Tennessee’s economy will continue modest growth this year, but should be “substantially stronger”in 2014, University of Tennessee economists said today.
On the national scene, the economy is expected to grow slowly in the coming months with a steady decline in the unemployment rate, according to the annual economic forecast prepared for the governor by UT’s Center for Business and Economic Research.
“The U.S. economy is projected to continue to grow in the quarters ahead and the unemployment rate will continue its slow but steady decline,” said Matt Murray, associate director of CBER and the report’s author. “For Tennessee, the economic outlook calls for modest growth in 2013 followed by substantially stronger growth in 2014.”
FedEx, Volkswagen and Nissan have helped make Tennessee one of the top destination states for jobs, CNBC reports.
Tennessee ranks No. 7 with 141,845 people moving here for work during 2009-2010.
“Tennessee was one of only 15 states whose unemployment rate went down in 2009-2010. Of the 141,845 people who came into the state that year, many came from Florida, Georgia and Mississippi, all of whose unemployment rates had increased,” CNBC says.