Unemployment ticks up, worker shortage worsens, but companies continue to thrive!
The Knoxville Chamber shares the ECO Report each month. It breaks down the economic outlook from various industires in Knoxville/Knox County.
According to data collected by the Knoxville Chamber, Knoxville MSA’s unemployment rate in January 2024 was 3.3 percent, up from 2.8 percent in December. It’s not a significant difference; however, Knox County also saw a similar trend. The county’s unemployment rate in January was 3 percent, up from 2.6 percent in December.
The good news is that Knoxville and Knox County have a lower unemployment rate than the rest of the state. Across the board, about 3.5 percent of Tennessee residents are unemployed. Tennessee is above the national average, which was 3.7 percent unemployed in January in the United States.
Also, Sky Nano, an Innovation Crossroads cohort 1 company, and previous participant in the Spark Innovation Center, will be celebrating an expansion next week. Co-Founder and CEO, Anna Douglas shared that her company will be moving its headquarters into a new, larger lab space in Louisville. Teknovation.biz plans to cover the ribbon cutting on the new facility next week.
To read more from the Eco report, visit the Chmaber’s website.
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