Could Nashville’s Economic Recovery Be Growing Faster?
Robinson Analytics has performed some analysis on Google Mobile data for the state of Tennessee and key counties around the state. Counties included in this analysis are detailed in the chart below. From this analysis are insights that might be actionable upon to improve Nashville’s economic recovery.
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The analysis that is charted below is focused solely on people physically traveling to retail and recreation type of locations in the respective communities. These include places like restaurants, cafes, shopping centers, theme parks, museums, libraries and movie theaters.
One of the things that stands out to me is that Tennessee as a state is doing much better than the United States overall. However, the trends of reduced mobility on the weekends are reflected at a national level as well as in Tennessee.
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The contrast between Davidson County (Nashville) and Tennessee, and the other key counties around the state kind of stands out. Nashville has less mobility than any other of the key counties in Tennessee and is even below the mobility of the United States overall.
Some of the implications from the chart below are:
- There is more economic risk to small businesses in our community due to this reduced mobility in Nashville, such as:
- Increased business closure,
- Longer recovery period and
- Higher unemployment than might otherwise be.
- Financial risk is also heightened. In that,
- Firms may run out of liquidity,
- Be forced to default on their leases and mortgages, and
- File for bankruptcy
- These small businesses face challenges from an Operational risk perspective as well. Which means they have to adapt the way they operate their businesses so as to remain viable as we navigate the Covid-19 pandemic environment.
It looks like this analysis on the retail and recreation sectors of the local Nashville economy bears out the financial markets analytics work that I did around there being more risk in the local economy than in the nation over all. See the chart below.
Since Covid-19 hospitalizations are really kind of holding steady, that should not be a barrier to increasing the mobility of the citizens in the community. See the chart below
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