Tennessee’s unemployment rate for September 2023 inched up slightly from the state’s all-time low rate of 3.1%. Data from the Department of Labor and Workforce Development showed the seasonally adjusted rate increased by 0.1% to 3.2% during the month.
Unemployment in Tennessee reached a historic low of 3.1% in July, and the rate held steady at that number for two months.
The September 2023 statewide unemployment rate was 0.2% lower when compared to last year.
During September, Tennessee employers created 8,700 new nonfarm jobs. The mining, logging and construction sector accounted for the largest percentage of those jobs, followed by the leisure and hospitality sector and then the education and health services sector.
During the last year, the number of new nonfarm jobs across the state increased by 54,000. The education and health services sectors saw the largest jump in employment, followed by the leisure and hospitality sector and then the government sector.
Nationally, the seasonally adjusted unemployment in September remained unchanged from the August rate of 3.8%.
TDOT, Girl Scouts team for new patch
The Tennessee Department of Transportation’s Nobody Trashes Tennessee litter prevention campaign is partnering with Girl Scouts of Middle Tennessee to offer a new Nobody Trashes Tennessee patch.
Troops of all ages have multiple ways to earn the patch including participating in litter cleanups in their community, coordinating their own cleanup in their neighborhood or school grounds, or through Girl Scout camp beautification projects.
For Girl Scouts ages 12 and older, the Adopt-A-Highway program is an opportunity to earn both a patch and a roadway recognition panel for committing to quarterly pickups. Younger scouts may earn a patch by completing Nobody Trashes Tennessee educational worksheets. Patches are provided by Nobody Trashes Tennessee and do not cost the troop or individual scouts.
“Girl Scouts are dedicated to making a difference in their communities as reflected in one of our core values to put service above self,” says Pam Self, interim president/CEO, GSMIDTN. “By participating in a litter cleanup service project, we are also living the Girl Scout Promise of helping people at all times.”
Girl Scouts are encouraged to participate in the upcoming third annual No Trash November, a monthlong initiative encouraging Tennesseans to participate in cleanup events held across the state.
Last year’s No Trash November campaign included 95 events with over 1,300 volunteers who collected more than 48,000 pounds of litter from the state’s roadways. This year, with the help of GSMIDTN, the initiative’s goal is to remove 50,000 pounds of litter from Tennessee roadways.
State has 6th-cheapest average gas prices in US
Tennessee drivers saw another week of falling prices at the pump last week as Tennessee gas prices fell 5 cents on average.
The Tennessee Gas Price average is now $3.09, 29 cents less expensive than one month ago and 23 cents less than one year ago.
• 43% of Tennessee gas stations have prices below $3.
• The lowest 10% of pump prices are $2.81 for regular unleaded.
• The highest 10% of pump prices are $3.55 for regular unleaded.
• Tennessee is the sixth-least-expensive market in the nation.
Despite global tensions causing ripples through the oil market, the national average for a gallon of gas maintained its autumnal dip, falling six cents since last week to $3.54. Pump prices have lost 34 cents since their 2023 peak of $3.88 a month ago.
Today’s national average of $3.54 is 31 cents less than a month ago and 25 cents less than a year ago.
Mental health platform Innerworld nets grant
Mental health platform Innerworld recently received $2M in funding from the National Institute of Mental Health (NIMH) to conduct a randomized control trial at the University of Southern California to continue testing the effects of Cognitive Behavioral Immersion (CBI) on depression.
Innerworld CEO and founder Noah Robinson will serve as the principal investigator alongside USC’s co-investigator, Dr. Iony Ezawa.
Additionally, the platform received a $300k matching grant from LaunchTN, a public-private partnership that supports entrepreneurship and economic development in Robinson’s home state of Tennessee. In its recent pre-seed funding round, Innerworld secured over $1.4M in investments from renowned venture capital firms, including Valor Equity Partners, 640 Oxford and Anorak Ventures.
“The support from the NIH comes at a pivotal time, as we grapple with soaring rates of depression and suicide,” Robinson says. “While effective tools exist, they’re not accessible. Innerworld’s immersive, anonymous approach changes the paradigm and this trial stands to solidify our position as a trusted, scalable resource for many.”
Robinson was inspired to create the platform after online communities saved his life, helping him to overcome depression and anxiety throughout the process of him coming out in his teen years.
He developed Innerworld during his clinical psychology Ph.D. research at Vanderbilt University as a second-generation protégé of the creator of Cognitive Behavioral Therapy, Dr. Aaron Beck and spent four years beta testing the software with more than 10,000 people.
State Parks unveils 10-year strategic plan
Tennessee State Parks has unveiled a comprehensive strategic plan that will guide the operation of all state parks in Tennessee for the next 10 years. Key components of the plan are focused on four cornerstones: resource stewardship, visitor experience, facilities and amenities and operational excellence.
The parks will develop specific strategic management plans for each state park and invite input from the public about those objectives.
In-person meetings will be held at or near the individual parks to hear more about the plans from the park staff with an opportunity for public input. The public meetings are being held now until Nov. 30 and will cover each park’s specific proposals. Anyone interested in the process can go online to view the systemwide plan, individual park plans, the meeting schedule and access to the online survey.
Comments will be accepted through Nov. 30 through an online survey or via mail. After the comment period, the parks will present the final plans in January.
A theme throughout the plan is the commitment to a high-quality system that delivers world-class parks, with exceptional programming, trails and facilities. Measures of success include being known regionally and nationally for its standard of excellence, and providing unique outdoor recreation opportunities for all, and contributing to local economies and the quality of life in Tennessee.
After the feedback from the public, the parks will adjust the site management plans for a report to the Tennessee General Assembly. The final comprehensive plan will be made available online.
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Nashville slides down list of ‘rattiest’ cities
Chicago continues its first-place run in the rat race, topping Orkin’s Top 50 Rattiest Cities List for the ninth year in a row.
Nashville dropped nine spots from the 2022 list, coming in at No. 35.
Los Angeles moved up to the No. 2 ranking, while New York rounds out the top three spots. Jumping up 10 spots this year is Houston to No. 20 and Greensboro, North Carolina, moves up 17 spots to take No. 50.
Cities on the Rattiest Cities List are based on the number of new rodent services showcasing the demand and also indicate the efforts that residents and businesses of the top cities have taken to treat rodent issues.
Orkin ranked metro regions by the number of new rodent treatments performed from Sept. 1, 2022 to Aug. 31. This ranking includes both residential and commercial pest control treatments.
Sequoia Financial acquires M Capital
Sequoia Financial Group, LLC, a leading SEC-registered wealth manager with more than $15 billion in assets under management as of Sept. 30, has announced it has entered into an agreement to acquire M Capital Advisors, which has been providing customized portfolio management services to individuals and institutions for more than three decades.
The firms expect the transaction to close by Oct. 31. Financial terms were not disclosed.
M Capital, based in Nashville and with an office in San Antonio, Texas, is an SEC-registered firm with $930 million in assets under management. Its clients are high net worth individuals, families and institutions.
Formed in 1993, M Capital employs a team of 13 professionals. The firm is led by Frank Mastrapasqua, founder and chairman; Mauro Mastrapasqua, CEO; Edwin Barton, chief portfolio strategist; Patrick Snell, chief investment officer; and Claude Koontz, principal and portfolio manager.
“M Capital has demonstrated its investment acumen on behalf of clients for decades, and its exceptional investment management capabilities will further strengthen ours,” said Tom Haught, founder and CEO of Sequoia. “The leadership team at M Capital shares our commitment to providing service offerings that are built expressly for clients, and we look forward to doing just that as we join forces.”
Founded in 1991, Akron, Ohio-based Sequoia provides asset management and wealth planning services across the wealth continuum – from individuals to family offices – with locations throughout the United States.
In 2023, Sequoia has announced four acquisitions, including Zeke Capital Advisors, Cirrus Wealth Management and Affinia Financial Group. With the addition of the M Capital team, Sequoia will employ 250 people.
LBMC adds Louisville accounting firm
LBMC, the Southeast’s third largest business consulting and financial services firm and top 35 firm in the nation, has announced Strothman & Co, an accounting firm based in Louisville, Kentucky, has reached an agreement to join the firm effective Nov. 1.
This strategic growth transaction expands LBMC’s geographic footprint across multiple states, amplifying the firm’s capacity to provide an extensive range of services and augmenting the organization’s talent pool.
The Strothman & Co transaction adds 60 professionals and brings LBMC to a total of five locations, with more than 850 team members, serving more than 11,000 clients across the nation.
“While LBMC’s growth over the past 40+ years has been primarily organic, our firm is now aggressively opportunistic about adding talent, skills, and filling gaps in our service offerings to ensure we continue to evolve as the firm of the future,” says LBMC CEO Jeff Drummonds. “The Strothman & Co team further enhances our service offerings and allows us to expand our Kentucky presence, where we currently serve over 100 clients across the state.”
In addition to adding strong health care industry knowledge, LBMC brings expanded expertise around advisory services such as human resources, technology solutions, staffing/recruiting services, cybersecurity, consulting/business intelligence, wealth advisory services and procurement to the Strothman & Co client base. Health care currently comprises 30% of LBMC’s business, along with other core verticals including private equity, manufacturing and distribution, technology and high net worth families.