What is going on with Knoxville’s workforce?
The Knoxville Chamber released the Q2 ECO Report, which shows the economic conditions of Knoxville, Knox County, and Tennessee.
Things are looking up from the Scruffy City. Knoxville bounced back from the pandemic with gusto, welcoming new businesses to the region, opening new jobs, and maintaining a thriving housing market.
Unemployment
In April, the Knoxville MSA’s unemployment rate was 2.5 percent, down from 2.7 percent in March but up from 2.3 percent in April 2023. Tennessee’s unemployment rate was 2.7 percent, and the U.S. rate was 3.5 percent, both showing similar trends. The labor force slightly decreased at all levels, with the Knoxville MSA’s labor force shrinking by 0.4 percent.
Plenty of jobs, but not enough workers
The labor shortages are persisting longer than many economists expected. There continues to be high job demand and slower workforce growth resulting in fierce competition for talent and many open jobs going unfilled. According to the latest data from the U.S. Bureau of Labor Statistics (BLS), the nation had 8.1 million jobs to fill and only 5.6 million hires in April, meaning there are 1.4 job openings for every unemployed person.
In April, the Knoxville MSA had 9,634 unique active job postings, up 5.7 percent from March. Most of those roles were in healthcare – specifically registered nurses, administration, and public service-related roles.
Home sales increase, so do prices
Home sales in East Tennessee increased 14 percent from March to April. The median home sales price across the East Tennessee region was $354,450 in April, up 9.9 percent from a year ago. Half of the homes sold across the East Tennessee region went under contract in 16 days or less.
For more information read the full ECO Report.
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