Evaluating A Community's Economic Strength

The field of economic development consists of many components including commercial/retail development, sales growth, business and industry retention and job creation.   Multiple indicators including sales tax, hotel/motel receipts and property tax reports are used in the evaluation of economic conditions. Probably the most watched indicator however, is that of the unemployment rate.  Even with its many complexities and lag time components, it continues to serve as the standard to judge economic times.

The Tennessee Department of Labor and Workforce Development compiles and publishes Tennessee’s monthly Labor Force Estimates.  A review of reports indicates that Wilson County is consistently in the ten lowest unemployment counties.  What factors or economic components allow us to remain in this upper category?  Certainly our central location and proximity to Nashville, TN are great attributes. Our community’s strong per capita and family income levels, transportation networks and quality of life also contribute to our overall position of strength. I believe that our employment strength can be seen in two equally important statistics. The first lies in the fact that the majority of our employer base is comprised by those with fewer than 50 employees. This is seen through the 3,350 establishments which typically employ over 94% of working Wilson county residents.

The second strength is found in the remaining six percent or the 152 Wilson County employers with 50 to over 1,000 employees.  These employers have shown the ability to become more efficient and diverse in their product lines and consistently demonstrate the ability to adapt.  Two recent examples include Lochinvar’s entry into the solar thermal water heater market and Custom Packaging’s installation of one of Tennessee’s largest solar systems at their facility. These are only two of many examples that we get to observe through our work with our existing industries.  Industries and companies however don’t simply run themselves.  They are managed and run by dedicated owners, management and caring employees, who at the end of the day are Wilson County’s number one asset.

The mission of this office is to assist our community on its economic path.  It is a privilege and honor to work with employers, employees, elected officials and citizens who share these mutual goals. We thank you for your continual support and look forward to 2011.