FIRST AIRED: July 19, 2019

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:00
it's been known for decades as the capital of country music but with the huge new Amazon logistics center booming Nashville Tennessee is shrugging off it's one note reputation emerging as one of a handful of U. S. growth superstars while other urban centers still struggle ten years into the U. S. recovery Reuters correspondent Howard Schneider says Nashville's turnaround started with the decision to ease the city's notoriously strict zoning laws back in two thousand eight during the last big recession when other cities were playing it safe once those rules were changed the kind of you know the lid was off and %HESITATION a lot of money rushed in and that sort of created its own momentum when many cities were shying away from large public projects Nashville gambled on this six hundred million dollar convention center and one big also attracting the new world headquarters of investment firm alliance burns team all of that has many thousands of new jobs but even in a strong U. S. economy nationals toward job growth is still more the exception than the rule among good sized U. S. cities the top twenty fastest growing cities in terms of getting extra job share they represent about a quarter of the population yet got forty percent of the jobs that's a real mismatch in economists worry the winning formula is in places like Nashville may be hard to copy so the question is what made that unique and are there other policy lessons or less and sick then you could take their say well this is scalable this is replicable this is something any city can do the answer is what kind of but but kind of not you basically have a situation in this country right now where some very well defined and very creative innovative a metropolitan areas or capturing the bulk of job in world growth and salary growth rage growth and everybody else is kind of like just barely staying above water all if it all summer so , behind Schneider says the need for other cities to catch up to the high flyers is one reason motivating policy makers at the federal reserve to leave interest rates low in even consider cutting that incentives in the new tax laws may also offer a lifeline to slower growing metro areas the recent change in the tax law actually give some capital gains advantages odd to steer capital in the places that are doing so well that could mean more cities looking like Nashville with its skyline crammed with cranes and a host of new buildings on the rights