Nashville’s tech success by the numbers

Friday, March 1, 2019, Vol. 43, No. 9

Amanda Short, coordinator of applied research, Nashville Area Chamber of Commerce, says these numbers help to explain how Nashville’s technology sector is growing.

The Nashville MSA’s rapid economic growth has garnered national attention. The Nashville MSA’s gross domestic product grew from $81.2 billion in 2008 to $133.3 billion in 2017, with employment increasing by more than 23 percent and unemployment dropping from 10.1 percent to 2.9 percent during that same period.

The growth of the tech sector, and the growth of technology jobs across other sectors, is part of the Nashville area’s success story.

In 2018, the Nashville MSA was estimated to have 26,195 technology workers, with an average 2,173 tech job postings per month, demonstrating the demand is outpacing the supply of tech workers.

At the local level, the Nashville MSA continues to experience rising demand for technology workers. Tech positions in the region increased by 25.7 percent from 2013 to 2018, outpacing national growth by 10 percent. Growth is projected at 22.4 percent for 2018-2028, continuing to exceed national level growth, which is projected at 14.8 percent.

Based on national numbers, an area the size of the Nashville MSA would expect to have 30,461 technology workers. There were 26,195 tech workers in the Nashville region in 2018. This demonstrates a regional job concentration of 0.86 times the national job concentration, otherwise referred to as a “location quotient.”

While the number of technology professionals in the Nashville region is still below an expected value, growth in demand for tech talent is accelerating at a rate far faster than the nation’s.