Just recently, Forbes took a look at what the next decade has in store for America’s 52-largest cities, and came away with a bright forecast for the city of Nashville. Forbes, along with Praxis Strategy Group, projects Nashville to be the Number 3 boom town in the next ten years. Number one on the list in Austin, TX followed by Raleigh, North Carolina coming in at number two. The analysis looked at job growth, not only at performance over the past decade but intently focusing on growth in the past two years, to account for the possible long-term effects of the inevitable recession.
Job growth accounted for roughly one-third of the score while the other two-thirds looked at recent growth over the past few years along with demographic information like family formation and growth in educated migration. Why focus so much on demographics? Joe Kotkin from Forbes shared, “We focused on these demographic factors because college-educated migrants (who also tend to be under 30), new families and immigrants will be critical in shaping the future.
Areas that are rapidly losing young families and low rates of migration among educated migrants are the American equivalents of rapidly aging countries like Japan; those with more sprightly demographics are akin to up and coming countries such as Vietnam.” Forbes wrote about Nashville,“The country music capital, with its low housing prices and pro-business environment, has experienced rapid growth in educated migrants, where it ranks an impressive fourth in terms of percentage growth. New ethnic groups, such as Latinos and Asians, have doubled in size over the past decade.” There seem to be obvious advantages about Nashville and other rising Souther rising that caught Forbes attention. With inevitable population growth, “they do not suffer persistent transportation bottlenecks that strangle older growth hubs. At the same time, Nashville is building the infrastructure — roads, cultural institutions and airports — critical to future growth.” This is extremely good news for the city of Nashville, and should bring excitement to the residents of our “booming” city (source)(picture)(picture 2)