Higher growth in state pushes up home prices, limits affordable housing
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With more people and businesses moving to the Volunteer State, Tennessee is expected to outperform the national economy again in 2024 and avoid a recession next year, according to the top economists at the University of Tennessee.
In its annual economic forecast for the state released Tuesday, the UT Boyd Center for Business and Economic Research projects that Tennessee’s economy will grow 3.3% this year, outpacing the national growth rate of 2.4%, and grow another 1.8% next year, again growing faster than the projected U.S. growth pace of 1.4% for 2024.
Larry Kessler, research associate professor at the Boyd Center and project director for the annual forecast, said higher interest rates from the tightening monetary policy by the Federal Reserve is slowing economic growth.
