Why the Nashville Construction Boom is Outpacing Competitors like Birmingham Part 1
If you sift through records of the southeastern United States from 40 years ago, you will likely find two cities rich in history with nearly indistinguishable economies and virtually identical populations. One of those cities, Nashville, has become the music hub of this region, opening its arms to diverse musicians from countless backgrounds and disciplines. The other, Birmingham, has sputtered to a stall, confounded by its own inability to grow or find a defining quality to set itself apart from the “Music City” located only 200 miles away.
In this two-part series, the Nashville contractor attorneys at Cotney Attorneys & Consultants will explore Nashville’s radical growth over the last forty years to determine why it is experiencing such a significant construction boom while cities like Birmingham wait for their turn in the limelight.
Young People Have Found the Next Trending City in Nashville
When millennials are flocking to a city, it typically bodes well for the city as a whole. Most millennials make less than their parents while spending more, and in the current housing market, the majority of millennials are forced to opt out of buying a home in favor of renting. With the current market for rentals in popular cities in the United States exploding before our very eyes, the arrival of millennials means more money being pumped back into the local economy.
Many millennials find themselves “paying to live,” which means they’re meeting their financial obligations and living comfortably, but not saving very much. This tendency is a great boon for cities such as Nashville that have become expensive to live in but possess the infectious spirit of cities like Austin, Asheville, Charlotte, or even Los Angeles. These cities attract young people because the purported quality of life is superior and there’s more access to coveted jobs with popular companies.
Nashville’s “Consolation Prize” from Amazon Promises More Growth
Although Amazon has officially announced that they will be splitting their new headquarters between New York and Virginia, Nashville was awarded the honor of becoming the new location for an operations center planned to add an additional 5,000 jobs with salaries averaging $150,000 a year. This news further proves that Nashville is establishing itself among the premier cities with populations exceeding one million people. The city is keeping good company, Thrillist rated Nashville the “Best City in the USA to Visit for a Weekend” over cities like Chicago, San Francisco, Austin, New Orleans, Miami, and even Las Vegas.
Compared to Birmingham, which is also getting more jobs from Amazon in the form of a warehouse and distribution center with an average pay of $15 an hour, the difference is clear. To learn more about Nashville’s construction boom, read part two.
If you would like to speak with a Nashville contractor attorney, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.