Compare Music City to other cities
- Achintya Ray, Ph.D., is a professor of economics in the College of Business at Tennessee State University.
According to Federal Reserve economic data, the gross domestic product (GDP) of Nashville, Davidson, Murfreesboro, and Franklin, TN was approximately $136 billion in 2020. This figure was significantly lower than the GDP of $141.8 billion. of dollars. achieved in 2019.
The difference is expected given the global COVID-19 pandemic which has severely disrupted economic activities everywhere, including in the Nashville area. The Nashville area is a major economic engine not only in Tennessee but also in the southeastern region of the United States.
The size and growth has gotten a lot of national attention lately. To understand the relative size of the Nashville area, let’s start with our regional economy.
In 2020, the Nashville area contributed approximately 36.81% of the Tennessee GDP – or $369.57 billion. In other words, more than a third of Tennessee’s GDP came from the Nashville economy. Nashville’s GDP was nearly three times that of Knoxvillenearly 1.8 times that of Memphisabout 4.4 times that of Huntsville, Alabama1.8 times that of Louisville and 3.5 times that of Little Rock, Arkansas.
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Although the Nashville area is an economic powerhouse in the region, its economic size is only a small fraction compared to some of the largest cities in the country. For example, the Nashville area’s GDP was less than 8% of the New York metropolitan areaabout a third of Atlantaabout a quarter of dallasless than a fifth of Chicagoand a little over a third miami.
Metropolitan areas of similar size to the Nashville area include Orlando, Florida and Columbus, Ohio. Interestingly, the Nashville area’s GDP now significantly exceeds that of New Orleans, Louisiana; Las Vegas, Nevada; and Cleveland, Ohio.
Nashville’s GDP is now larger than many US states. For example, it is now higher than Mississippi, Hawaii, West Virginia, New Mexico, Wyoming, Maine, Nebraska, Arkansas, Idaho, North Dakota , South Dakota and Vermont. , Delaware, Montana and New Hampshire.
The Nashville area’s GDP is now large enough to eclipse the GDP of many countries around the world. This point is not mentioned often enough. For example, in terms of GDP, the Nashville area is now almost seven times larger than Afghanistan, 11 times Armenia, 13 times Bahamas, four times Bahrain, 65 times Bhutan, four times Bolivia, nine times Botswana. , twice the size of Bulgaria, more than five times the size of El Salvador, 30% larger than Ethiopia and twice that of Ghana.
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In addition, the Nashville area’s GDP is now significantly higher than that of Tunisia, Cuba, Kuwait, Kenya, Sri Lanka, Ecuador, Myanmar, Oman, Tanzania, Uzbekistan, Angola and Uruguay. According to World Bank databasethe Nashville area’s GDP is greater than that of more than 100 countries worldwide.
Achintya Ray, Ph.D., is a professor of economics in the College of Business at Tennessee State University.