Today I got stats from the wonderful folks at the Davidson County Assessor's Office. Seems like things haven't been too shabby here in Nashville either. Between 1994 and 2008, Davidson County's assessed valuation went from $7.784 billion to $16.479 billion - about 111%. Of the $8.694 billion in increased valuation, $5.130 billion or 59% is attributable to our residential and farm growth. Not as much as Williamson County's 70% - but still pretty strong.And if we were losing growth, businesses and residents to Williamson County, how could Nashville's real estate market be one of the most stable in the country?
Ironicially, our commercial and industrial tax base accounted for 34% of the total growth. That is 10% more than Williamson County. In fact, Davidson County's commercial/industrial tax base grew 89% from 1994 to 2008. Williamson County's percentage growth rate is higher at 400% but you tend to find those kind of percentages when you are working with small numbers. Williamson County's commercial tax base is still just 24% of Nashville's.
When you look past the May Town scare tactics at the numbers, you have nothing to fear except fear itself. Rushing out to build a downtown in a pasture would be knee-jerk nuts with Nashville's relative stability.
The link you provided regarding the stability of the Nashville housing market cites the PMI Mortgage Co. study of the nation's 50 largest metropolitan statistical areas (MSAs). Nashville's MSA is comprised of 10 counties, including Davidson and Williamson. Davidson County must remain strong for the MSA to remain strong and clearly the strength of our neighboring counties contributes to our larger economic success.
ReplyDeleteThere are dozens of sources critics can use to 'nit-pick' fine points that are wanted to fit their view point. To narrow in on one aspect is just that, narrow minded.
ReplyDeleteTen individuals can look at the same document handed Planning Commission members and ten different view points could be given.
****The point trying to be shown for those wanting to correctly interpret the SP is that the adjoining counties are financially outgrowing Davidson County.
The attempt to blame Metro Schools in this discussion by some Nashville elected officials shows lack of judgement and lack of experience. Public wealth in Williamson County came after corporations moved there and it has grown.
There are so many factors that can skew this topic you have to look at the whole report and its' intentions. (EX: the UT Economical Analysis Report) Both sides argued it favored their viewpoint. Each side accepted the report until they saw and read it.