Memphis’s economic development is booming.
Downtown Memphis is experiencing a construction boom, with entrepreneurs flocking to the city’s innovative districts. We rank among the top ten cities for tech jobs, our major corporations continue to nurture creativity, and our cost of living is among the lowest in the country.
And, of course, our food and music scene is one of the best in the world.
Memphis’s economy is a freight train full of job opportunities and driven by people building their careers by being part of something special.
Here are just a few of the reasons why Memphis’s economy is thriving :
People
Memphis has always been a hub of creative life. Many musicians, artists, and innovators have roots in our city, from award-winning actors Morgan Freeman and Kathy Bates to musicians like Justin Timberlake and Elvis Presley.
And while Memphis remains home to world-class artists and musicians, they are joined by 55 new people every week : innovators, entrepreneurs, makers, and highly skilled professionals who are growing and energizing businesses across the city.
Job
Venture capital firm Jernigan Capital moved to Memphis in 2016, bringing the number of publicly traded companies in Memphis to thirteen.
Six of these corporations are local, and seven have moved their headquarters to Memphis, recognizing our city as a great place to grow with an economy that supports successful business growth.
Indeed ranked Memphis among the top 10 cities in the country for job seekers, citing a favorable job market, high wages, job stability, and opportunities for advancement.
In fact, the Greater Memphis Chamber of Commerce recently stated that Memphis has 16,000 high-paying jobs , nearly half of which pay in the $58,000 to $75,000 per year range.
Memphis is a dynamic city with a well-developed economic infrastructure that provides a solid foundation for business and career advancement. Memphis’s economy offers numerous employment opportunities and has been home to major players in various industries for decades. It’s no surprise that several corporate giants, including FedEx and AutoZone, are headquartered here, generating substantial revenues and employing thousands.
Diversity
Memphis is known for its independent thinkers who achieved great success from humble beginnings, including entrepreneurs such as the nation’s first Black millionaire, J.E. Walker.
Our city boasts one of the most diversified economies in the country compared to other major metropolitan areas. Thanks to its location on the Mississippi River, Memphis’s economy thrived and was fueled by transportation and logistics. Today, Memphis’s economic development continues to grow and diversify, thriving in sectors such as legal and business services, education, healthcare, manufacturing, entertainment, and hospitality.
The vast array of industries represented in Memphis makes our city a great place to live for those seeking career opportunities. And we’re not stopping there: we lead the nation in projected small business job growth.
Whether you’re looking to work in logistics, healthcare, automotive retail, metals, human resources, or paper manufacturing, Memphis offers a wealth of opportunities for those interested in building a career.
Housing
Memphis boasts an impressively diverse housing market. Housing in our city is not only affordable, but also comes in a wide variety of shapes and sizes. Our leaders are working diligently to create the infrastructure that will enable Memphis to become the next “Dream City.”
The $17.8 million 266 Memphis Lofts residential complex is under construction in the city center, and construction on the Carolina Warehouse Lofts and Urban Terrace will begin soon. Meanwhile, the Central Gardens neighborhood boasts historic homes built in the early 1900s.
Memphis boasts numerous community development organizations that preserve the architectural character of our neighborhoods while helping families on their journey to homeownership. Whether you’re looking to buy or rent a new or existing home, Memphis offers plenty of affordable housing for young professionals.
After college, young professionals typically gravitate toward low-maintenance housing, looking to avoid the expense of homeownership. From studio apartments to three-bedroom condos, Memphis offers something for every taste, including luxury homes for those looking to raise a family in a relatively spacious area.
When it comes to raising a family, Memphis is an ideal place thanks to its small-town atmosphere, which fosters a close-knit community. It’s no wonder that many students who come here to study at the city’s outstanding universities and colleges never leave. It’s an easy place to call home, and relatively affordable living costs make it easy for newcomers to settle in.
Availability
What do Money Crashers, Forbes, and Apartment Guide have in common? They all ranked Memphis among the most affordable cities in the US.
Our city has received high marks in publications for its low cost of housing, rent, healthcare, and transportation, as well as no state, city, or county income taxes—meaning you can keep more of your hard-earned money.
Innovations
Memphis never rests—through bold ideas and proactive partnerships, we continually find new ways to drive positive change. Innovate Memphis leads several public-private partnerships aimed at fostering sustainable, positive change in our city. Companies based in Memphis are also finding ways to make a difference through initiatives like ServiceMaster Ground Floor, a new innovation hub designed to attract highly skilled talent and investment to Memphis.
Memphis has a wealth of organizations, opportunities, and initiatives dedicated to making the Memphis of tomorrow even better than the Memphis of today. Here’s a brief overview of two of them:
- Innovate Memphis, a group of local government and community leaders, develops initiatives and advances bold ideas to address Memphis’s most pressing challenges. The program’s goal is to foster the city’s development.
- In partnership with various Memphis organizations, the Greater Memphis Greenline project plays a vital role in fostering active lifestyles among city residents and helping create a new, healthier Memphis.
Technologies
Technology has transformed everything from engineering and manufacturing to logistics and computing. The pace of change is unprecedented, and it’s hard to keep up… unless you live and work in Memphis.
Forbes magazine recently ranked Memphis 10th in the nation for high-tech job creation, noting a 35% growth in the sector between 2012 and 2015. Considering that the Huffington Post reports that the U.S. has one of the most diverse STEM (science, technology, engineering, and math) workforces, we don’t expect this growth to stop anytime soon.
Our city is also investing in the future of technology through educational programs like LITE Memphis, an organization that teaches more than 1,000 students 21st-century skills, and Black Girls Code, a movement that began in San Francisco that now has a chapter in Memphis.
Transit
Memphis is always on the move, and we have several new initiatives to support cutting-edge public transportation. Our MATA light rail system has expanded and now connects downtown with the Medical District and other employment centers. And it’s not just planes, trains, and cars. The Greater Memphis Greenline project is creating beautiful parks and trails on abandoned train tracks, creating new routes that allow people to easily walk or bike to work.
Balance
Constantly working without time off makes life less than ideal, regardless of salary. A lack of work-life balance can lead to burnout, which negatively impacts your financial future and the Memphis economy.
Fortunately, Memphis is one of the best cities for achieving the perfect work-life balance. It’s especially ideal for those seeking a high-paying job in a city that offers exceptional balance.
Perhaps it’s the small-town atmosphere that permeates our city streets. Perhaps it’s the creative types who know how to unwind and have a great time on Beale Street. But more likely, it’s because Memphis truly offers something for everyone, both in and out of the office, including world-class music, startup opportunities, arts and culture, and access to Fortune 500 corporations.
Ultimately, the best cities are full of smart people, offer plenty of jobs, a diverse economy, affordable housing, a low cost of living, an abundance of technology, and the opportunity to maintain a healthy work-life balance.
That’s what Memphis is all about—and that’s why Memphis’s economy is thriving.
Bring your dreams to life. Bring your energy. Bring your soul. Memphis is a place to grow.
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