An article published Monday detailed how business leaders in Nashville, Tennessee, are concerned about the growing threat of a recession in their recently blossoming city.
Nashville is not only a city rising in its pop culture reputation but has boomed in the last three years. The city’s Gross Domestic Product (GDP) has the second highest growth rate in the country, at 12 percent, according to Nashville’s Chamber of Commerce. As more and more people flee hellholes like Los Angeles, San Francisco, New York City, and more, many opted for Nashville as their next stop. But the success of this city might not be around forever.
“I personally believe we’re in a [category] five hurricane, shutters down,” Co-founder of Fintop Capitol, Joe Maxwell told the Nashville Business Journal at the outlet’s Economic Outlook 2024 event. “We haven’t seen a market like this since 1988. Breaking even is the new growth.”
Real Estate ‘Apocalypse’ Could Destroy American Economy, Midsize Cities | @DailyCaller
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Nashville is far from recession-proof, all business leaders agree. And with both domestic and international financial systems currently in free-fall, it’s only a matter of time before the country music city hits the ground. (RELATED: San Francisco Shows First Signs Of Serious Potential Housing Market Collapse)
“The outlook for next year … is really difficult for restaurants because we are at the precipice of two problems: over saturation and recession at the same time,” CEO of Otaku Ramen, Sarah Gavigan, told the Nashville Business Journal. Gavigan said rising lease prices mean many businesses will close in the coming years.
Similar issues will likely hit all cities in the coming weeks and months. The housing crisis is already starting, with many buyers finally realizing they were significantly overcharged for their properties during the COVID-19 pandemic. Unfortunately, most are too late to do anything about it.