Knoxville ranked among top 40 best-performing U.S. cities
This is explained in the latest Economic Conditions Outlook published each month by the Knoxville Chamber and First Horizon Bank.
If you think Knoxville is doing pretty cool things, you’re right!
The Milken Institute recently released its annual Best-Performing Cities Index report, which ranks the Top 200 large metropolitan statistical areas (MSAs) by indicators including job growth, access to economic opportunities, high-tech concentration, and high-tech GDP growth.
The Knoxville MSA ranked 32nd overall and when ranked by selected categories, was 93rd in high-tech concentration, 55th in high-tech GDP between 2016-2021, and 111th in high-tech GDP between 2020-2021. The Top 10 MSAs were #1 Provo-Orem, UT (for the third consecutive year), #2 Austin-Round Rock, TX, #3 Raliegh, NC, #4 Nashville, TN, #5 Boise, ID, #6 Dallas, TX, #7 Wilmington, NC, #8 Phoenix, AZ, #9 Fayetteville, AR, and #10 Palm Bay-Melbourne-Titusville, FL.
This is explained in the latest Economic Conditions Outlook published each month by the Knoxville Chamber and First Horizon Bank.
Here are a few more economic stats to take in:
- The Knoxville MSA’s unemployment rate in April was 2.3 percent – down from 2.8 percent in March and down from the 2.6 percent rate in April 2022.
- Knox County’s unemployment rate in April was 2.1 percent down from 2.6 percent in March and down from 2.5 percent in April 2022.
- Home sales in the Knoxville area declined 13.2 percent from March to April to a seasonally adjusted annual rate (SAAR) of 18,002.
- Home sales in Knox County decreased 14.5 percent from the previous month to a SAAR of 6,399.
- Compared to the previous year, home sales were down 20.7 percent in the Knoxville area and 23.3 percent in Knox County.
- The national inflation rate from April 2022 to April 2023 is 4.9 percent. This is down from the 5.0 percent rate from March 2022 to March 2023. Last year, the national inflation rate was 8.3 percent from April 2021 to April 2022.
You can dive into all the data surrounding local labor, housing, tax, retail sales, and manufacturing updates and more by reading the full report here.
Like what you've read?
Forward to a friend!