There’s an upside to not having a booming tech industry: not having a busting one, either. Nashville Business Journal editor Lance Williams said that the thing he notices most is that the city has a very broad-based economy.
Like anywhere else, Williams noted, Nashville isn’t recession proof. Nashville’s broad base means Nashville may be in a better position to avoid especially painful bust periods, though. Of course, conversely, it may miss out on the highest of the highs during boom times, too. He said that he thinks Nashville is “poised for nice, steady, strong growth” over the long term and credited the city’s health care and higher education communities as evidence of its well-rounded economy.
Compared to Nashville, Williams said that Austin, where he worked for the Austin Business Journal until a few months ago, is “very up and down” because of its robust technology industry. It operates very cyclically. He arrived in 2003 as the “ashes” of the dot-com bust had mostly disappeared and covered the city during four boom years before taking his new job here in Nashville. He mentioned that layoffs at major players such as Dell and AMD were taking place as he was getting ready to relocate. The Austin economy endures more periods of boom and bust, he said, because of the depth and breadth of its technology industry.
Williams noted that Austin was a “sleepy” town in the 60s and 70s and only began to emerge as a tech leader in the 80s, when some fellow (Michael Dell) started selling computers built in his dorm room and another guy (Whole Foods Market founder John Mackey) got into health food. That worked out pretty well.