The software giant, Oracle is moving its headquarters to Nashville after several other large corporations have moved to Tennessee over the past five years. While some residents are encouraged by thousands of new jobs that will become available, raising fears of living costs and real estate are real concerns.
Nashville’s Decade-Long Transformation
Nashville was once primarily associated with country music and bachelorhood parties, but is now quickly become a tech and finance hub hub with corporate giants like Amazon, Alliance Bernstein, and now Oracle relocating their headquarters and many jobs.
Opportunities
Both AllianceBernstein and Amazon were drawn to Nashville by its lower property costs and tax rates, establishing significant operations and moving many staff to the city. The metro area’s population has almost doubled to over 2 million residents in just over 20 years, with property values and living costs moving to new highs as well.
Real Estate on the Rise
However, data suggests Nashville’s real estate market has remained affordable compared to other cities and towns throughout the U.S.
Shift In Housing Types
Remacia Smith, a Nashville native, found herself priced out of the downtown area, and chose to relocate to the suburbs to manage the increase in the cost of living.
Meanwhile, John Michael Morgan, a Nashville resident, misses the old Nashville city, and worries how the new evolution is chancing Nashville’s culture and identity.
Business Strategy
An additional benefit, cited by Oracle in their relocation, was the bonus of leveraging the city’s booming healthcare sector.
Great Healthcare and Hospitals
Nashville is a major hub in the healthcare industry and has attracted healthcare leaders like HCA Healthcare and Change Healthcare to open cutting edge health services in the city.
Safra Catz (CEO) released a memo stating Nashville as an ideal place employees and new businesses. He further said the decision to move was well-supported by employee feedback.
Booming Jobs
Oracle’s new waterfront campus will feature a a concert venue, a hotel with restaurant, and a community clinic. The project is anticipated to generate nearly over 10,000 new jobs, not including the construction jobs to build the campus.
