Cleveland is one of the top areas in Tennessee least affected by inflation, according to the finding of a new survey.
New York City based SmartAssets, a financial advice company, recently released the results of the survey. Cleveland ranked second among Tennessee metropolitan areas.
“Inflation affects everyone, but its significance varies across locations,” according to a letter from SmartAssets’ spokesman Steve Sabato to Cleveland Mayor Tom Rowland. The company said it compared a set of statistics in each U.S. Metropolitan area to find locations where inflation had the least impact.
The rankings were based on purchasing power, cost of living and median income, according to SmartAssets.
The company looked for metropolitan areas least affected by inflation over the past decade.
“Cleveland enjoys the benefits of a very diverse economic base, “ said Mayor Rowland. “Our industrial base ranges from home appliances to clothing to food preparation and much more. Our retail stores also vary from small local businesses to nationally known corporations. So our industries and retailers generate a lot of employment opportunities.”
The Memphis Tennessee/Mississippi/Arkansas metro area was first in ranking, followed by the Cleveland metropolitan area. The remaining rankings included Cookeville area, third: Knoxville area, fourth; Jackson area, fifth; Nashville-Davidson-Murfreesboro, sixth; Chattanooga Tennessee/Georgia area, seventh.