More than 10,000 active job postings in Knoxville
The Knoxville Chamber's latest ECO report shares which industries are in need of workers.
The September 2023 Economic Conditions Outlook (ECO) report, provided by the Knoxville Chamber, offers a detailed analysis of the economic landscape in the Knoxville region.
This information is useful for community leaders, businesses, investors, and community members who take a vested interest in the region’s economy.
Key highlights from the report:
Economic Survey Results:
- Manufacturing: ECO survey responses indicate ‘improvements’ in general business activity, production, capacity utilization, orders, shipments, wages, and benefits. On the downside, there are reported delays in shipping and receiving goods due to the limited availability of shipping slots. This is contributing to another slowdown in freight and shipping.
- Retail: Knoxville area retailers reported a ‘worsened’ general business activity and company outlooks. Sales and revenues varied, as the cost of goods increased. On a positive note, wages and benefits also saw a slight increase, according to the ECO survey results.
- Service: The service sector’s evaluation of general business activity is mixed, and company outlooks are reported as ‘improved’ or the ‘same.’ There are no significant changes in employment, wages, and benefits, but revenue and selling prices are mixed. Service sector comments indicate that some businesses are pulling back on advertising to see how the overall economic conditions evolve in the short-term
Labor Market Information:
- The report presents unemployment rates for August 2023 in the Knoxville Metropolitan Statistical Area (MSA) and Knox County, showing a slight decrease compared to the previous month.
- The total labor force size in Knox County decreased from July to August by 1.6 percent. Meaning, that about 5,000 fewer people are working.
Job Market:
- There were 10,641 active job postings in the Knoxville MSA in August, which is good news. It’s slightly less than July’s active listings… but a big increase from the jobs that were in August 2022.
- Health care, Retail trade, and administrative support were the industries that had the most job openings. Between the three, there were nearly 4,000 jobs available in Knoxville.
Housing Market:
- Home sales in East Tennessee increased in August, and nationally home sales declined. Showing Knoxville’s housing market is still hot.
- According to the Knoxville Area Association of Realtors, the median home sales price in the East Tennessee region was $350,000 in August, up 7.7 percent from a year ago. Half of the homes sold across the East Tennessee region when under contract within 10 days or less.
For more information about the Knoxville economy, you can read the full report here.
