By The Numbers: Tennessee economy expected to improve in 2014

By The Numbers: Tennessee economy expected to improve in 2014

February 4th, 2014 by Dave Flessner in Business Around the Region

Economic projections for 2014 in Tennessee:

• Unemployment rate: 7.5 percent, down from 8.2 percent in 2013

• Average annual pay: $46,313, up 2.5 percent from 2013

• Taxable sales growth: 3.4 percent, up from 2.75 percent in 2013

• Mortgage rate: 4.6 percent for 30-year loan, up from 4 percent in 2013

• Bank prime rate: 3.3 percent, unchanged from 2013

Source: Short-term outlook projections for Tennessee by the Center for Business and Economic Research at the University of Tennessee, included in the 2014 Economic Report to the Governor.