The Nashville metropolitan economy saw the fifth-highest rate of growth among the 100 largest US metros between 2011 and 2016 according to an analysis of recently released economic data conducted by SpareFoot.
In 2011 the Nashville-Davidson-Murfreesboro-Franklin, TN Metropolitan Statistical area generated a gross domestic product of $86 billion dollars. In 2016, the Nashville area’s GDP had grown to $109 billion, an increase of 27 percent in 5 years. Among the 100 largest metros in the country, only the San Jose, Austin, Provo, and San Antonio MSA economies grew faster, at rates of 37 percent, 35 percent, 32 percent, and 30 percent, respectively.
The analysis was based on data released last month by the Bureau of Economic Analysis.
Nashville is the 36th-largest metro by population but the 33rd largest metro economy. That’s up two spots from 2011, when Nashville ranked as the 35th largest metro economy. Nashville’s high growth rates have allowed it to pass Milwaukee and Sacramento’s economies.
Within this 5 year timeframe, Nashville saw the fastest growth in 2015, when the economy grew by 6.1 percent year-over-year. In the three preceding years Nashville saw growth of around 5 percent. 2016 saw the slowest growth rate, of 3.4 percent. Still, Nashville’s 2016 growth rate was the 19th highest in 2016.
According to the BEA data, Nashville’s 2016 growth was driven primarily by the professional and business services sector, which itself grew the cumulative GDP by 0.73 percent. The transportation, trade, and education sectors also made strong contributions to Nashville’s growth. Only natural resources and mining saw a year-over-year decline.
Here are the complete 2016 GDP rankings for the top 100 US Metro Areas: