People moving to Knoxville, property sales, and business expansions!
The Weekend News Roundup features stories related to local business, technology, entrepreneurship, local economy, and innovation.
Moving up
In the latest U-Haul® Growth Index, which assesses customer relocations during CY 2023, Tennessee advanced one position. The state was previously ranked #6, and now holds the #5 spot in the most relocations.
Texas had the most one-way U-Haul® equipment moves in 2023, marking its third consecutive year as the top performer on the U-Haul Growth Index. Florida stayed consistent in the #2 spot, as well. North Carolina came in #3, South Carolina #4, and Tennessee #5. The trends show many people are moving South.
For the fourth consecutive year, California has seen the largest amount of people moving out of the state.
Housing Market pulse
According to the latest Market Pulse report by the East Tennessee REALTOR’s, rent continues to creep up in Knoxville. The good news is that the percentage of growth has slowed, the bad news is that it’s still rising. Rent across the Knoxville area increased by 3.72% in November from the previous year, making the average rent for a 3-BR apartment $1,799.
The rise in rent also goes for rental homes. The average rent for a 3-BR single-family home in Knoxville was $2,235 in Q3 2023, up 3% from a year ago, according to a report from Rentometer.com.
Through a poll, East Tennessee REALTORS found nearly half of Knoxville’s voters (48%) reported experiencing some degree of financial strain over housing costs, with even higher levels reported among renters (87%).
135 property sales total $75.23 million
According to the Knox County Register of Deeds Office, it was a busy end to 2023. Five commercial sales in the last week of the year, each totaled over a million dollars.
- FSRE-Kerns Bakery LLC sold the former Kerns Bakery building at 2201 Kerns Rising Way for $10.33 million.
- Clayton Properties Group Inc. sold lots 65 thru 129 in Ivey Farms neighborhood in west Knoxville for a little over $7.06 million.
- Holrob-Bexhill LLC sold the retail center in front of Bexhill subdivision for $4.55 million.
- JMB Investment Company LLC sold the Dollar General Store located at the intersection of Heiskell Road and E. Raccoon Valley Road for $1.94 million.
- Regions Bank sold the triangular-shaped property at the junction of North Broadway and Central Street for $1.47 Million.
Register of Deeds, Nick McBride shows how 2023 shaped up to 2022 and 2021 when it comes to trust deeds and warranty deeds.
Business expansions in Middle Tennessee
Technology Lab, a managed services provider for educational institutions based in Nashville, Tennessee, is set to invest $1.8 million in expanding its services in the Greater Nashville region. Governor Bill Lee, along with officials from the Department of Economic and Community Development (TNECD), announced that the expansion will create 71 new jobs at the company’s headquarters in Davidson County.
“Tennessee, specifically Nashville, continues to lead the Southeast in headquarters, finance and tech growth, making this area the ideal location to support Technology Lab’s expansion. I thank this company for its continued investment in Tennessee and believe our skilled workforce will provide Technology Lab much continued success,” said Stuart C. McWhorter, the Commisisoner of TNECD.
The additional staff, including engineers and technicians, will support Technology Lab’s recent growth and enhance its ability to serve tech customers nationwide, particularly in K-12 schools. TNECD has actively supported economic development projects in Davidson County, resulting in nearly 16,700 job commitments and $2 billion in capital investment since 2019.
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