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Cookeville Economic Information

In 2000, the Federal Reserve wrote an article to prospective municipal bond buyers pursuant to an upcoming bond issue for the City of Cookeville.  I have taken the liberty of presenting that article herein with updated information.  Jim Shipley, City Manager:

Putnam County is a rapidly growing area located in the eastern portion of middle Tennessee. The county is home for some 62,000 people and its largest city, Cookeville, has about 26,000 residents. Tennessee Technological University is located in Cookeville and provides excellent educational opportunities for some 8,500 students.

The area's growth may be documented by analyzing a number of economic data series that are available on the local level. Putnam County's population has increased by 21 percent since 1990. According to the American Chamber of Commerce Researchers Association, Cookeville is one of the top 5 most economical cities in the nation. (4^th quarter of 2002)

Total employment in the county has increased by 26%.  Non-manufacturing jobs increased 42% during the last ten years.

The result of this population and job growth may be seen in other economic indicators. Bank deposits in the County have increased by 62% while local sales tax collections increased by 128%.   Assessed value of property increased 111%.

The increased economic activity may be tied directly to the growth in personal income in the county. At a current level of approximately $889.3 million, personal income has increased some 84% during the latest ten-year period.

Finally, the most impressive indicator of economic growth may be found in data reflecting retail sales for the area. From 1992 to 2002, retail sales increased by 110%. Significant growth in the number of retail outlets and increases in income have contributed to this growth. It is also assumed, but undocumented, that the increase in variety and availability of retail outlets has contributed to more persons coming into the county to shop while fewer residents leave the county for specialized purchases.

Taken as a whole, all the foregoing indicators point to an area that is experiencing solid growth. Especially significant is the fact that this growth has come about without unduly taxing the capacity of the area's infrastructure to expand to meet new needs. The schools, roads, water and sewer facilities, etc. that have been associated with this growth have been implemented without major increases in local taxes.

 Current estimates reflect that about 42,000, or 70% of the residents of Putnam County live in the greater Cookeville area, and 86% of the total sales collections in the county are collected in Cookeville. Therefore, it is my opinion that the City of Cookeville is a major contributor to the data discussed in this article. Reading this information makes me very proud of our community and reminds me just how great it is to live in Cookeville.