Between 2019 and 2024, Vanderbilt University and Vanderbilt University Medical Center made a $22.13 billion in economic impact on the city of Nashville and across the state of Tennessee.

The university has released the results of an independent analysis that examines the economic impact of the University and the Medical Center and outlines the many ways the two institutions contribute to and benefit Tennessee’s economy.

Vanderbilt’s annual contributions stem from institutional spending on payroll, construction and general procurement with Tennessee companies, from local spending by students and campus visitors, and from economic development through labor force and research commercialization.

“Amid a national conversation about the essential value of universities to American strength and competitiveness, we are proud, as a university and as Nashvillians, to highlight once again the immense economic benefits Vanderbilt provides to our city, state and region,” Chancellor Daniel Diermeier says. “This report notes in particular that urban research universities like Vanderbilt give their home cities a competitive advantage and propel the local economy not only through our basic operations, but also through the innovation and discovery that we are increasingly commercializing and applying with our partners in government, business and civil society.”

As the largest private employer in the Nashville area and the second-largest private employer in Tennessee, Vanderbilt’s reach extends far beyond its campus to shape the region’s economy, quality of life and future growth.

Though VUMC became a fully independent nonprofit entity in spring 2016, the Medical Center has preserved its research and teaching connections to the University. Together, the Vanderbilt institutions employ approximately 50,000 employees, making them central to the region’s economy.

The two institutions generated approximately 120,000 jobs in Nashville, accounting for more than 10% of the 1.16 million jobs as of fiscal year 2024.

State housing market shows steady demand

Tennessee’s housing market showed “mixed growth” for the fourth quarter of 2024 as home prices continue to rise in some areas, while homeowner vacancy rates and total home permits decreased, according to the latest statewide report from Middle Tennessee State University.

“Looking ahead, national policy changes are expected to impact regional sectors, but the extent of these effects will become clearer in the coming quarters,” says Murat Arik, director of the MTSU Business and Economic Research Center in the Jones College of Business and author of its statewide report for the fourth quarter of 2024.

Home prices rose by 0.74% from the previous quarter and 5.4% annually statewide, surpassing the national growth rates (flat quarterly and 4% annually.) Strong price increases were seen in markets like Jackson and Cleveland, while Clarksville and Memphis experienced price declines.

Nashville‘s housing market showed positive results in the fourth quarter of 2024, with home closings increasing by 5.33% quarterly and 12% annually, “reflecting steady demand for homes in the area,” Arik notes.

Full report

TN unemployment rate remains unchanged

Tennessee’s statewide unemployment rate has remained steady at 3.7% for six consecutive months and continues to track below the national average, according to data from the Tennessee Department of Labor and Workforce Development.

The state’s seasonally adjusted unemployment rate in February was 3.7%, the same as it has been each month since September. In February 2024, the rate was 3.1%.

Tennessee’s unemployment rate continues to remain well below the national rate, which was 4.1% in February 2025, up 0.1% from the previous month and 0.2% from one year ago.

Over the past year, total nonfarm employment in Tennessee increased by 19,200 jobs. The largest gains were in government, followed by the leisure and hospitality sector and the education and health services sector.

Between January and February, total nonfarm employment increased by 9,100 jobs. The education and health services sector accounted for the biggest increases, followed by the trade, transportation, and utilities sector and the leisure and hospitality sector.

O’Connell appoints York as EBDA CEO

Nashville Mayor Freddie O’Connell has named Benjamin (Ben) York, PE as the first chief executive officer of the East Bank Development Authority.

York, a senior engineer with 14 years of experience with Metro Nashville, has worked with the Nashville Department of Transportation since 2011.

In one of his first moves as CEO, York appointed Anna Grider to serve as chief operating officer. Grider most recently served as a senior urban planner with Metro Nashville’s Planning Department, and she led the Imagine East Bank visioning effort, which included the department’s most robust public engagement effort since the 2015 adoption of NashvilleNext. York and Grider have worked together on the East Bank since 2021.

The East Bank Development Authority will provide continuity as Metro Nashville starts construction on the East Bank and will help deliver the neighborhoods Nashvillians envisioned during the Imagine East Bank process. Both assumed their new roles March 31.

DHL Group acquires courier from Cryoport

DHL Group, the world’s leading logistics provider, and Nashville-based Cryoport, Inc., a global provider of supply chain solutions for the life sciences sector, have announced that DHL has acquired 100% of CRYOPDP, a leading specialty courier focused on clinical trials, biopharma, and cell and gene therapies.

In this context, the companies also announced a strategic partnership to strengthen their supply chain service offerings for the global life sciences and health care sector.

DHL Group already has an established Life Sciences and Healthcare business, contributing over EUR 5 billion in global revenue in 2024. Building on this foundation, the acquisition of CRYOPDP marks a significant step in DHL’s commitment to enhancing its capabilities in specialized pharma logistics and expanding the breadth of its offering in the rapidly growing life science and health care sector.

CRYOPDP specializes in providing white-glove courier services essential to the sectors it serves. With operations in 15 countries, CRYOPDP handles over 600,000 shipments per year, servicing customers and patients in over 135 countries worldwide.

Going forward, DHL Supply Chain will further build the potential of its pharma specialized network solution by leveraging the specialty courier expertise of newly acquired CRYOPDP and the global air capabilities of DHL Express and DHL Global Forwarding.

FB Financial merges with Southern States

FB Financial Corporation, the parent company of FirstBank, and Southern States Bancshares, Inc., the parent company of Southern States Bank, jointly announced their entry into a definitive merger agreement pursuant to which Southern States will be merged with and into FB Financial.

Southern States is headquartered in Anniston, Alabama, with 15 branches across Alabama and Georgia, along with two loan production offices in the Atlanta MSA. Southern States’ core markets include a mix of community and metropolitan markets that match FB Financial’s desired areas for growth, including Atlanta, Auburn-Opelika, Birmingham, Columbus and Huntsville. Southern States reported total assets of $2.8 billion, loans of $2.2 billion and deposits of $2.4 billion as of Dec. 31.

The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Southern States stockholders for FB Financial common stock they will receive.

The merger agreement has been unanimously approved by both companies’ boards of directors. The merger is expected to close late in the third quarter or early in the fourth quarter of 2025 and is subject to regulatory approvals, approval by FB Financial’s and Southern States’ shareholders and other customary closing conditions.

TN students encouraged to complete FAFSA

The Tennessee Higher Education Commission urges all high school seniors and their families to complete the Free Application for Federal Student Aid (FAFSA) before April 15 to maintain eligibility for up to two years of tuition-free college through the Tennessee Promise program.

Completing the FAFSA is crucial for making college more affordable. Students who submit the FAFSA are more likely to enroll in higher education, persist in their studies, and earn a degree or credential.

Tennessee currently ranks third in the country for current FAFSA completion. THEC data shows that 60.5% of Tennessee Promise applicants have completed the FAFSA this academic year. Last year, a total of 73.9% of Tennessee Promise applicants completed the FAFSA for the 2023-24 school year.

THEC has created resources on CollegeForTN.org to bolster FAFSA completion efforts in Tennessee. Resources for students and parents feature detailed step-by-step directions and instructional videos for completing the FAFSA. School resources include live and recorded webinars, handouts, and publications specifically designed to help schools assist their student populations and strengthen their FAFSA completion rates.

State alerts 23andMe users to deletion rights

Tennessee state officials are alerting customers of genetic testing company 23andMe of their rights to delete their genetic testing results from the company’s database and take other important steps to protect their privacy given the company’s bankruptcy filing Sunday.

While the company has stated that it will continue its current practices for storing, managing and protecting customer data, 23andMe intends to sell substantially all its assets as part of the bankruptcy process.

Those assets include personal data and DNA samples provided by 23andMe customers, and it is unclear how a purchaser will treat such sensitive information and genetic material.

Tennessee’s Genetic Information Privacy Act (GIPA), which went into effect in July 2023, requires companies to protect consumers’ private information and to provide them with the ability to access their data, delete their data and account, and destroy their biological sample. 23andMe’s website offers a process for consumers to modify their preferences to opt out of the use of their genetic data for research.