NASHVILLE, Tenn. - In the depths of the financial crisis, when the world was shunning debt and battening down for the worst, city officials here zagged in what seemed a preposterous direction and spent $600 million on a new convention center.
It is in many ways a positive story of how new winners can emerge even after a devastating recession. But it also represents a major fault line in the recovery that followed: Winning places like Nashville have won big, often for reasons that can’t obviously or quickly be replicated, while much of the rest of the country has struggled to stay even or slipped behind.
In many ways the country has seemingly recovered from a 2007-2009 recession that was the worst downturn since the 1930s. Unemployment is near a 50-year low, household income has been rising, and the country is at a point in the business cycle when workers typically see their most robust gains. Nashville ranked 11th on the list, keeping company with other southern towns like Charlotte and Atlanta, and the usual fast-growth suspects like Seattle and San Francisco.
But interviews with entrepreneurs and officials in Nashville point to a mix of factors behind its success, including some that were out of the city’s control, such as the state’s lack of an income tax, and others associated with its unique local assets. Private sector jobs in Nashville surged 31% since national employment bottomed in 2010, from 622,000 to around 820,000 through 2017, double the national job growth rate of around 15%, according to federal data.
Source: Loan Digest (loandigest.net)
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