For many people looking for a new home in a new area, one thing may be top of mind: dollars and cents. Not referring just to the price of housing, but the local economy as well. Whether prospective residents are looking for a job or not, knowing the state of the local economy is crucial to understanding what's ahead for any city or town. Read on to take a closer look at the economic engine that powers the popular and growing Clarksville community and what it means for those considering moving to Clarksville.
Clarksville is home to a diverse set of industries, both public and private. Some of the most prominent include healthcare, educational services, accommodation and food services, construction, and government. In addition, recent years have seen significant expansion in information-based jobs, mining and logging, and professional and business services.
Number of People Employed By Clarksville Top Industries
The prominence of government jobs is primarily linked to the U.S. Army's Fort Campbell, which is a major element of Clarksville's economy, employing both military members directly and civilian and contractor employees from the area. Health care jobs are common due to another large regional employer, Gateway Health System, in addition to several smaller clinics and doctor's offices. Additionally, education's status as a major Clarksville industry is due to the presence of Austin Peay State University, a four-year public college.
A growing number of tech companies are opening facilities in town or nearby, including Google and LG. 2019 saw both of those companies open business locations in the Clarksville area, with Google investing in a $600 million data center, while LG constructed a $250 million manufacturing plant. Other companies investing in the area include AtlasBX, VK Integrated Systems, and more.
Tourism is also becoming a bigger business in Clarksville. Data shows a more than 9% jump in tourism spending in the county from 2018 to 2019, the second-fastest growing area in the state.
Some of the most common jobs include teachers, registered nurses, wholesale/manufacturing sales representatives, computer systems analysts, and financial managers.
Top Industries in Clarksville
- Health Care & Social Assistance
- Retail Trade
- Accommodation & Food Services
- Educational Services
- Public Administration
Top Employers in Clarksville
A few major employers play significant roles in the Clarksville economy. Fort Campbell, which straddles the border with Kentucky, is the single largest employer in Clarksville. The base employs more than 26,000 active military members and more than 2,000 more contract employees. Overall, it supports nearly 250,000 people in the various communities surrounding it, including military families and retired military members. In addition, the sprawling base has a major ripple effect on the overall regional economy, thanks to the large number of people it draws to the area who, in turn, patronize local businesses.
Austin Peay State University is the area's second-largest employer, with around 2,000 positions and an average salary of around $35,000 per year. It's the single largest contributor to the prevalence of education-related jobs in the Clarksville area. Named after a former Tennessee governor who spent much of his life in Clarksville, the school operates a large campus that hosts approximately 11,000 undergraduate and graduate students.
Other major Clarksville area employers include:
- The Clarksville-Montgomery County School System—1,750 employees
- Gateway Health System (acute care facilities)—1,100 employees
- Premier BPO, Inc. (business consulting/professional services)—850 employees
- Florim USA (wall and floor covering manufacturer)—210 employees
Clarksville and the surrounding region is also home to a significant number of industrial companies:
- American Standard
- Robert Bosch Corporation
- Bridgestone Metalpha USA
- Letica Corporation
- Whiston Lumber Company
- SPX Corporation
A variety of nationwide companies also have offices in or near Clarksville. These include Sunstate Equipment Co., Northwestern Mutual, Hendrickson, Beacon Hill Staffing Group, Hankook Tire, and Dillard's.
The varied profile of Clarksville's major employers, from military facilities and schools to technology and manufacturing, gives a broad base of support to the city's economy.
Additional Large Companies in Clarksville
- Tennova Healthcare
- City of Clarksville
- Montgomery County Government
Clarksville Economy Facts and Figures
According to the most recent estimates, just over 160,000 people call the city of Clarksville, TN, home. It has seen steady growth continuously since its founding in the late 19th century and has grown particularly quickly since the 1970s. The broader Clarksville area is home to more than 300,000 residents in total.
Annual Per Capita Personal Income in Montgomery County, TN
When it comes to the local economy, Clarksville is broadly similar to the overall U.S. economy. The city has average unemployment rates and better prospects for future job growth than the nation at large. At 9.5%, sales taxes are above the national average, but this is balanced by Tennessee residents not having to pay state income tax.
The median household income in Clarksville is around $53,604, and the cost of living in the city is significantly lower than the nation overall, about 85% of the United States average. This is roughly in line with the cost of living in other parts of Tennessee. Clarksville condos average around $150K–$200K, and even Clarksville's luxury homes tend to range from only about $500K–$700K.
Compared to the rest of the state, Clarksville has below-average levels of people at the extremely high or low end of the income spectrum. Data shows the city and metro area have a larger percentage of the population in the $30,000-$100,000 range than the state as a whole.
Come Home to Clarksville
Raw economic data is just one factor in deciding on a new home. Prospective Clarksville residents should consider this among other aspects when selecting their new home. Still, Clarksville, TN, offers a diverse, growing economy, with employment opportunities in a wide variety of industries. Beyond private companies, the presence of a prominent institute of higher education and a military base help create a measure of stability in the local job, housing, and business market. This, combined with a lower cost of living, makes the area a strong choice when it comes to the economy.
If Clarksville is your top choice for a new home, contact The Ashton Real Estate Group of RE/MAX Advantage with Nashville's MLS at (615) 603-3602 to speak to a Clarksville real estate agent and get started finding your Clarksville dream home.
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