Steady job growth continues to be good news for Tennessee’s commercial real estate (CRE) markets.
Memphis added 500 jobs in March 2014 and the unemployment rate registered 8.2 percent, a full percentage point lower than the 9.2 percent unemployment rate in October 2013, according to the U.S Bureau of Labor Statistics (BLS).
Consistent job growth has pushed the total number of jobs in metro Memphis area to 609,500, up from a trough of 587,600 in September 2010. While Memphis still has a ways to go before it can match the job peak it achieved in September 2007 (641,900), employment numbers continue to move in the right direction.
When it comes to job growth, however, Nashville is Tennessee’s shining star.
Nashville added 3,800 jobs in March 2014, bringing total employment in the metro area to an all-time high of 826,800. The unemployment rate was 5.4 percent, down from 6.4 percent in October 2013, according to BLS.
Thanks to metro Nashville’s combination of rapid population and job growth, Forbes has ranked Nashville as the sixth best city in the nation for jobs in 2014. Nashville’s impressive job growth continues to benefit the metro area’s office sector, which saw the direct vacancy rate for office space decline to 9.9 percent in the first quarter.
The graph to the right shows Nashville employment from 2000 to 2014. The blue line depicts job totals based on the Current Employment Statistics (CES) survey, while the green line represents job totals based on the Current Population Survey (CPS).
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