AllianceBernstein's Nashville Move Adds to Music City's Boom

(Bloomberg) -- Welcome to Nashville, AllianceBernstein Holding LP.

The company is moving its corporate headquarters and more than 1,000 staff to Music City, promising to add to a local boom that is well underway. The Nashville area has seen an influx of people and businesses since the end of the recession, with its population climbing about 10 percent since 2007 to 684,000 people, according to statistics from the Nashville-Davidson County government.

AllianceBernstein’s move caps off years of businesses adding offices or expanding their presence there. More than 40 companies announced between July and February that they will add almost 3,000 jobs, according to statistics from the Nashville Area Chamber of Commerce.

This activity has boosted Nashville’s local economy. The unemployment rate in the area that includes the neighboring cities of Murfreesboro and Franklin was just 2.7 percent in February, much lower than 4.1 percent in the U.S. overall, according to the U.S. Bureau of Labor Statistics.

Per-capita personal income has risen to $55,411 in 2015, compared to $43,394 in 2007, the city and county’s annual financial report shows.

Nashville’s fortunes could be headed even higher if more companies follow AllianceBernstein’s lead. Amazon.com Inc. has named the city as one of its finalists for its second headquarters, which promises even more jobs and investments.

To contact the reporter on this story: Amanda Albright in New York City at aalbright4@bloomberg.net.

To contact the editors responsible for this story: James Crombie at jcrombie8@bloomberg.net, William Selway, Michael B. Marois

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