Rotarian Dave Winstrom introduced Marianne Wanamaker, PhD, UT’s professor of economics and dean of the Baker School of Public Policy and Public Affairs, as the day’s featured presenter. A native Tennessean, Dr. Wanamaker achieved degrees at Vanderbilt University and Northwestern University. Her work history includes stints in consulting, as a research fellow and research associate, and notably as the former chief domestic economist at the White House Council of Economic Advisors.
Dr. Wanamaker shared a plethora of statistics and interpretations related to state and national economic standing. Her PowerPoint presentation has been included in the newsletter and shared with the membership via email.
From 2005 to 2024, the US GDP grew by 49%, while Tennessee’s GDP grew by 53%. Dr. Wanamaker noted that from an economic perspective, the US managed the COVID-19 pandemic better than any other country, and TN managed it better than any other state in the US. She explained that to grow GDP, there must be population growth, growth in productivity of the existing population, or some combination of the two.
Tennessee’s population grew by 21% over the last 20 years, compared to the US growth of 15%. Dr. Wanamaker explained that most southern states have experienced more population growth than that of other regions of the country. Domestic migration was identified as a significant contributor to this growth over the past four to five years, especially in TN. Domestic migration differs from county to county, but West Tennessee has been losing population while Middle and East Tennessee have been gaining. Constituting 84% of the growth of the US population in 2024, international (legal) immigration has also been a contributor to growth in recent years but is poised to be the most determinant factor in population growth in the near future. Closer to home, three of every eight migrants coming to Tennessee in 2024 were international (legal) immigrants.
Tennessee’s per capita income is roughly 10% less than the national average. Tennessee residents also spend an average of 41% of their income on housing and related costs. These figures are despite the exceptionally high, almost as high as ever in US history, workforce participation rate in both the state and the nation. Dr. Wanamaker suggested this is due to the lower wages made by Tennesseans due to the lack of high-paying jobs such as those in research and development available in the state.
Those present were encouraged to engage with the Baker School via social media or to sign up for their newsletter. To sign up for the newsletter, use this link: https://signup.e2ma.net/signup/1854638/1802637/. The Baker School’s social media handle is @utbakerschool.