out this week with more positive economic news.

For example, the number of Tennesseans launching new businesses has now risen for 22 consecutive quarters. University of Tennessee economist William Fox notes that and other healthy numbers in the latest Tennessee Quarterly Business and Economic Indicator’s report.

Fox told reporters this week that year-over-year new business filings are up nearly seven percent, sales tax revenue is up well over six percent, an unemployment is the lowest the state’s ever recorded at 3.6 percent.

“The growth rates have been very steady, very strong, consistently over six percent every quarter on a year-over-year basis, so really good signal of sustained growth.”

Dr. Fox says that one of the most striking features of the current business climate is that the benefits are being felt broadly.

“The good news part of that is that we’ve seen that though much of the state, and we’ve seen it across a pretty wide range of industries. The fastest growing industry in recent data being construction.”

Howeer, Fox conceded that there are still a significant number of Tennesseans who aren’t doing as well as the positive numbers suggest.

“It is true that we do have workers – a noticeable share – who are working part time, and would rather work full time, or workers who feel they’re underemployed.”

Would you like to review the state’s Tennessee Quarterly Business and Economic Indicator’s report?