GNTC report finds Nashville’s tech sector on the rise again after COVID-19 impacts
Despite the challenges posed by COVID-19 restrictions, growth, productivity and revenue in Nashville’s tech sector is on the rise, according to the Greater Nashville Technology Council (GNTC).
The group that promotes Music City’s technology sector recently compared the results from two surveys of local tech companies, one in May 2020 roughly three months into the effects of the pandemic, and the second nine months later in February.
“While many of our member companies surveyed were faring better than average, they still had a cautious outlook on the economy and the state of their operations,” said Brian Moyer, GNTC President and Chief Executive Officer. “We are now seeing clear indicators of recovery as the vaccine has rolled out, and many companies are rebuilding their physical operations and hiring new talent. They are also seeing a slow but steady rebound in revenue.”
Companies reporting increased revenue have grown significantly in the past year. In fact, the number of companies reporting an increase in revenue rose 10 percent from the last survey in May 2020, while the number of companies reporting a decrease in revenue is down more than 20 percent since last May.
In addition, as of February, the number of companies that are actively hiring has doubled since May. They are hiring the most for mid-level positions, followed by entry-level then senior-level. Meanwhile, 31 percent of respondents are still not hiring.
The full survey can be found here.
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