The Boyd Center conducts research on behalf of multiple public entities to reveal key insights about the economy in Tennessee and across the nation, as well as the efficacy of public programs. Our research has appeared in publications such as The Economist, The Wall Street Journal, The New York Times, The Washington Post and The Tennessean.
Use the search field below to find Boyd Center for Business and Economic Research publications by title, author, or date of publication.
Tennessee Business and Economic Outlook, Spring 2016
Publication Date: May 1, 2016
Many attribute falling labor force participation rates to the effects of the Great Recession. However, the analysis presented here suggests that the seeds of falling labor force participation rates were sown much further back in history. The male labor force participation rate, in particular, has been in long-term decline, while the participation rate of women began to decline in the early 2000s. The Great Recession certainly aggravated these trends, but the recession was not the lone culprit. The labor force participation rate is likely to show some near-term improvement as tighter labor market conditions draw discouraged workers back into the job hunt. But at some point the long-term trends affecting participation rates will reassert themselves. The preparation of this report was financed in part by the following agencies: the Tennessee Department of Finance and Administration, the Tennessee Department of Economic and Community Development, the Tennessee Department of Revenue, the Tennessee Department of Labor and Workforce Development, and the Appalachian Regional Commission.
Part II: Economic Benefits of Postsecondary Credentials. Incremental Earnings and Revenues Upon Drive to 55 Achievement
Publication Date: May 1, 2016
This report expands on our previous analysis by using forecasts of the share of higher educational attainment growth needed in each county for Tennessee as a whole to reach the Drive to 55 goal in 2025. Assuming the attainment goals are met, the analysis projects the additional income to workers living in each county. The economic value of postsecondary education within the state of Tennessee is seen in both higher earning potential for county residents and higher tax revenues for state and local governments. Achieving increased educational attainment levels in Tennessee counties is vital to preparing a region’s workforce for future employer demands.
Economic Benefits of Postsecondary Credentials. Incremental Earnings and Revenues Upon Drive to 55 Achievement
Publication Date: February 1, 2016
This report follows a similar methodology to a recent Brookings Institution article, which measures the economic benefits of higher education to communities across the nation. On average, individuals with every type of postsecondary credential earn more than individuals with a high school degree. The higher income potential of Tennessee’s workforce will in turn propel higher levels of spending and savings; increased consumption of goods and services will generate new tax revenues for state and local governments. This report projects the number of additional degrees that Tennessee’s population needs to earn to reach the Drive to 55 goal by 2025. Assuming the attainment goal is met, the analysis then projects increases in earnings and consumption of new certificate and degree holders in Tennessee’s workforce in 2025, above levels that would have been reached without a postsecondary education.
An Economic Report to the Governor of the State of Tennessee, 2016
Publication Date: January 1, 2016
This 2016 volume of An Economic Report to the Governor of the State of Tennessee is the 40th in a series of annual reports compiled in response to requests by state government officials for assistance in achieving greater interdepartmental consistency in planning and budgeting efforts sensitive to the overall economic environment. Both short-term, or business cycle-sensitive forecasts, and longer-term, or trend forecasts, are provided in this report. Tennessee forecasts, current as of January 2016, are based on an array of assumptions, particularly at the national level, which are described in Chapter One. Chapter Two details evaluations for major sectors of the Tennessee economy, with an agriculture section provided by The Agri-Industry Modeling and Analysis Group at the University of Tennessee Institute of Agriculture. Chapter Three discusses Tennessee’s role in the international economy and presents the long-run outlook and forecast for the state. Chapter Four presents the background, early results, and challenges of Tennessee’s Drive to 55 program. The primary purpose of this annual volume—published, distributed, and financed through the Tennessee Department of Finance and Administration, Tennessee Department of Economic and Community Development, the Tennessee Department of Revenue, the Tennessee Department of Labor and Workforce Development, and the Appalachian Regional Commission—is to provide wide public dissemination of the most-current possible economic analysis to planners and decision-makers in the public and private sectors.