Last year, Greater Nashville Realtors partnered with the Nashville Area Chamber of Commerce to deliver valuable economic insights to our members. Thanks to the expertise of Bishoy Mikhail, the Chamber’s Vice President of Research, we’ve gained a clearer picture of the region’s job market, population growth, and housing trends. These key factors continue to shape Middle Tennessee’s economic future.
In 2024, Nashville’s economy added over 32,000 jobs, growing at nearly 3%. This slightly outpaced expectations and reflected a healthy post-pandemic recovery. While this momentum is expected to stabilize in 2025, the region’s unemployment rate remained at 3% or lower throughout the year, signaling a robust labor market near full employment.
Certain sectors, such as hospitality, which experienced a sharp rebound following the pandemic, are now normalizing as demand levels off. The labor market overall is beginning to balance, with the supply of workers better aligning with employer demand. Although talent shortages persist in some areas, they are easing, creating a more stable foundation for sustained growth.
Nashville’s GDP expanded by 3.1% in 2024, underscoring continued economic vitality. Although this growth rate has moderated compared to the rapid gains of recent years, it reflects a return to steady, sustainable levels. Nationally, U.S. GDP growth is projected at approximately 2% in 2025, suggesting Nashville’s performance remains ahead of the curve.
Population growth continues to fuel the region’s progress. Preliminary data from 2024 indicates that Nashville added an estimated 63 people per day. While this is an early projection that will be finalized later this year, it underscores the area’s ongoing appeal to new residents.
This steady influx of people directly supports the housing market. Strong job growth and population gains drive demand for residential real estate. To sustain this momentum while preserving affordability, it is critical to ensure that housing supply keeps pace with demand. Encouragingly, data from the U.S. Census Building Permit Survey shows that single-family permits are tracking well alongside population growth.
As Middle Tennessee continues to expand, we must remain focused on preserving Nashville as an attractive place to live and work. By supporting policies that encourage housing development and foster economic stability, we can ensure our communities remain vibrant and accessible for years to come. Collaboration between local leaders, Realtors, and businesses will be key to achieving this shared vision.
