Claire Ellington
Economics B2
Reuter
3/13/2016
The Hideaway For Music-Lovers
Nashville, Tennessee, better known as Music City U.S.A., has consistently increased in population for the past century, however in the past 10 years, the population has rapidly increased with every coming day. What attracts individuals in particular is the abundance of job opportunities and growing love for the lively culture. Outpacing the rate of population growth in Nashville is the job growth rate. Not only is the city a notably desirable destination for aspiring musicians, but over 600 jobs will soon open in the Ryder Supply Chain Solutions, over 200 jobs in Servpro industries, as well as additional jobs in hospital chains and Community Health Systems. And although job opportunities open up and the unemployment rate decreases, people across the country are becoming more aware of the entertaining, Music City vibe of downtown Nashville as well, causing a greater desire to develop a life in the area. As seen in the graph below, both population and nonfarm employment show an increase over time, however the job production increased a whole 10% more than population growth.
The influx of people in the community, caused by job growth and an increased desire to live in Music City, alters the demand for housing by the demand determinants: population, income, and consumer taste. As the population increases, the demand for housing increases reflected by real estate market trends’ increase of 11%, or an approximate $21,745. Many homes owned by Nashville natives foreclosed due to the owner’s inability to keep up with the rapidly increasing mortgage payments. Although small town natives have to adapt to developments which may not benefit them, Nashville’s economy continues to boost by this urbanization. Below reads a graph of the increasing prices of properties over the dates August 2011 through October 2015.
The income aspect affects those who live in Nashville and those who aspire to live there since the scene now fills with newer jobs with higher incomes, therefore more people are willing to pay higher prices for homes that used to sell for lower prices. Most importantly, as previously mentioned, Nashville contains a vibrant environment for all kinds of music lovers that attracts a wide range of people, young and old, due to the increased consumer taste in live music.
As seen in the graph above, the United States has continually increased sales for live music tickets and sponsorship of which Nashville provides a major role in. Every turn, every coffee shop, and every restaurant is filled with some genre of live music in Music City. The plentiful scenes of live music provides yet another reason for citizens all over the U.S. to move to the area, whether they are artists themselves or simply enjoy listening to the strums of a singer/songwriter’s guitar.
The income aspect affects those who live in Nashville and those who aspire to live there since the scene now fills with newer jobs with higher incomes, therefore more people are willing to pay higher prices for homes that used to sell for lower prices. Most importantly, as previously mentioned, Nashville contains a vibrant environment for all kinds of music lovers that attracts a wide range of people, young and old, due to the increased consumer taste in live music.
As seen in the graph above, the United States has continually increased sales for live music tickets and sponsorship of which Nashville provides a major role in. Every turn, every coffee shop, and every restaurant is filled with some genre of live music in Music City. The plentiful scenes of live music provides yet another reason for citizens all over the U.S. to move to the area, whether they are artists themselves or simply enjoy listening to the strums of a singer/songwriter’s guitar.
Of the many up and coming cities, Nashville, Tennessee is one of the top in recent growth. The city has a variety of offerings for the public like job opportunities, much desired live music performances around every corner, and more. However, these many opportunities come at a cost: the opportunity cost. While people love to witness a city grow in popularity and urbanize, the natives of the city have to watch the cost of their house mortgages and daily purchases quickly rise. But despite the rising prices of standard living, Music City U.S.A. has become one of the newest hot places to live, attracting people from across the country, and even the world.
Works Cited
Lindeman, Nicholas. "Growth Trends & Forecasts." Nashville Area MPO:. Nashville Area MPO. Web. 13 Mar. 2016. <http://www.nashvillempo.org/growth/>.
"Real Estate Data for Nashville." Real Estate Market Trends for Nashville, TN. Trulia. Web. 13 Mar. 2016. <http://www.trulia.com/real_estate/Nashville-Tennessee/market-trends/>.
"Live Music Industry Revenue in the United States from 2010 to 2019, by Source (in Billion U.S. Dollars)." Statista: The Statistics Portal. Statista. Web. 13 Mar. 2016. <http://www.statista.com/statistics/491896/live-music-industry-revenue-in-the-us-by-source/>.
Ward, Getahn. "Can Nashville's Growth Continue?" The Tennessean. Web. 13 Mar. 2016. <http://www.tennessean.com/story/money/real-estate/2015/08/14/population-gains-key-nashville-job-growth/31509555/>.
Good to see that at least one city is doing well for it's considering population and job growth, compared to other cities, *cough Detroit. But with the rising prices of living there, I can see the popularity of Music City start to die down as prices start to get a little higher, but I still feel it will stay quite popular since many people do actually like music, surprisingly enough. Overall, good posting sir and/or mame.
ReplyDeleteVery different and refreshing topic! It would have been cool if you could somehow relate each change in population of the city to some music trends of the time, or described some of the music related jobs opening up for people. I never knew how much music could impact one city, and putting it into a monetary value really drives the point home.
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ReplyDeleteOverall, very nice job giving us all the information on Nashville. Personally, I didn’t know about a lot of it, so it was nice to be able to learn something new. From what I read, Nashville is beginning to suffer from the same problem Wisconsin does during Summerfest: A huge influx of people that they can’t really deal with all at once. The only difference is that the people going to Nashville aren’t leaving and are deciding to stay. Music is one of the few ways we can connect everyone, so having so many different music groups and players really attracts everyone. I know where I work we have a band on some Fridays and on those nights it gets almost twice as busy, but every night the band and the people there are so different, so diverse. We could have a country band one night and have a huge turn out, people are dancing and singing. While other times we have a band that plays more modern music and the people there are listening and just enjoying the music. In the end, it’s pretty cool that there is so much music happening in Nashville, but it may end up hurting the city's economy, especially if they aren’t able to balance everything out.
ReplyDeleteNo doubt this city is so popular, it is a well know city for its musical prosperity! You mentioned that the mortgage and property rates have been increasing, is that because of the total revenue of the city from the people visiting, or are more people buying property down there? I know many people visit that area for music but moving there and increasing the population like that would definitely cause some fluctuation in prices, not only in property but all around the city and in the supply and demand of all items I would assume. Is this increase in property prices and amount of foreclosures a problem? Has the population had any significant decreases since this began to happen? Great article, I myself am I big music fan and loved reading about this!
ReplyDeleteWow I knew that Nashville was popular for music, but I didn't know that it had that many people continuing to move there! That is a bummer for the city's natives who have increasing costs that they must pay to continue to live there, I wonder how many more people have had to take out loans with the growing population in order to continue paying off their homes. The music industry is a tough business to be a part of because it depends on how successful each song is on the charts based on consumer tastes. Although people risk frictional employment by deciding to start a career in Tennessee, they have more potential to make revenue than in another city in that same business. Nice topic overall, it was very well done!
ReplyDeleteIt's incredible how much good music can do for a city's economy. Music is always one thing that's high in demand, everyone's always looking for the newest and the best sound out there. Although the price of living increases in the area, do the wages increase too? It makes sense that with the increasing amount of people coming in, and with the increase in demand for houses, that the increase for essential living items, toiletry, groceries, etc, would also increase. Music really is a way of life, nice job!
ReplyDeleteMusic has become more and more popular in people's lives and as technology grows we can take music anywhere on our phones and laptops. No wonder this city is becoming more popular. I see in the future cities branching out and doing something similar to Nashville providing these kids of simple pleasures. In the second paragraph you talk about people not being able to keep up with the rising prices due to the increase in jobs and general population. How exactly do people deal with this problem? I know there are numbers shown with great detail but what sorts of things can people take action to keep their home and keep up with the mortgage?
ReplyDeleteI can totally see how the population is growing in Nashville as it is the country music capital of the world. But I wonder if the graphs shown above just pertain to the city of Nashville or all over the state of Tennessee? But I feel like if the city of Tennessee gets over populated it will bring in lots of new people just around the city who are willing to commute which would be a great opportunity for them. Especially I don't really know any more attraction to the state of Tennessee other than the fact it is the musical capital of the world.
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My sister lives in Nashville, so whenever we go to visit her, I'm actually going to visit the city of music. Since music is so influential, it would make sense that more people would gravitate towards the area. Since music is one of things that never went out of style(and never will), it's a great industry to be in if you want to make money. Music = Money and Money + Cities = Even MORE Money.
ReplyDeleteMy sister lives in Nashville, so whenever we go to visit her, I'm actually going to visit the city of music. Since music is so influential, it would make sense that more people would gravitate towards the area. Since music is one of things that never went out of style(and never will), it's a great industry to be in if you want to make money. Music = Money and Money + Cities = Even MORE Money.
ReplyDeleteAs music has become increasingly popular over the past couple decades, many people have become much more driven and motivated to get their music out there. And Nashville is the perfect place to do it. While actors and actresses go to LA for a chance to become movie stars, or aspiring performers make their way to Broadway by moving to New York City, many serious musicians are taking their work to Nashville. However, besides music, there doesn't seem to be very many other big industries in the city. Because of this, I would assume that many of the businesses around the city are marketed solely towards musicians; places like coffee shops, record stores and recording studios. You most likely wouldn't find my big athletic complexes or manufacturing companies in the area, because musicians don't typically use those types of facilities. In all, I found this article very informative and I like that you were able to connect a recent trip you went on to economics.
ReplyDeleteThanks for sharing this valuable post. For real estate pre-foreclosures dealing go to Realestatecake.
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