Get Splendid Education in USA : Report: Job Growth, Consumer Spending to Boost State and National Economies | |||||||||||||||
Job growth and consumer spending continue to grow and position Tennessee and the nation’s economies for a strong 2016, according to a report released today from the Center for Business and Economic Research. | |||||||||||||||
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“Financial market instability has captured the headlines, but the fact is that the nation’s economy is in good shape and continues to expand,” said Matt Murray, associate director of CBER and the report’s lead author. | |||||||||||||||
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According to the 2016 Economic Report to the Governor of the State of Tennessee, 2015 saw a significant increase in new jobs for the nation, along with the lowest national unemployment rate since 2008. | |||||||||||||||
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These positive factors, coupled with falling gas and food prices, led to consumption reaching its highest growth rate since 2006. Strong consumer spending has picked up the slack from reduced exports, concerns about financial markets and the oil and gas industry, and the economic slowdown in China. | |||||||||||||||
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Residential and nonresidential investment also grew in 2015—a good sign for the housing sector, which showed only modest growth in 2014. | |||||||||||||||
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While interest rates increased in 2015 and will continue to rise in 2016, both residential and nonresidential investment are expected to expand, according to the report. | |||||||||||||||
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The study predicts the course of the state and national economies by examining fiscal factors and trends. | |||||||||||||||
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Highlights include: | |||||||||||||||
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Quick Facts | |||||||||||||||
Other report findings:
In the long term, state education initiatives such as Tennessee Promise and Drive to 55 aim to increase the education status of the state.
“These efforts could support stronger income growth and a narrowing of the gap between the incomes of Tennesseans and other Americans,” said Murray.
The report also includes a topical chapter on higher education in Tennessee, reviewing the landscape on college-going in the past, looking at early indicators of success for Tennessee Promise and highlighting challenges and opportunities for the years ahead.
The Center for Business and Economic Research is housed within the Haslam College of Business.
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