Tennessee’s economy showed steady growth in 2016.
The Tennessee Quarterly Business and Economic Indicator report for the fourth quarter released Tuesday showed a 6.5% increase in new business filings from the fourth quarter of 2015 as well as a 0.5% drop in business closings.
Manufacturing, mining, logging, and construction employment saw a combined increase of 11,700 jobs. Although the Tennessee economy is expanding, the report indicated a rise in the unemployment rate because of an increase of job seekers.
Dr. William Fox from the University of Tennessee Knoxville is the director of the center that co-published the report with Tennessee Secretary of State Tre Haggart’s office. Fox says the data indicates a transition from fast economic growth to more sustainable growth.
“While what this data shows is continued growth in Tennessee, this data is consistent with others that are saying Tennessee is settling into more sustainable growth,” Fox said. “Employment for example is growing 1.6%, still very good, but down from just over 2.0% before-- so continued growth, but at a little bit slower pace than we had seen during the last couple of years.”
The report was published through a partnership between Tennessee Secretary of State Tre Harggett’s office and the Boyd Center for Business and Economic Research at the University of Tennessee Knoxville. Find the full report here.
