KNOXVILLE—After five years of sluggish recovery, the U.S. and Tennessee economies are poised for strong growth in 2014 and 2015.

Despite the slow pace of the recovery, many indicators—including an increase in consumer confidence, rallying stock market prices, and rising home prices—point to brighter growth prospects in the quarters ahead, according to the forecast in the 2014 Economic Report to the Governor of the State of Tennessee, released Friday.

The study, prepared by the Center for Business and Economic Research at the University of Tennessee in Knoxville, predicts the course of the state and national economies by examining many fiscal factors and trends.

Household net worth grew by almost 10 percent in 2013, surpassing its pre-recession level for the first time. [Read more…]