The January 2024 jobs report for Nashville, TN, indicates continued momentum in the city’s labor market. While national headlines point to a slowdown in job growth, Nashville stands out with a positive showing. This report provides a detailed analysis of the local job market, including key sectors, hiring trends, and future prospects.
Overview
Nashville’s unemployment rate dipped to 4.2% in January 2024, signifying a tight labor market. The city added a robust 5,200 jobs over the month, exceeding expectations. This growth comes on the heels of a strong performance in December 2023 as well.
Highlights
- Leisure and hospitality led job growth, adding over 2,000 new positions. This is likely due to the busy holiday season and Nashville’s thriving tourism industry.
- Construction and professional services also saw significant gains, reflecting continued investment and development in the city.
- The manufacturing sector remained steady, indicating stability in a sector often prone to fluctuations.
What Industries and Occupations Grew
- Leisure and hospitality occupations such as cooks, servers, and hotel staff saw the most significant job gains.
- Construction trades workers, including electricians, plumbers, and carpenters, were in high demand.
- Professional and business services occupations, such as accountants, engineers, and IT specialists, also experienced growth.
What Industries and Occupations Shrunk
- The report did not reveal any major declines in specific industries or occupations.
Compare to Same Month Last Year
Compared to January 2023, Nashville’s job market has grown steadily. The unemployment rate has decreased by 0.8 percentage points, and job growth remains robust.
Compare to Previous Month
January’s job gains were slightly higher than those observed in December 2023, suggesting a potential acceleration in hiring activity.
Future Outlook
The Nashville job market is expected to remain strong in the coming months. The city’s continued economic diversification, coupled with a growing population, will likely fuel job creation across various sectors.
10 Growing Occupations
According to the Bureau of Labor Statistics (BLS), the following occupations are projected to experience the fastest employment growth in Nashville through 2032:
- Licensed practical nurses
- Home health aides and personal care aides
- Software developers, applications
- Solar photovoltaic installers
- Wind turbine service technicians
- Medical assistants
- Physician assistants
- Registered nurses
- Construction managers
- Database administrators
10 Companies Hiring Now
Here are ten companies actively recruiting in the city:
- HCA Healthcare
- Vanderbilt University
- Amazon
- Deloitte
- Dollar General
- Kroger
- Bank of America
- JPMorgan Chase
- FedEx
- State Farm Insurance
Sources