Nashville, Tennessee

Economic Development Strategy

 

Dubbed “Music City USA,” Nashville has leveraged its original roots in country music to become a city with a broad range of assets that go beyond the music and entertainment industry. Its success in attracting a number of prominent headquarters, as well as logistics and manufacturing firms, launched Nashville to the top of Expansion Management Magazine’s “America’s 50 Hottest Cities” for business relocation and expansion in 2005.


In May 2005, the Nashville Area Chamber of Commerce retained Market Street to update its Economic Development Strategy for the next five years of the its economic development initiative, Partnership 2010. Market Street analyzed the Nashville region’s demographic and economic trends as well as business competitiveness and found that to continue the region’s strong economic growth, education and workforce development, innovation, and certain quality of life elements needed to be addressed.

Market Street also conducted a Target Business Analysis to review existing targets and revise them to focus on the most promising business sectors. The research phases of the project culminated in an Economic Development Strategy that included four goals in these areas:
  • Diversified, Sustainable Economy
  • Education and Workforce Development
  • Innovation and Entrepreneurship
  • Infrastructure Development
Under each of the goals were specific objectives that addressed the issue and emphasized the key strategies for continued economic development success in the Nashville region. Implementation began quickly and in February 2007, the Chamber hired its first chief education officer to focus on K-12 performance improvement.

The Nashville region has continued to score successes, as seen by its appearance at the top of national rankings lists and major job and investment announcements. In keeping with the energy and dedication that defined the 2005 effort, the Chamber retained Market Street in August 2008 to review its progress on implementation. Through a combination of benchmark analysis and stakeholder interviews conducted by CEO J. Mac Holladay, Market Street developed a mid-term update for the Chamber. The update revealed five key focus areas to guide the Chamber’s program of work during the remainder of the five year strategy period:
  •  Business Retention and Expansion
  •  Schools
  •  Infrastructure
  •  Downtown Redevelopment
  •  Retention and Attraction of Young Professionals

A full strategy update process began in January 2010; the Chamber has again looked to Market Street to facilitate this process.

 

For more information, please see the project website: www.nashvilleareapartnership2020.com.