The University of Tennessee reports that economies in Tennessee and the U.S. should see strong growth in 2014 and 2015.
The UT Report to the Governor said many indicators - including an increase in consumer confidence, rallying stock market prices and rising home prices - point to promising economic growth in the quarters ahead.
The UT Center for Business and Economic Research, who prepared the study, found that the U.S. household net worth grew by almost 10 percent in 2013, surpassing its pre-recession level for the first time. The economy also added about 2.2 million jobs in 2013. The unemployment rate also feel by more than a full percentage point in 2013. In December, the unemployment rate dropped to 6.7 percent - the lowest drop since late 2008.
Tennessee's economy also improved from 2012 to 2013, according to the report.
The state's unemployment rate will fall to 7.5 percent in 2014 to 7 percent in 2015. This will mark the first time since 2008 that unemployment dropped below 8 percent. Personal income was up 2.7 percent last year, slightly behind the pace of income growth for the nation. It is projected to rise by 4.2 percent this year followed 4.5 percent 2015.