NASHVILLE REGIONAL PROFILE

Transcription

1 NASHVILLE REGIONAL PROFILE Published by the Area Chamber of Commerce NASHVILLE: Strategically located in the heart of the Tennessee Valley, the region is where businesses thrive and the creative spirit resonates across industries and communities. The MSA has 14 counties and a population of nearly 1.8 million, making it the largest metro area in a five-state region. Many corporate headquarter giants call home, including Nissan North America, Bridgestone Americas, Dollar General, Hospital Corporation of America and Gibson Guitar. A national hub for the creative class, has the strongest concentration of the music industry in America. The region s educated workforce not only provides an abundant talent pool for companies, but also bolsters the region s vibrancy, artistic and musical essence, and competitive edge in technology and innovation. The region is defined by a diverse economy, low costs of living and doing business, a creative culture and a well-educated population. Cultural diversity, unique neighborhoods, a variety of industries and a 50% OF THE U.S. POPULATION (150 MILLION PEOPLE) LIVES WITHIN 650 MILES OF NASHVILLE. thriving creative community make Middle Tennessee among the nation s best locations for relocating, expanding and startup companies. 40 MILLION PEOPLE LIVE WITHIN 300 MILES OF NASHVILLE.

2 POPULATION GROWTH AND TOP EMPLOYERS Montgomery Robertson Sumner Cheatham CHEATHAM DAVIDSON Dickson Davidson Wilson 2010: 39,105 // 2014: 39,764 (+1.7%) A.O. Smith Water Products, Trinity Industries, Homax 2010: 626,681 // 2014: 668,347 (+6.6%) Vanderbilt University, HCA, St. Thomas Health Services Williamson Rutherford Maury DICKSON MAURY MONTGOMERY 2010: 49,666 // 2014: 50,575 (+1.8%) 2010: 80,956 // 2014: 85,515 (+5.6%) 2010: 172,331 // 2014: 189,961 (+10.2%) Tennsco, Nemak, TN Odom s Pride Sausage Maury Regional Medical Center, IBEX Global, GM Spring Hill Manufacturing Gateway Medical Center, Trane, Austin Peay State University ROBERTSON RUTHERFORD SUMNER 2010: 66,283 // 2014: 68,079 (+2.7%) 2010: 262,604 // 2014: 288,906 (+ 10.0%) 2010: 160,645 // 2014: 172,706 (+7.5%) Electrolux, Unarco Material Handling, Johnson Electric Nissan North America, Middle Tennessee State University, National HealthCare Corporation Volunteer State Community College, Sumner Regional Medical Center, Gap Inc. WILLIAMSON WILSON TENNESSEE 2010: 6,346,105 // 2014: 6,549,352 (+3.2%) 2010: 183,182 // 2014: 205,226 (+12.0%) Vanderbilt Medical Group, Community Health Systems, Nissan North America 2010: 113,993 // 2014: 125,376 (+ 10.0%) Cracker Barrel, Performance Food Group, Amazon NASHVILLE ECONOMIC MARKET 2010: 1,755,446 // 2014: 1,894,455 (+7.9%) Source: U.S. Census Bureau, 2014

3 TOP REGIONAL EMPLOYERS National, regional or division headquarters in bold. Excludes government employers. Company Vanderbilt University Nissan North America HCA Saint Thomas Health Randstad Electrolux Home Products Community Health Systems Cracker Barrel Old Country Store Shoney s The Kroger Co. Middle Tennessee State University General Motors Maury Regional Medical Center UPS National HealthCare Corp. Dollar General Corp. Ingram Content Group Amazon.com A.O. Smith Corp. Bridgestone Americas AT&T State Farm Insurance Cos. Tyson Foods Williamson Medical Center The Trane Company Dell YMCA of Middle Tennessee UnitedHealth Group Ibex Global LifeWay Christian Resources Asurion Regions Financial Corp. Genesco Cigna-Healthspring CGS Administrators Centerstone Gateway Medical Center Johnson Controls Sumner Regional Medical Center OHL Austin Peay State University Belmont University Verizon Wireless UBS Unipres USA Emdeon GENCO Schneider Electric Comdata Tractor Supply Company General Mills Number of employees 22,105 10,050 7,000 7,000 3,785 3,200 3,092 3,012 3,000 2,554 2,200 2,139 2,135 2,012 1,900 1,855 1,855 1,650 1,600 1,412 1,400 1,400 1,344 1,342 1,300 1,281 1,250 1,250 1,245 1,200 1,100 1,110 1,100 1,080 1,079 1,044 1,039 1,023 1,001 1, NASHVILLE REGION S DIVERSE ECONOMY 40,613 business establishments ( MSA) Industry SKILLED AND DIVERSE WORKFORCE Educational Attainment Population age 25 and older High school graduate (includes equivalency) Some college, no degree Associate degree Bachelor s degree or higher 941,770 total workforce in the Economic Market Source: TN Department of Labor & Workforce Development, % Management, information, admin., professional, and tech. services (19.3%) Retail Trade (15.0%) Finance, insurance, and real estate (11.9%) Health care and social assistance (11.0%) Accommodation and food services (9.1%) Transportation, warehousing, and wholesale trade (8.0%) Construction (7.5%) Education, arts, entertainment, and recreation (4.3%) Manufacturing (3.6%) Miscellaneous services (10.4%) 20.6% Age Characteristics 0-19 (26.5%) (14.6%) (14.0%) (14.2%) (19.1%) 65+ (11.7%) Race and Ethnicity 28.6% White (77.9%) Black/African American (15.4%) Asian (2.4%) 32.3% American Indian/Native Alaskan (0.3%) Other/two or more races (4.1%) Source: Area Chamber of Commerce Research Center, 2015

4 ACCESSIBILITY AND TRANSPORTATION AIR International Airport is located eight miles from downtown. Offers 390 daily arriving and departing flights and provides service to more than 11 million passengers annually. RAIL CSX Transportation has two major rail yards in, as well as an Intermodal terminal, TDSI automatic distribution terminal, and TRANSFLO terminal. is CSX s division headquarters. Served by 10 airlines and provides nonstop air service to more than 50 markets. Port of on the Cumberland River; 9-foot navigation channel accessible to Ohio is one of only six U.S. cities at the convergence of three major interstate WATER River, Mississippi River, and Gulf of Mexico. ROAD highways I-40, I-65 and I-24. The 440 Parkway Downtown Loop and Briley Parkway link the urbanized areas; Route 840 connects 4 counties in an outer loop. 140 freight carriers and 150 truck TRANSIT Intercity bus system Music City Star suburban rail B-cycle bike-sharesystem terminals HIGHER EDUCATION Accredited Four-Year & Postgraduate Location Enrolled in 2013 Aquinas College 574 More than 117,000 students attend the region s higher education institutions. Austin Peay State University Belmont University Cumberland University Fisk University Clarksville Lebanon 10,339 6,915 1, Lipscomb University 4,580 More than 17,000 students graduate from area colleges annually, with 10,000 choosing to remain in the region. Meharry Medical College Middle Tennessee State University School of Law Tennessee State University Tennessee Technological University Murfreesboro Cookeville , ,883 11,118 Trevecca Nazarene University 2,406 University of the South Sewanee 1,701 University of Tenessee Space Institute Tullahoma 100 Vanderbilt University 12,757 Accredited Two-Year Institutions & Tech Schools Columbia State Community College Columbia 5,225 Motlow State Community College Lynchburg 4,900 State Community College Volunteer State Community College Tennessee College of Applied Technology Tennessee College of Applied Technology Tennessee College of Applied Technology Gallatin Dickson Murfreesboro TOTAL ENROLLED 10,007 8,153 1, ,292 Source: National Center for Education Statistics, 2013

5 LOW COST OF DOING BUSINESS - HIGH QUALITY OF LIFE Tennessee is a business-friendly state with one of the nation s lowest tax burdens. This keeps the cost of doing business in at about 84 percent of the national average. offers a high quality of life in a low-cost business environment. Because there is no personal income tax, your dollar goes further in than most cities in America and throughout the world. With a cost of living 10 percent below the U.S. average and per capita income higher than the national average, residents have more disposable income for educational and leisure activities. Unemployment Rate % 10% 8% 6% 4% 2% 0% Tax Policy State income tax: None on wages, 6% on types of interest income Sales and use tax: 7% state tax rate, except food at 5%, 2.75% local option Excise tax: 6.5% of Tennessee taxable income Franchise tax: 0.25% of the greater of net worth or real and tangible property (minimum $100) Inventory tax: None on finished goods inventory. Professional privilege tax: $400 MSA Tennessee United States Source: U.S. Bureau of Labor Statistics Unemployment insurance tax: 2.7% of the first $9,000 in wages for new employers Per Capita Income County Cheatham $35,594 Davidson $51,245 Dickson $33,039 Maury $33,464 Montgomery $41,695 Robertson $37,800 Rutherford $35,113 Sumner $39,894 Williamson $69,439 Wilson $41,288 Tennessee state total $39,558 U.S. $44,765 Property Tax County Cheatham Davidson (general) Davidson (urban) Dickson Maury Montgomery Robertson Rutherford Sumner Williamson Wilson Tax rate % Source: Tennessee Comptroller of the Treasury, 2014 Source: Bureau of Economic Analysis, 2013

6 FOR MORE INFORMATION: nashvillechamber.com Economic Development Courtney Ross Research Garrett Harper nashvillechamber.com/researchcenter COST-OF-LIVING INDEX U.S. Average = 100 Seattle San Francisco Chicago Indianapolis 93.5 New York City Boston Raleigh 93.3 Los Angeles Atlanta 99.6 Charlotte 95.0 Austin 94.6 Tampa 92.4 Source: ACCRA Cost of Living 2014 annual data SPORTS & LEISURE CREATIVE VITALITY PERFORMING ARTS MUSEUMS & FESTIVALS Predators (NHL) Tennessee Titans (NFL) Sounds (MLB) Zoo at Grassmere Shores Area farmers markets More than 100 public parks 80 miles of paved trails 56 golf courses 30,000 acres of inland lakes Platinum Level Certified: Valley Sustainable Community (TVA) $9.7 billion music industry impact More than 600 arts-related non-profits 200 downtown restaurants and bars 7,500 residents live downtown 55,000 people work in downtown core Ryman Auditorium Schermerhorn Symphony Center Tennessee Performing Arts Center Ballet Opera Grand Ole Opry Bridgestone Arena More than 120 live performance venues Country Music Hall of Fame & Museum Frist Center for the Visual Arts Johnny Cash Museum Cheekwood Botanical Gardens & Museum of Art The Parthenon Tennessee State Museum CMA Music Festival Bonnaroo Music and Arts Festival