Local Economic Conditions Rutherford County Home Builders Association Business and Economic Research Center Jennings A. Jones College of Business David A. Penn, Director November 18, 2004 Overview Uncertainty Improved in the spring Uncertainty is now increasing Major Factors
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Rutherford County Home Builders Association
Business and Economic Research Center
Jennings A. Jones College of Business
David A. Penn, Director
November 18, 2004
Interest rate outlook
Aging of the population
Confidence down for the 3rd straight month; 12% lower than in July.
15% price increase could cost Rutherford households $13.6 million this year.Gasoline Prices
Employment has improved beyond its pre-recession peak.
Modest job growth: Nashville MSA up by 1.0%, Tennessee up 0.6% Sept. from year ago.Nonfarmemployment
Rutherford growth very fast paced.
Unemployment rates September 2004 (2003)
U.S. 5.1% (5.8%)
Tennessee 3.8% (4.8%)
Nashville MSA 3.8% (4.6%)
Memphis MSA 6.0% (6.5%)
Davidson County 3.9% (4.7%)
Rutherford County 3.6% (4.6%)
Williamson County 2.8% (3.0%)
Slower sales growth this year compared with 2003.
Activity slowed statewide and in the MSA.
Still very strong in Rutherford County
Upward pressure on interest rates.
David Penn, Director