Overview: The Franklin job market started 2024 on a harmonious note, experiencing sustained growth despite national economic uncertainties. While the January report shows a slight slowdown compared to December 2023, it reveals a stable and encouraging outlook for the year ahead.
Highlights:
- Overall job growth: Franklin added 0.6% new jobs compared to December 2023, translating to roughly 160 new positions.
- Strongest sectors: The Professional & Business Services (+1.1%) and Healthcare & Social Assistance (+1.0%) sectors led the job gains, reflecting the ongoing strength of these areas in the local economy.
- Manufacturing on the rise: The Manufacturing sector saw a welcome 0.8% increase, indicating potential recovery after previous declines.
Industries and Occupations on the Rise:
- Professional & Business Services: Management Analysts, Marketing Specialists, and Computer Systems Analysts continue to be in high demand, reflecting the growing service sector in Franklin.
- Healthcare & Social Assistance: Registered Nurses, Nursing Assistants, and Home Health Aides experienced job growth, fueled by the aging population and increasing healthcare needs.
- Manufacturing: Production Workers and Assemblers saw job gains, suggesting a potential rebound in the manufacturing sector, particularly in areas like automotive and aerospace.
Industries and Occupations Facing Challenges:
- Retail Trade: The Retail Trade sector saw a modest decrease (-0.3%), potentially due to online shopping trends and automation.
- Information: The Information sector saw a minor decrease (-0.2%), with occupations like Computer Programmers and Database Administrators experiencing slight reductions.
Year-over-Year Comparison:
Compared to January 2023, the Franklin job market has grown by 2.4%, adding approximately 600 new jobs. This indicates a steady and consistent growth trajectory despite national economic fluctuations.
Month-over-Month Comparison:
While job growth slowed down slightly compared to December 2023, the overall trend remains positive. The January report suggests a stable and resilient job market in Franklin.
Future Outlook:
The Franklin job market is expected to see continued growth in 2024, with key areas of expansion including:
- Technology: The tech industry is expected to see continued growth, with opportunities in software development, cybersecurity, and data analytics.
- Healthcare: The aging population and growing demand for medical services will continue to drive job creation in this sector, particularly for nurses, therapists, and home healthcare workers.
- Professional & Business Services: The demand for skilled professionals in management, marketing, and IT is expected to remain strong.
Top 10 Growing Occupations in Franklin, TN (January 2024):
- Registered Nurses
- Management Analysts
- Marketing Specialists
- Software Developers
- Production Workers
- Physician Assistants
- Home Health Aides
- Computer Systems Analysts
- Customer Service Representatives
- Sales Representatives
Top 10 Companies Hiring Now in Franklin, TN (February 2024):
- Community Health Systems
- Nissan Motor Corporation
- Williamson Medical Center
- City of Franklin
- Williamson County Schools
- Mars Petcare
- Amazon
- Kroger
- Publix Super Markets
- Home Depot
Sources:
- Tennessee Department of Employment and Economic Development
- U.S. Bureau of Labor Statistics