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 Memphis economy based on?
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 is the economy like in Memphis?
Income and Salaries for Memphis
| ECONOMY | Memphis, Tennessee | United States |
|---|---|---|
| Unemployment Rate | 8.0% | 6.0% |
| Recent Job Growth | -5.9% | -6.2% |
| Future Job Growth | 36.6% | 33.5% |
| Sales Taxes | 9.3% | 6.2% |
What is the biggest industry in Tennessee?
In Tennessee, ambulatory health care services is the largest industry, accounting for 4.8% of the state’s total GDP of $376.6 billion. The industry’s annual economic output totals $18.2 billion, a 17.1% increase over the last five years.
What is produced in Memphis?
The brands made in Memphis include Jif, Blow Pops, 3D glasses, Rice Krispies, Eggo, Uncle Ben’s and Ben & Jerry’s.
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.
What is the biggest industry in Memphis?
Top Industries in Memphis
- Transportation & Warehousing.
- Health Care & Social Assistance.
- Retail Trade.
- Manufacturing.
- Educational Services.
- Accommodation & Food Services.
- Administrative & Support & Waste Management Services.
How many Fortune 500 companies are in Memphis?
Three Fortune 500 companies
Three Fortune 500 companies, FedEx, AutoZone and International Paper Co.
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.
What is the cost of living in Memphis TN?
Memphis cost of living is 76.0
| COST OF LIVING | Memphis | Tennessee |
|---|---|---|
| Grocery | 93.3 | 95.4 |
| Health | 98.4 | 101.9 |
| Housing | 37.1 | 71.2 |
| Median Home Cost | $123,800 | $231,600 |
Who is the largest employer in Tennessee?
Detailed List Of The 100 Biggest Companies In Tennessee
| Rank | Company | Employees |
|---|---|---|
| 1 | FedEx | 425,000 |
| 2 | HCA Healthcare | 249,000 |
| 3 | Dolgencorp | 130,000 |
| 4 | Dollar General | 130,000 |
What is Tennessee’s main source of income?
Community, business and personal services produce the most income for Tennessee’s economy. The most important services include private health care, law firms, motels and business services. Important regional health centers, colleges of medicine and large hospitals are found in metropolitan areas across the state.
What are the top 3 industries in Tennessee?
Tennessee’s commercial sector is dominated by a wide variety of companies, but its largest service industries include health care, transportation, music and entertainment, banking, and finance.
What is Memphis Tennessee known for?
Known worldwide as the “Home of the Blues & Birthplace of Rock ‘n’ Roll – not to mention gospel, jazz, R&B, rap and soul. Close to 20 percent of the earliest inductees (24 of the 97) in the Rock ‘n’ Roll Hall of Fame have come from within a 100-mile radius of Memphis.
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%).
Why is Memphis Tennessee called Memphis?
The modern city was founded in 1819 and named Memphis. The name was chosen because of the ancient city of Memphis in Egypt. Memphis, Egypt was founded thousands of years before the United States even existed. But, like Memphis, Tennessee, it was also located on a great river: the Nile.
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 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 minimum wage in Memphis Tennessee?
$7.25
Tennessee’s minimum wage hasn’t changed since 2009, when the federal minimum wage changed to $7.25.
What kind of work does Memphis do?
According to Reality Titbit, the 34-year-old mother of two is a registered nurse.
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.