NASHVILLE, Tenn.--New analysis from the University of Tennessee Knoxville (UTK) shows the state could grow by nearly 1 million people over the next 20 years with the population reaching 7.87 million by 2040.
According to the analysis from UT's Boyd Center for Business and Economic Research, the growth will actually be a slowdown compared to previous periods. From 2020 to 2030, the population increase is expected to fall to 7.7% compared to the 8.9% growth seen between 2010 and 2020. Things could slow down even further to 6.2% from 2030 to 2040.
A majority of the increase will take place in the 13 counties which make up the Nashville Metropolitan Statistical Area. The report states the area will grow by 563,000 people in the next 20 years, absorbing 57% of the projected growth.
From 2020-2040, Data shows Tennessee will also get older, with the senior population growing by 39.6%. Prime working age people will grow by just 7.9% over the same time period and youth will grow by 12.7%. Due to the disparity, the number of available workers could limit economic productivity and place added pressures on workers as they try to take care of their aging parents.
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