Originally called Fort Nashborough, Nashville was founded in 1779. Named after the Revolutionary War hero Gen. Francis Nash, the name was changed in 1784 from Nashborough to Nashville. Nashville was established as the permanent capital of Tennessee in 1843. The city has changed alot since its humble beginnings and has even been named "America's Hottest City" by Expansion Magazine.
The Nashville Economy
Nashville´s Economy continues to expand and should not be hindered as expectations for nonresidential business fixed investments are expected to grow by 7.9% for the year. Industrial production is expected to improve but remain moderate.
The median income for a household in Nashville is currently $39,797, and the median income for a family is $49,317 (per capita income is $34,904)
Unemployment rate for the Nashville metropolitan area stands at 4.3% as of April 2006
The Nashville metropolitan area, which includes ten counties, has a population of 1,435,577 with Davidson County´s population being 569,891. This is an 11.6% growth rate from 1990 - 2000.
The Nashville metropolitan area saw non-farm employment increase by .5% for the first quarter of 2006.
Overall employment in Nashville appears positive with improvement projected for service related, educational, healthcare, and administrative support occupation categories.
From February 2005 through February 2006 the Nashville economy saw 19,600 net new jobs added
The Nashville commercial real estate sector saw dramatic gains during 2005 and has seen promising results thus far in 2006
2005 saw 22 investment deals of $10 million or greater, accounting for $690 million in transactions
Nissan North America recently relocated to the area. This follows the relocation of Saurian, LP, Caremark, Quanta Computer and Clarcor which relocated their headquarters toNashville in 2003 and 2004
Nashville is home to eight Fortune 500 companies
Nashville is home to more health care headquarters than any other city. As of 2006, it is estimated that the health care industry contributes $18.3 billion a year and 94,000 jobs to the Nashville area economy
AWARDS
Nashville has been selected as number ONE for two years running as America´s Hottest City for Businesses to Relocate and Expand according to Expansion Management Magazine in January 2006.
Nashville is rated as the Fifth best city to relocate a family to according to Primary Relocation, June 2006.
Nashville is rated as Number ONE in the Top 50 Smart places to live by Kiplinger´s.
Nashville is The South´s Top Ten Headquarters Markets according to Southern Business and Development, April 2006.
Seven Cool Cities Perfect for Young Professionals by Kiplinger´s October 2005.
Nashville is ranked #8 by Entrepreneurial Hot Cities (Entrepreneur October 2005.)
THE NASHVILLE METROPOLITAN AREA
Nashville has The Central Business, West End/Vanderbilt, Green Hills/Belle Meade sub-markets are all located in Davidson County (strong retail, office and condo markets)
Cool Springs and Franklin are located in Williamson County (strong retail, office market and residential)
Murfreesboro is located in Rutherford County (strong retail and residential market)
Mt. Juliet and Lebanon are part of Wilson County while Hendersonville is located in Sumner County (strong demand for new retail developments)
Based upon the number of permits issued the Top Housing Markets in Middle Tennessee are: Rutherford County, Davidson County, and Williamson County
DAVIDSON COUNTY
According to the 2000 census, Davidson County population was 569,891 which represented an 11.6% increase from 1990 and 19.3% increase from 1980. Every decade since 1950 Nashville has seen growth of between 30,000 to 80,000 people.
The ten counties comprising the Nashville MSA had a population of 1,435,577 as of 2000 which represented a growth rate of 25.0%
The area´s economy is well diversified and not dependent upon any one industry. Job growth has slowed over the last few years with the economy having achieved a near full employment level thus creating a tight labor market. The unemployment rate for Nashville in April 2006 was 4.3% as compared to 5.5% of the State of Tennessee and 5.0% for the country,
WILLIAMSON COUNTY
Williamson County is recognized as one of the Top 100 Fastest Growing Counties in the US and has the 27th highest household per capita income in the nation and has experienced a population growth of 56.3% from 1990 ? 2000 (#1 in the State of TN)
The estimated 2000 Average Household income for Williamson County was $104,124 and Median Household Income of $62,377
Both Brentwood and Franklin are communities of high income and young families with strong purchasing needs. In the region around northern Williamson and southern Davidson counties, lay some $2 billion in bank deposits. Cool Springs Galleria Mall, a newly renovated mall, draws more than 11 million people a year and provides the City of Franklin with more than a million dollars a month in sales tax revenue.
RUTHERFFORD COUINTY
Rutherford County is recognized as one of the Top 100 Fastest Growing Counties in the US
Murfreesboro is the largest city in Rutherford County and the sixth largest city in Tennessee. According to the US Census Bureau in 2003 the population of Murfreesboro grew 13% and the population of Rutherford County grew 15% from 2000-2003.
Murfreesboro is at the geographic center of TN approximately 35 miles southeast of Nashville. Interstate 24 runs directly through the city and I65 and I40 are just a few minutes away via I840. Middle Tennessee State University, with nearly 22,000 students, is also located in Murfreesboro. MTSU has the largest enrollment of any college in the State ofTennessee.
NASHVILLE HOUSING MARKET
The Nashville area is one of the top five "least risky of the nation´s 50 largest housing markets, according to the PMI U.S. Market Risk Index.
Home sales in the Nashville area set a record for single-month results in June 2006.
There were 4060 home closings in the month, a 6% increase from June of last year, according to figures provided by the Greater Nashville Association of Realtors.
In the second quarter, there were 11,049 home closings, a 4.5percent increase from the second quarter of last year. Through the first six months of the year, there were 19.273 homes sold compared to 18,131 through the first two quarters of last year.
There were 3,892 sales pending at the end of the month compared with 3,664 pending at the end of June last year. The average number of days on the market for a single-family home was 56 days compared to 66 days in June last year. Home sale inventory at the end of the month was 15,789 compared to 13,808 this time a year ago.
The median price for a single-family home was $181,000 and $149,900 for a condominium. This time last year, the median price was $165,300 and $132,900 respectively.
NASHVILLE RETAIL
QUICK STATS
Vacancy for the MSA is 4.56%
Average Lease Rate is $13.40
Net Absorption for 1st Quarter of 2006 was 332,887 sq ft.
New Construction taking place consists of approximately 3.17 MM sq ft of new spaced
2005 saw many assets break the $150 sf mark. During 2005, total retail transactions were 866,000 sqft totaling $128 million, resulting in an average Psf of almost $145/sf.
RETAIL SUBMARKET
Vanderbilt/West End: The West End area continues to be one of the leaders in the retail market for the Nashville MSA. Vacancy for the 1st quarter stood at 4.08% while the average asking lease rate was $21.01. Some pro0perties on West End currently have rents around $35 sf while some new developments are demanding over $40 sf
Green Hills/Belle Meade: 5.42% Vacancy / $21.76sf A (the highest of any sub-market)
Cool Springs: 2.66% Vacancy / $19.90sf
Mt. Juliet is benefiting from an explosive residential growth that is driving retail boom. Has attracted national tenants such as JC Penny Kroger and Target (Providence Marketplace: will deliver half million sf of additional space within the year)
HELPFUL NASHVILLE LINKS
Nashville Chamber of Commerce
Nashville City Information
Kiplinger's Smartest Place to Live
Nashville Neighborhood Profiles
Nashville Public Schools
Nashville Public Libraries
Tennessee Performing Arts Center (TPAC)
Gaylord/Opryland Convention Center
Things To Do!!
Most Popular/Most Requested Links About Nashville