The chief economist for Regions Bank expects Nashville will eventually return to an unemployment rate that’s consistently better than the national average.
For years leading up to the recent recession, the Nashville area beat the national unemployment rate by a percentage point or better. But with the loss of construction jobs and hard times in the trucking industry, the Nashville area has faired a bit worse.
Regions economist Bob Allsbrook is optimistic jobs will return, in part, because so many recent college graduates continue to move to the city to find work.
“The fact is, yes we have more people looking for jobs here, but they’re doing that because they’re finding jobs here.”
He says companies are still reluctant to hire because of unknown costs.
“They don’t know what health care costs are going to be for example, but particularly at a time when demand may not be as predictable as it has been in the past.”
Allsbrook is meeting with large corporate customers in Nashville this week to get first-hand reports about the business outlook.
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