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Report: Economy ready for strong growth in 2014

Despite cuts in government spending and payroll tax increases, the state and national economies are poised for solid growth in 2014 and 2015, a University of Tennessee report says.

Driving the growth are improved job creation, surging vehicle sales and a recovering housing market, according to the spring 2013 Tennessee Business and Economic Outlook.

“The economy has finally found a firm footing,” Matt Murray, associate director of the UT Center for Business and Economic Research and the report’s author, said in a news release “This will be the third year of payroll employment growth and a falling unemployment rate following the Great Recession.”

Nationally, payrolls are expected to grow 1.5 percent this year and 1.6 percent in 2014, the report said.

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