Tennessee made history in July when the state recorded its lowest unemployment rate since the federal government began tracking the statistic in 1976.
According to the Department of Labor and Workforce Development, the seasonally adjusted rate of 3.1% was 0.1% lower than the previous all-time low of 3.2%, a figure the state once again reached in June.
The latest Tennessee jobless number was 0.2% lower than the rate in July 2022. Unemployment numbers for the state have been at or below 3.5% since January 2022.
Between June and July, total nonfarm employment increased by 7,300 jobs. The professional and business services sector saw the biggest month-to-month gains. The trade, transportation, and utilities sector added the next largest number of jobs, followed by the leisure and hospitality sector.
Over the last 12 months, nonfarm employment in Tennessee jumped by 72,400 new positions. The education and health services sector experienced the most growth in employment during the year. The leisure and hospitality sector saw the next largest increase in jobs, followed by the government sector.
Nationally, the seasonally adjusted unemployment rate inched down to 3.5%, 0.1% from June’s rate of 3.6%.
Titans select stadium construction managers
The Tennessee Titans announced Tennessee Builders Alliance will serve as construction manager at risk on its new stadium project team. The Metropolitan Sports Authority approved the selection at its Aug. 17 board meeting.
TBA comprises construction industry leaders including Nashville-based I.C.F. Builders, Brentwood-based Polk & Associates, Turner Construction Company and AECOM Hunt. Collectively, the team has more than 55 years of NFL stadium construction experience and a long history of building iconic sports facilities. Turner and AECOM Hunt have worked on 17 of the 30 most recently completed NFL stadium projects.
“The breadth of knowledge that TBA brings to the table is second to none, and we couldn’t be more excited to welcome them to the project team,” says Titans president and CEO Burke Nihill.
The new stadium will be built on the east side of the current stadium campus, along Nashville’s East Bank. TBA will oversee the preconstruction and construction management services in the development and construction of the stadium and will also select trade contractors to work on the project.
A website detailing upcoming opportunities to participate in construction of the new stadium is expected in coming months. In the interim, businesses interested in working on the project can fill out the general interest form at TennesseeTitans.com/Procurement.
The Titans will present the final contract for TBA’s services to the Sports Authority for consideration at a board meeting in coming months. Groundbreaking for the new stadium is expected to occur in early-to-mid 2024, with an anticipated opening in 2027.
Median rent prices down third straight month
The Realtor.com July Rental Report revealed a third consecutive month of better news for renters in many parts of the country, with a continued decline in year-over-year rent prices for units of two bedrooms or less, down 1.0% from July 2022, driven in part by a rising rental supply.
The median price in the Nashville MSA (which includes Murfreesboro and Franklin) is $1,666, down 1.4% year over year.
The median asking rent in the 50 largest metros increased $15 to $1,759 from June to July 2023, but remains down $18 from the peak 12 months ago. July also marks the first year-over-year decrease in rent for studio units since 2020, continuing the downward trend led by two-bedroom units in May and one-bedroom units in June.
Quality Towing joins Polar Leasing network
Polar Leasing Company has announced that Quality Towing in Murfreesboro has joined PLC’s nationwide network of depots.
With this addition, Polar Leasing now has five freight partners in Tennessee to support the delivery of electric ground-resting outdoor walk-in freezer and refrigerated rental units.
Quality Towing provides load shifts and load transfers, 24/7 towing and roadside assistance to customers in the greater Nashville and Central Tennessee area. In April, Polar Leasing announced Quality Towing’s Decatur, Alabama location was also a PLC depot.
Polar Leasing’s walk-in storage units are pre-assembled and designed with a seamless fiberglass construction to function with only a simple electrical connection. These units are manufactured in the U.S. and boast a compact footprint as well as an easy setup.
The short-term rental units are an easy solution for a wide range of commercial needs, including emergency situations, disaster response, as well as food and pharmaceutical storage.
Writerly AI launches new asset creation tool
Writerly AI, the Nashville-based company specializing in AI-powered writing tools, launched its latest innovation, EKOM, a first-of-its-kind digital asset creation and optimization engine, this week at eTail Boston.
The tool seeks to transform the e-commerce landscape by automating the process of crafting brand specific, SEO-optimized product assets with dynamic updates, ensuring businesses stay ahead in today’s dynamic digital marketplace.
EKOM is a response to the primary need of a significant number of Writerly’s 600,000 users who use the platform for digital product detail generation.
“We’re committed to leveraging natural language processing to build software that delivers real economic value for users. Products like EKOM exemplify this,” says Jon Ricketts, Writerly’s CEO. “Its automation and real-time data capabilities enhance workflows and customer experiences while unlocking new revenue opportunities.”
With the launch of EKOM, Writerly is also celebrating an oversubscribed initial fundraising round of $2 million. This investment will further fuel the development and expansion of EKOM, allowing the platform to accelerate its robust product roadmap of cutting-edge automated solutions. These solutions are designed to enhance sales and buyer acquisition channels for its e-commerce customers.
OGA breaks ground on Vandy imaging clinic
Oman-Gibson Associates, a full-service health care real estate firm based in Nashville, broke ground last week on a new imaging clinic for Vanderbilt Imaging Services.
The 6,000-square-foot facility will be located on a 0.55-acre site at 8124 Sawyer Brown Road in Bellevue.
The clinic will offer specialty medical imaging including MRI, CT, ultrasound, fluoroscopy, digital X-ray and mammography. Vanderbilt is relocating its Belle Meade Imaging at 4525 Harding Pike to the new facility upon completion in late 2024 or early 2025.
OGA has completed multiple developments for Vanderbilt. The most recent was an adaptive reuse project transforming a bowling alley into a 27,500-square-foot end-stage renal dialysis treatment facility in Nashville, featuring 49 stations for in-clinic hemodialysis and a home-dialysis training area.
Thomas Constructors is serving as general contractor, HMK Architect is the project’s architectural firm, and the civil engineer is Fulmer Lucas Engineering.
Currently, OGA has 225,000 square feet of medical real estate under development in the Nashville MSA and more than 500,000 square feet in current projects and deals in progress around the country.
Community Police Academy apps open
Applications are now being accepted for Metro Nashville Police Department’s fall session of the Community Police Academy, to be held at the Hermitage Precinct, 3701 James Kay Lane, on Tuesdays and select Thursdays, for 11 weeks beginning Sept. 5 and running through Nov. 14.
Nashvillians interested in learning about the operations and law enforcement strategies of their police department are invited to apply for this free and informative course. Classes will be held from 6-9 p.m., and the application deadline is Aug. 30.
Applications
Participants will learn about police work through the perspective of a variety of guest speakers, including members of the police department’s specialized areas. There will be presentations from the TITANS Unit, Entertainment District Unit, Youth Services, Domestic Violence, Criminal Investigations, Violent Crimes and Traffic Divisions.
In addition, there will be an opportunity to ride along with an on-duty officer and visits to the MNPD Crime Lab, gun range and Aviation Unit.
Each participant should commit to attending at least 9 of the 11 weeks, be a Davidson County resident/business owner at least 18 years old and have no arrest record.
While completion of the course gives residents an understanding of the workings of the MNPD, it does not make a participant a certified law enforcement officer.
More than 2,000 people have attended the Community Police Academy since it began in 1995.
Belmont accounting named in Top 50 list
Belmont University was named as a Top 50 Best Accounting School in the U.S. by a recent ranking released by the Big 4 Accounting Firms.
Only two Tennessee schools were included on the list, and Belmont was the only program in Nashville highlighted for providing a “first-rate education” for accounting students interested in securing a Big 4 job.
“We are greatly pleased to be nationally recognized among the impressive universities featured on the list,” says Sarah Fisher Gardial, dean of the Massey College of Business. “This reflects faculty who are distinguished and experienced in both the accounting practice and the classroom, as well as their continuous push to keep our programs current with industry changes, such as the new CPA exam.”
Belmont is accredited by the Association to Advance Collegiate Schools of Business for its overall business program and has a separate accreditation for accounting. The AACSB is the premier agency for bachelor’s, master’s and doctoral degree programs in business administration and accounting.
Fewer than 5% of the world’s business schools are able to adhere to standards that result in AACSB accreditation of their business education programs. Fewer than 2% of business schools worldwide have earned the separate, specialized accreditation for their accounting program.