Located in the exciting and vibrant Rutherford County, Tennessee, Murfreesboro’s growing population and links to expanding local businesses and transportation options have driven a book in the local commercial real estate market.
In this article, we’ll be looking at the key drivers for the increased interest in Murfreesboro’s commercial real estate market and why choosing Murfreesboro as the location for your business is the right choice for you.
America’s brightest boomtown
In a recent assessment of the most successful boomtowns in America, SmartAsset listed Murfreesboro as their number-one choice! This ranking was based on a number of metrics, including:
- Five-year population change – Murfreesboro’s rapidly growing and dynamic population means the city ranked eighth, in the top 20% in the country, for population growth over the last five years.
- Increase in housing – Ranking at 18th with a 21.15% increase in the number of housing units built in the five years, demonstrating that residential real estate is growing rapidly alongside the population.
- Unemployment rate – With an unemployment rate of just 3.4%, Murfreesboro has one of the lowest unemployment rates in the country.
- Average yearly GDP growth rate – In addition to a low unemployment rate, Murfreesboro recorded the 97th-highest average annual GDP growth rate, at an astounding 3.71%.
- Highest five-year establishment growth – Businesses are already taking the opportunity to move to Murfreesboro, as demonstrated by the 15.95% growth in the number of establishments over the last five years.
- Five-year change in household income – The hugely positive growth statistics above have led to a 38.25% rise in the average household income over the last five years.
These statistics show that Murfreesboro is undergoing a radical change for the better in terms of population growth, employment, business opportunities, and wealth generation, making it an excellent place to invest in commercial real estate.
Destination Rutherford 5.0
Part of the reason that Murfreesboro has seen such rapid growth over the last five years is because of the Destination Rutherford initiative. Starting in 2002, this strategic investment program significantly increased economic growth in the county and Murfreesboro.
During the past five years, Destination Rutherford has secured over $2 billion in capital investment in the country. This investment has led to the creation of more than 7,400 primary jobs, many of which are in Murfreesboro.
The rapid growth of both Rutherford County and Murfreesboro has led to an “A” ranking or above for aspects such as jobs, schools, housing, and diversity, all of which contribute positively to the local economy.
To sustain both the “A” ranking and the rapid pace of this growth, Destination Rutherford continues to focus on supporting new and established businesses by working to increase the amount of local talent and provide additional infrastructure to support further business investment.
The Perfect Place to Open a New Business
These statistics showed a glowing picture of Murfreesboro as a city with a bright commercial future. Employment and GDP are up, unemployment rates are low, and local government investment has a proven track record of supporting new and growing businesses.
The current commercial real estate market growth is just one more sign that Murfreesboro, the number one boom town in America, is a great place to start your business!
Visit our website to learn even more about economic development in the area.