In spite of postitive trends, Tennessee economy performing below average
NASHVILLE, Tenn. (WMOT) -- Tennessee may be enjoying unemployment below five percent and huge tax surpluses, but a new study says the state’s economy is still performing below national averages.
Analyst Jill Gonzalez says the Wallethub.com team crunched a lot of numbers to draw their conclusions.
“We looked at all 50 states, plus the District of Columbia, across 27 different indicators of economic performance and strength. So that includes GDP growth, to start up activities, to the share of jobs in high tech industries.”
Gonzalez says Tennessee ranked below average coming in at 35. She says drags on the state economy include low investment in research and development along with lagging innovation potential.
On a more positive note, Wallethub says Tennessee’s largest cities are doing considerably better than the state as a whole.
“On the city level we’re seeing high numbers of jobs in high-tech industries and more STEM professionals, but on the state level it still has some catching up to do.”
Tennessee is also doing better than most of its southern neighbors. Only North Carolina and Georgia ranked higher. Gonzalez says indications are Tennessee’s economy is moving in the right direction.
“I think in the coming years, especially with its city’s technological advances, we will see a jump to the top half in terms of its economy and how it performs.”
You can review the complete study on the Wallethub website.