KNOXVILLE, Tenn. — The Knoxville Chamber of Commerce said the economy in the area is good. But, it also said the economy has the potential to be great if the region embraces the changing world.
"We need to really look at bringing more high-skilled, high-wage talent into the area that can fill jobs, buy homes," said Amanda O'Dell, the Knoxville Chamber's director of investor experience.
A new report from the Knoxville Chamber said the county's economy is not built for the future. It said the county's population is shifting older, the average pay is less than comparable communities and the college degrees don't align with the jobs available locally.
"Our growth in the 25 to 54-year-old age demographic is about 3%," O'Dell said. "Some of our peer cities like Raleigh or Asheville or Chattanooga have grown 8% or 12%. So, that's a little bit of a concern."
Some of the key challenges local leaders will need to address in order to retain a younger workforce are housing, transportation, childcare and jobs that match post-secondary programs.
"We need to make sure that the programs that they're graduating from are aligned with the local business economy," O'Dell said. "So, as students are graduating in certain majors, [looking at] are those the jobs that are available locally and making sure that those two things match up."
Automation can also change the future of Knox County's economy.
"The McKinsey Global Institute has talked about how many jobs could be impacted by automation in the near future," O'Dell said. "Specifically in Knoxville and Knox County, it could have a significant impact."
She said there are four other solutions local leaders should consider. Recruiting high-wage talent, high-growth companies and innovative entrepreneurs will be important for what they're calling the "Imagination Age."
The other key factor is civic furniture, or the things available to do that attract people to a city, like moving the Smokies Stadium downtown or bringing in the One Knoxville soccer team.
"We feel like if we can get all of those four things in line and working together, that we'll be able to address some of those issues that could come up if nothing's done at all," O'Dell said.