The Tri-Cities Population and Expanded Metro Area
Making a strategic selection for your business’s next expansion can be a complex, difficult decision. There are many factors to consider as you explore property options, particularly within the aerospace sector, but Tri-Cities Aerospace Park is ready to simplify your decision.
At first glance, the Tri-Cities market may look small, but when you take a deep-dive into the numbers, the market has a surprising economic impact and a larger than expected population. According to the 2018 census bureau estimates, the combined population of the Johnson City Metropolitan Statistical Area (MSA) and the Kingsport/Bristol MSA, was more than 510,000, which is only slightly smaller than the Lexington, KY MSA. Conversely, Tri-Cities houses a population that is larger than Pensacola, FL, Raleigh, NC, and Reno, NV.
Well-known companies such as Eastman, Citi Group, BAE Systems, and Bell are among the largest employers in the region. Ballad Health, the region’s primary healthcare provider, employs nearly 15,000 individuals throughout Northeast Tennessee and Southwest Virginia. The economic output of the Tri-Cities metro area was estimated at $21.5 billion in 2018, which is larger than the economies of Mobile, AL and Pensacola, FL. According to the U.S. Bureau of Economic Analysis, between 2014-2018 Bristol, Johnson City and Kingsport grew more than 15%.
Several major attractions in Bristol promise continued population growth in the coming years.
Bristol Motor Speedway is home to the Food City 500, Bass Pro Shops NRA Night Race, Food City 300, UNOH 200, Zombie Auto 150, and the NHRA Thunder Valley Nationals.
In addition to existing attractions, Bristol, VA anticipates the opening of a Hard Rock Casino in 2023. It’s estimated that the casino will attract approximately 4 million guests each year and create more than 2,000 jobs. Hard Rock Casinos also boast unparalleled access to sought-after performers of all types bringing more high-quality entertainment to the Tri-Cities region. Aside from the region’s statical benefits, the direct airfield development at Aerospace Park provides superior access for your growing business. Providing an 8000-ft main runway, the site can easily accommodate virtually any large commercial aircraft, including Boeing 777 and Boeing 747. Aerospace Park offers, not only an ideal location, but also the resources and populace to sustain your aerospace expansion.
For information on how your company can enjoy the strategic position of Aerospace Park, contact us today.