The soul of Memphis runs deep—and over the last decade, the Bluff City has been making quite a name for itself. More specifically, Memphis has staked its claim as one of the most progressive and diverse major metropolitan communities in the United States. We are a hub of commerce, education, art, media, and entertainment not just in West Tennessee, but in America as a whole.
There’s no single reason that our city finds itself at such an exciting crossroads, but we sure do have a shortlist. First off, our booming economy is built on a transportation infrastructure that has attracted top international corporations and led to flourishing business development. And don’t forget that makers, musicians, and entrepreneurs all thrive in our community, giving it a unique vibe that other metropolitan areas simply can’t replicate.
Memphis is growing
According to recent projections, the Memphis metro area is expected to grow at an unprecedented rate of 1.3 percent between 2017 and 2020, welcoming an estimated 17,000 residents. A long outlook from the present year through 2040 suggests the arrival of an additional 50,000 residents at a growth rate of 3.9 percent, which will push the local population to over 1.4 million.
What makes Memphis so great for business growth?
You may have heard that Memphis is a great place to start a business, but do you know why? Both commercial and residential real estate are affordable, and our low tax rates and business-friendly regulations sweeten the pot. Combine those factors with our civic pride and renowned work ethic, and you have the recipe for startup success.
- Low tax rates and business-friendly regulations
- Affordable real estate for offices and homes
- A diverse economy with opportunities for niche enterprises to blossom
Plus, our city boasts some of the most determined and passionate workers around. Living in this innovative culture will allow you to do your work your way.
A major hub for international commerce
Thanks to travel options across multiple platforms, Memphis logistics and distribution workers can power your business growth anywhere in the world. Packages are easily transported from Memphis to anywhere in the United States within a single day, making it the ideal base for medical manufacturers that transport products to hospitals. The Memphis metro area is the headquarters of several corporations including International Paper, FedEx, AutoZone and ServiceMaster.
Memphis offers major transportation routes via:
- Ground networks (on roads and by train)
- Air travel
With so many transportation options, your products can travel domestically or worldwide with ease. Our Memphis infrastructure has attracted such major corporations as Target and Nike, which opened some of their largest distribution centers right here in Memphis.
Moreover, our city’s strong B2B culture facilitates the formation of tight-knit connections with all sorts of partners, suppliers and customers.
Thanks to continued business growth and success in Memphis, there’s a high demand for skilled work in these parts that’s only expected to grow in the future. With nearly 15 colleges and universities in the Memphis area, it’s easy to get the training and skills you need for a career at a wide array of Memphis corporations. In particular, local jobs in industrial machinery mechanics and computer user support are expected to rise by as much as 7.7 percent by 2021.
A great place to live and grow a family
Despite its big-city setting, Memphis has the hospitality and charm of a small town, offering the perfect mix of an exciting and energetic atmosphere combined with an honest and neighborly spirit.
A perfect environment for family life, Memphis features:
- A wide variety of neighborhoods, schools and healthcare options to help your family stay safe and healthy while truly feeling at home
- An affordable cost of living, ensuring you’ll never have to worry about being able to live comfortably
- A moderate and stable climate that allows you to enjoy the outdoors all year round
- Easy access to the rest of the world, thanks to its status as a hub for personal and business travel alike
More about growing your business in Memphis
As you can see, Memphis means business. We’ve clearly emerged as a community that is willing to invest in the people and places that make a city good for business–because business is good for the city.
If you’re looking for a place to start and grow a business, take a long look at Memphis. Here are a few places to start finding YOUR opportunity for Memphis business growth. Learn more about why Memphis is perfect for entrepreneurs here.
- City and state tax breaks and incentives for Memphis businesses – Greater Memphis Chamber
- City and county economic development incentives for businesses – Greater Memphis Chamber
- Memphis Renaissance Business Center – City of Memphis
- Start Co. venture development organization — Start Co.
- Facts and figures about the business climate in Memphis– Greater Memphis Chamber
- Why Memphis is a top 10 city for startups – CNN Money