Most Doubt Obama's Jobs Plan Will Fix Economy

http://tinyurl.com/3zbdtzf 

From the Tennessean:"There's no question a lot more is needed," said economist David Penn of Middle Tennessee State University, adding that he believes targeted tax breaks are more effective. Even if Obama's plan is enacted in its entirety, which is widely considered unlikely because of Republican opposition, "it'll have a modest impact. It's certainly not going to fix the problem."

Deficit Deal Fails to Impress Middle Tennesseans

MTSU economist David Penn in the Tennessean: "It should have been done six months ago," said Middle Tennessee State University economist David Penn. "The only thing positive you can say is that it is done. But taking us right to the brink cannot have done anything positive for the economy... What we need is a long-term plan to deal with the debt and entitlement programs." [article]

Music Festivals Bring Money to Middle Tennessee

http://tinyurl.com/6l6pd9e

From the Tennessean: David Penn of Middle Tennessee State University said it would be devastating if the CMA or Bonnaroo music festivals no longer happened. "It'd be like retailers without Christmas," he said. "Hotels and motels anticipate this revenue stream from both."

New Jobs Grow Scarce: Some Nashville Firms Afraid to Hire

http://tinyurl.com/3p8x3w7 

From the Tennessean:
David Penn said Middle Tennessee’s rate of job growth may have shrunk to less than 1 percent in May. He and others blamed the jobs slowdown on high energy prices, especially for gasoline, and supply chain disruptions caused by the earthquake and ensuing nuclear crisis in Japan earlier this year. [article]

Local Businesses Welcome Bonnaroo

http://tinyurl.com/67fsmww

From the Murfreesboro Post: A 2005 study conducted by the MTSU Business and Economic Research Center determined the economic impact of the festival on Middle Tennessee rings up to $22 million. Obviously, Coffee County, where the festival is held, reaps most of the financial rewards, but Rutherford County does see some of the spillover. [article]

Tennessee Is Adding Jobs but Can't Meet Demand

http://tinyurl.com/3v28cjr
From the Tennessean: "The biggest challenge is generating enough jobs relative to the demand for jobs out there," said David Penn, an economist at Middle Tennessee State University in Murfreesboro.

Destination Rutherford Nets $2.5M in Pledges

http://tinyurl.com/3qg8wgl

Started some 8 years ago when a BERC study found the county's average wages weren't rising, Destination Rutherford officials said Tuesday they've raised 63 percent of a $4 million goal as they unveiled a five-year mission to create 5,000 jobs here with projected earnings of $219 million. The jobs initiative calls for creating 4,396 indirect positions with a $166 million payroll for a total impact of 9,396 jobs and $385 million in earnings by sometime in 2015. More than 50 percent of the jobs are expected to pay above the average Rutherford County wage of $41,964, which is about $1,600 more than the state average. [Daily News Journal, May 10)

Nashville Flood Recovery Update

http://tinyurl.com/3uy8gu2
From the Tennessean: “Given the scope and impact of the flood, it is not an exaggeration to suggest that Nashville has experienced a double recession: one due to national economy, the other due to the flood,” said Murat Arik, associate director of the Business & Economic Research Center at Middle Tennessee State University in Murfreesboro.

Trade with China

http://tinyurl.com/6ayxrbj 

Nashvillians Pursue Opportunities in China (Tennessean, April 23, 2011): Last year, Tennessee's exports to China totaled $1.86 billion, up 43% from 2009. Imports of Chinese goods to Tennessee totaled more than $16 billion, up 25%. "It's a huge trade imbalance that reflects the broader disparity in trade between the two countries," said Steven Livingston. [more]

Opry Mills to Benefit Jobless Rate

http://tinyurl.com/3e5v3l5
From the Tennessean: "The dramatic impact here of Opry Mills' reopening would be sparked because the 3,000 new jobs would end up putting an additional 1,500 people to work through indirect jobs, meaning a total of 4,500 jobs pumped into the labor market, said Arik, associate director of the Business and Economic Research Center at MTSU."

Tennessee Jobless Rate Rises

Japan's Disasters May Have Impact

From the Tennessean March 18:

"In the short-term, I don't expect to see any layoffs related to the Japanese disaster," said economist Murat Arik, associate director of the Business & Economic Research Center at Middle Tennessee State University in Murfreesboro.

Still, the situation is fluid, and to the extent that local auto-sector firms need parts or production from Japan, they could be forced to close temporarily until that supply returns, cautions Steven Livingston, editor of a global trade newsletter and a political science professor at MTSU.

[article]

BERC in the News

Three recent articles:

• Local jobless rate up, but good sign ahead
• Green jobs take root in Tennessee
• Home sales dip in Feb.

Rise in Nashville-Area Jobless Rate Seen Only as a Blip

From the Tennessean: But most economists attribute the spike to seasonal changes such as the layoff of temporary workers or the loss of extra retail employees after Christmas — not a renewed economic swoon. "I don't attribute the increases to the economy getting worse," said economist David Penn, director of the Business and Economic Research Center at Middle Tennessee State University. [article]

Nashville Housing Market 'Neutral'

From Nashville Business Journal: "Historically, housing has led the way out of recessions, said David Penn, director of the Business and Economic Research Center at Middle Tennessee State University. That's one of the reasons this recession has been different. Instead of shifting into high gear, Penn said the housing market is 'shifting from reverse into neutral.'" [article]

Report Shows Last Year's Job Growth, Decline by Industry

From Morristown Citizen Tribune: Numbers for growth and decline in employment by industry in Tennessee have been released by the Tennessee Advisory Commission on Intergovernmental Relations in conjunction with the Business and Economic Research Center at Middle Tennessee State University.... [ http://tinyurl.com/4ofymvn ]

BERC in the News

Uncertainty Holds Down Job Creation (Tennessean): "Employers are cautious," said economist David Penn, director of the Business and Economic Research Center at Middle Tennessee State University. "There is lack of demand and uncertainty whether demand will be sustained and worth the cost of searching for new employees and hiring them." Employers have satisfied demand these past two to three years by increasing productivity of the work force that is left, Penn said. [more]

Economy Still on Mend after Years (Murfreesboro Post): "Recovery is underway, but the pace is not rapid," said David Penn, director of MTSU's Business and Economic Research Center, in his presentation to TACIR (Tennessee Advisory Commission on Intergovernmental Relations) in early February. [more]

MTSU Research Cited by Atlanta Fed

The Federal Reserve Bank of Atlanta's blog Southpoint cited BERC research in its post "Confidence Improving in the Region": "As an aside and a plug for our friends at MTSU's Business & Economic Research Center, see their heat maps of Tennessee's employment picture. They also provide similar maps for major state metro areas, including Nashville."

Donelson Pike Gets Call Center

"These days we need all the job opportunities we can get," said MTSU economist David Penn. [Tennessean article]

New Volkswagen Plant Helps Launch Auto Industry Comeback

From the Tennessean: "We are finally seeing some auto parts manufacturers start to hire again, but it's a tough hill to climb," said David Penn, an economist at Middle Tennessee State University who tracks employment trends. [article]

Consumers Hit with Higher Food Prices

http://tinyurl.com/63lneo5

From the Tennessean: "When people's incomes are not rising and the prices we spend on things like food are rising, that's a pay cut," said economist David Penn, director of the Business and Economic Research Center at Middle Tennessee State University. "On balance, it's not a catastrophe," Penn said of food inflation, noting that the cost of other things, such as clothing, has been going down. "It's more of an annoyance." [more]