Thursday, December 21, 2023

Nashville’s Real GDP Growth Ranks 2nd Highest in the US

From the Nashville Area Chamber of Commerce, Dec. 21, 2023- Recently, the Nashville Area Chamber of Commerce released data on GDP growth in the Middle Tennessee Economy. This blog post explores these findings in greater detail.

The bureau of economic analysis (BEA) released figures for GDP at the metro and county level December 7th for 2022. GDP or gross domestic product is the value of the output of the goods and services produced by an economy. It’s an important indicator into how the economy is performing and is especially relevant given the rise in interest rates in recent months.

The chart above shows how the economy has performed in the last few years. GDP shrunk in 2020 due the economic shutdown brought by the pandemic and has quickly recovered.

Nashville’s economy was not as impacted by the pandemic-induced recession as much as the nation. A major strength of Nashville’s economy is its diversity which means that the impacts of national recessions are softened in the Nashville region. Recessions are shallower in Nashville and the local economy recovers relatively quickly. The evidence for this ability to absorb recessions is in the next chart.

Real GDP Growth 2021 - 2022
GDP Change from 2021 to 2022 adjusted for inflation
Top 50 Metros with at least 1M in population

How does Nashville’s GDP growth rank?

Looking at gross GDP, Nashville ranks 6th highest growth rate from 2021 – 2022. However, when we adjust for inflation, Nashville ranks 2nd highest in the country with metros with at least 1M in population. (Read more)

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