At Hispanos Emprendedores, we assess the employment situation in Tennessee . We'll see why Clarksville is a growing job market , although it's important to consider the impact the pandemic has had on both the city and the rest of the state.
Atypical Year: Tennessee Employment
Statistics for Tennessee before the pandemic were promising. The unemployment rate was one of the lowest in the country and for March it remained at 3,3%. But from that moment on, the coronavirus crisis took its consequences.
The quarantine forced the companies to reduce their operations and in many cases to close. So many people were unemployed. In April, the unemployment rate in the state reached its highest peak, with 15,5%, the following month it was 11% and in June it fell to 9,7% according to Macro Data.
In the case of Montgomery County, it also reflected this trend. Thus, for April the unemployment rate was 15,4%. However, it also started to decline from that moment and for August it was 8,5%.
Before the pandemic, the employment rate in Tennessee was quite acceptable, but it could not avoid the consequences of covid-19.
The Bureau of Labor Statistics highlights that statistics are very dynamic in this situation. They indicate that large companies in the country had more job losses than small ones and this remained the case between March and July. For September, job losses in this sector reached 6,5%; while small companies lost 3,3%.
Despite the above, they point out that large companies began to recover jobs faster than small ones.
In the case of Tennessee and Montgomery County, we see how the unemployment rate fell once the economy began to revive. This is promising for the next few months.
Clarksville situation before the pandemic
The consequences of the pandemic have been intense throughout the country; Tennessee and, more specifically, Clarksville did not escape it. However, the figures that are handled before the crisis and the pace of recovery so far are promising.
The city has several strengths, including a skilled workforce. In fact, more than 83% of the workforce in Clarksville holds a bachelor's degree or higher, according to the County Office.
Furthermore, the quality of life in Clarksville attracts new residents . At the same time, current residents, especially those in the military, say they would like to stay if good jobs are available.
According to the United States Census Bureau, Clarksville's labor force participation rate was 67%.
Clarksville is a growing workforce
Expectations for Clarksville have always been very high, driven by pre-crisis statistics.
In an employment study published by 24/7 Wall Street they assessed job growth from October 2015 to October 2016. In that report the Clarksville Metropolitan Statistical Area (MSA) ranked 19th in the nation for job growth faster.
The Clarksville MSA added more than 4.700 jobs, an increase of 4,61%, for a total of 106.811 jobs in October 2016. Education and health services, commerce, transportation and utilities contributed the new jobs to the local economy.
“This is a great recognition for Clarksville-Montgomery County and our metro area,” said Economic Development Council Executive Director Cal Wray. “Our staff works diligently every day, with city and county leaders and other economic development partners, to keep job growth on a positive trajectory.”
Recognition of other cities
Four other Tennessee cities that made the top 25 were: Knoxville, Nashville, Morristown and Cleveland, demonstrating a strong and growing economy across the state.
Cleveland ranked second on the list and is one of only two cities with more than 7% job growth. The main employers in the area are Whirlpool and Amazon.com. At number 11, the greater Nashville area, which includes Murfreesboro and Franklin, added more than 46.000 jobs, for an increase of 5,16%. Manufacturing jobs in the area increased 5,9%.
Jobs in Nashville Tennessee and other cities in the state have been affected. It will be necessary to wait to see the final impact of the crisis.
This demonstrates that Clarksville is a growing job market and has the resources to recover. It remains an attractive place to start a business. If you need support to launch your business in this city, contact us.
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