Due to our place along the Mississippi River, the Memphis economy was fueled and built by transportation and logistics. Today, Memphis economic development continues to grow and diversify with thriving businesses in legal and business services, education, healthcare, manufacturing, entertainment and hospitality.
What drives the Memphis economy?
Manufacturing, transportation and warehousing still lead
With the Memphis metro area well established as a manufacturing and logistics hub, it’s not surprising that those and other related industries not only contribute significantly to local growth but also outperform national growth.
What is the major industry for Memphis?
The top industries present in Memphis include: Transportation and Warehousing: This industry employs over 40,000 people in the Memphis area. Health Care & Social Assistance: Prominent medical care and services within the industry present in Memphis lead to the employment of 39,000 people in the city.
What is the economy like in Memphis?
— The Memphis metro region added about 18,000 new jobs in 2021 and cut its unemployment rate from 7% to 4.1%, the Greater Memphis Chamber of Commerce reported Wednesday. The region’s economy grew 6.2% last year, a faster pace than the national average, the Chamber’s Center for Economic Competitiveness reported.
Why is Memphis good for business?
With a supportive and highly connected business network, a vibrant academic community and an affordable cost of living, Memphis has a can-do culture that embraces social, creative, philanthropic, and business entrepreneurs. Memphis is a city unlike any other.
What is a good salary in Memphis TN?
A good salary in Memphis, TN is anything over $39,000. That’s because the median income in Memphis is $39,000, which means if you earn more than that you’re earning more than 50% of the people living in Memphis. The average salary in Memphis is $47,593. A good hourly wage in Memphis is $18.75 per hour.
How many Fortune 500 companies are in Memphis?
Following FedEx on Tennessee’s list is Nashville-based HCA Inc., which ranked No. 77, up from No. 88 on the 2009 list. Memphis counts a total of three Fortune 500 companies, more than any other city in the Volunteer State.
What kind of work does Memphis do?
According to Reality Titbit, the 34-year-old mother of two is a registered nurse.
What industries are in Memphis Tennessee?
Industries by Neighborhood in Memphis
- Agriculture.
- Oil & Gas, and Mining.
- Construction.
- Manufacturing.
- Wholesalers.
- Retail.
- Transportation.
- Utilities.
What businesses are in Memphis TN?
Here’s an inside look at some of the power players in Memphis:
- FedEx. FedEx is known around the world as a leader in delivery services.
- ServiceMaster.
- International Paper.
- AutoZone.
- First Horizon National Corporation.
- St.
- Methodist Le Bonheur Healthcare.
- Baptist Memorial Health Care.
Is Memphis growing or shrinking?
Since 1970, Memphis’ population has effectively stagnated, with the population rising from 623,988 to 652,717. Nashville’s population went in that period from 448,003 to 684,410. Since 2010, metro Nashville grew by 232,000, or nearly 14 percent; metro Memphis grew by 23,000, or less than two percent.
Is Memphis going to grow?
Key Employment Stats: GDP of Memphis is over $77 billion, growing by over 30% during the past ten years.
How Fast Is Memphis growing?
Memphis Population Growth
The nine-county metro area has grown just 0.6% per year, while Metro Nashville is growing three times faster. Memphis is located on a large bluff rising from the Mississippi River, which means Native Americans quickly settled it.
Is Memphis a good place to start a business?
But Nashville is even better, largely because of Memphis’ slow population growth, low average income and high unemployment rate. If you’re looking to start a business, Memphis is your 10th best option, according to a new report.
What does Memphis manufacture?
From non-durable goods such as food and beverage and paper products to more precision-based surgical and medical instruments and automotive component manufacturing, Memphis has international advanced manufacturing brands leveraging its strategic location, solid infrastructure and ready workforce.
How do I start a business in Memphis TN?
Memphis TN Business Startup Checklist Overview:
- Create a Business Plan.
- Determine Legal Structure and Legal Formation.
- Obtain an EIN Number.
- Register for State Taxes and a State Tax ID.
- Apply for Local Business Licenses and Permits.
- Open a Business Bank Account.
- Set Up Accounting.
- Obtain Insurance.
What is upper class in Memphis?
The average Memphis income of the top 20 percent is $172,622, with the top five percent income being $335,653.
Is Memphis a wealthy city?
Germantown, which has long been the Memphis metro’s most affluent suburb, has a national rank of No. 607 nationally in affluence, while cities in Nashville, such as Belle Meade (No. 25); Forest Hills (No.
Wealthiest ZIP Codes.
| Rank | ZIP Code | City |
|---|---|---|
| 1 | 38139 | Germantown |
| 2 | 38138 | Germantown |
| 3 | 38120 | Memphis |
| View This List |
Is Memphis a poor city?
Poverty Rankings
In 2020, Memphis placed again in the top spot in both overall poverty and child poverty among large Metropolitan Statistical Areas (MSAs) with populations greater than 1,000,000.
What is the racial makeup of Memphis Tennessee?
The 5 largest ethnic groups in Memphis, TN are Black or African American (Non-Hispanic) (62.8%), White (Non-Hispanic) (25.9%), White (Hispanic) (4.46%), Other (Hispanic) (2.89%), and Asian (Non-Hispanic) (2.08%).
Is Memphis bigger than Nashville 2021?
Nashville’s metro area, with a population of 1.83 million, is much larger than the nine-county Memphis area, which has an estimated 1.34 million people.