Download the complete State of the Region 2010: Economy report. The report, based on public data and survey data, highlights conditions across the six-county metropolitan area
Key findings of the report include:
• Hamilton County remains the center of the six county regional economy – accounting for 76% of all firms, 82% of all jobs and 84% of private sector employment as of 2009
• Between 2001 and 2009, the region went through two distinct periods – pre-Great Recession and the Recession period that we are moving out of. While between 2001 and 2007, the region had modest job growth of 3% -- all of the net job growth was lost between 2007 and 2009, when the region lost over ten percent of private sector jobs
• Overall, the number of jobs in the MSA declined by 6% between 2001 and 2009 – Walker County was hardest hit with a near 15% drop in employment
• Between 2007 and 2009, three of the region’s largest sectors – transportation/warehousing, construction and manufacturing – all experienced declines in employment of near 20% or more • Between 2001 and 2009, the fastest growing occupations in the region were computer and mathematical occupations (more than doubling), arts and design, health care and food preparation. The biggest declines were in production and construction.
• There are major differences in occupation by gender, race and ethnic origin. For example, while Latinos account for 4% of the total workforce, they represent 12% of all laborers employed in the region.
• By 2009, there were more jobs in Hamilton County in health care than in any other private sector industry. Health care employment in Hamilton County was up by more than 50% between 2001 and 2009 and was one of the few sectors that grew between 2007 and 2009. There were more public sector jobs in Hamilton County and the region than in any single private sector industry.
• Between 2001 and 2009, manufacturing lost more than 9,000 jobs in Hamilton County – the equivalent of virtually all net private sector job loss in the county during the period. By comparison, more than 7,500 new health care jobs were created in the County.
• Hamilton County’s economy is really comprised of a series of subregional economies. Geographically, jobs are most concentrated Downtown, in and around Hamilton Place, Collegedale and Bushtown/Highland Park (due to hospital employment). Downtown accounts for 18% of all employment, more than 30% of employment in accommodation/food services and more than 70% of jobs in finance and insurance.
• Per capita income in Hamilton County in 2008 ($38,460) was higher than in the state or the overall region. But it lagged behind the national per capita income ($40,673). Between 2000 and 2008, per capita income nationally grew nearly one-third faster than in Hamilton County.
• In Hamilton County, just 3% of individuals with a college degree were living in poverty – compared to 10% overall and more than 25% of individuals without a high school degree • Just over 26% of Hamilton County adults had a college degree – with rates higher among men and whites (approximately 29%). The gender gap in college attainment reverses among younger adults, with a higher percentage of women 25 to 34 years have a college degree than men.
• College attainment rates differed most based on place of birth – with 40% of foreign born residents in the county, 33.2% of County residents born out of state and 19.8% of county residents born in Tennessee holding a college degree.
To read the 2008 report, click here.
To read the 2006 report, click here.