Nashville has developed into a significant recording and production hub as the “home of country music.” All four of the Big Four record companies, as well as a slew of indie labels, have offices in Nashville, mostly on Music Row. Since 1984, Nashville has been home to the Gibson guitar company’s headquarters. Nashville has been the second-largest music production hub in the United States (behind New York) since the 1960s. As of 2006, the music business in Nashville was predicted to have a total economic effect of $6.4 billion per year and to support 19,000 jobs.
Although Nashville is well-known as a music recording hub and tourism destination, health care is the city’s major business. Nashville is home to over 300 health care organizations, including Hospital Corporation of America (HCA), the world’s biggest private hospital operator. As of 2012, the health care business was anticipated to provide US$30 billion and 200,000 employment to the Nashville-area economy.
Additionally, the automobile sector is growing in importance for the whole Middle Tennessee area. Nissan North America relocated its corporate headquarters from Gardena, California to Franklin, Tennessee, southwest of Nashville, in 2006. Nissan also has its biggest production facility in North America in Smyrna, Tennessee. Japan relocated its previous New Orleans consulate-general to Nashville’s Palmer Plaza, mostly due to the rising expansion of Nissan and other Japanese commercial interests in the area.
Bridgestone has a significant presence in North America, with its North American headquarters in Nashville and manufacturing factories and a distribution hub in neighboring counties.
Nashville’s other main sectors include insurance, banking, and publishing (especially religious publishing). Several Protestant denominations have their headquarters in the city, including the United Methodist Church, the Southern Baptist Convention, the National Baptist Convention of the United States of America, and the National Association of Free Will Baptists.
Additionally, Nashville is famed for some of its notably popular Southern confections, such as Goo Goo Clusters (which have been made in Nashville since 1912).
Dell, HCA, Bridgestone, Community Health Systems, Nissan North America, Tractor Supply Company, UBS, and Dollar General are among the Fortune 500 firms having offices in Nashville.
In 2013, Forbes rated the city fifth on its list of the Best Cities for Business and Careers. Forbes ranked Nashville as the fourth best city for white collar jobs in 2015.
Nashville was designated the number one city for Economic Growth Potential in Business Facilities’ 11th Annual Rankings study in 2015.
Real estate is becoming a significant economic force in the city. According to a PricewaterhouseCoopers and Urban Land Institute poll of over 1,500 real estate industry experts, Nashville rated seventh nationwide in terms of investor appeal in 2016. As of October 2015, the city reported that more than $2 billion in real estate developments were either ongoing or scheduled to begin in 2016. Nashville has attracted a significant amount of cash from out-of-state investors due to the high returns accessible to investors. A significant aspect contributing to the growth in investment has been the city’s zoning code change. Developers may now include a mix of residential, office, retail, and entertainment space into their buildings with ease. Additionally, the city has made significant investments in public parks. Centennial Park is currently receiving significant repairs. The zoning rule modification and public space investment are compatible with the millennial generation’s penchant for walkable urban areas.