Memphis is known for its historical and contemporary roots in music, culture, food, and undeniable beauty. The “Birthplace of Rock and Roll” has as much a storied history in the economic sector as it does in the entertainment space, and as the chapter turns with the decade, so does the focus shift to the future of both industries.
Our city is going through a growth spurt that has matched the booming American economy, and both National and International corporations are choosing Memphis to pour their foundations and take advantage of the incredible combination of opportunities that are blossoming in Memphis.
2020 brings strong indications for a prevailing wind of growth and prosperity for our community, as an ideal business climate has been brewing by the Mississippi. According to the Memphis Chamber of Commerce, “The savviest ones (visitors to Memphis) discover a great place to do business. Low tax rates, an attractive cost of living, and affordable real estate create an ideal business climate. Success is practically guaranteed with tax incentives, infrastructure support, and a skilled workforce. Forbes magazine ranked Memphis fourth on its list of “The Happiest Cities to Work in Right Now,” and a 2015 study by WalletHub ranked our city seventh in the nation for entrepreneurs. If you’re looking for a location where your business can thrive, you just found it.
As our city is looking towards the future, the landscape is becoming more attractive for millennials that are looking for more than just a great career, but an amazing and inspiring city to call home! Millennials bring with them an incredibly varied skillset, as the cost of higher education and the saturation of many soft skill occupations have inspired the millennial job force to seek a career within non-traditional and trade-based education and work experience.
Let’s look at why Memphis is one of the best new cities in the country to do business.
Memphis: FedEx, and other Multinational Corporations Invest Billions in Infrastructure
In 2019, FedEx, one of the largest employers in Memphis, invested $1 Billion into Memphis International Airport in an effort to expand and continue to evolve its current “Super Hub” located at the airport. The project, which aims to modernize and expand not only the FedEx Super Hub, but the entire airport, further enticing business and commerce to invest in Memphis, as the infrastructure and accessibility reaches world class status.
The total expansion of $1.6 Billion slated to be completed in 2025, brings with it a huge amount of jobs to the area in multiple sectors. When the expansion has been completed, FedEx’s Super Hub will be the second-largest air cargo facility in the world.
Memphis has one of the lowest tax rates in the country
According to the Memphis Chamber of Commerce,” Tennessee has the second lowest state and local tax burden per capita and no income tax on wages. Combine that with some exceptional incentives from our economic development partners for relocating and expanding companies and your business is ready to grow in the Memphis region.” No matter what industry you are looking to expand your career in, whether it is a small artisan coffee shop, or expanding your corporate Head Quarters into a new location, Memphis is a virtual tax haven for employees and boardrooms alike. One of the greatest incentives offered in Tennessee is a ZERO State income tax. More money in your pocket means that you have an opportunity to spend more on what you love, and experience Memphis and all it has to offer. On the other side of the negotiating table, Our state currently has ZERO Occupational/Payroll Taxes in the city of Memphis as well as all of Shelby County. This Tax incentive inspires business big and small to invest more in the directives that make a business successful, its workforce and infrastructure. These are only two of the Tax breaks that are attracting big business to the table. More information can be found at https://memphischamber.com/select-memphis/tax-structure/.
Millennials Require more than just a paycheck. Culture is Key.
Millennials are one of the most influential and crucial sectors of the workforce in 2020. As the 20-30 somethings take the rein and continue to shape Corporate and Small business culture into new territory, a new attitude and list of “wants and non-negotiable’s” have been ingrained into the lexicon of business culture. Millennials yearn for the exciting, enriching, and entertaining environment that will allow them to express themselves creatively, as well as indulge in a more unique and locally centered experience. We have always been a haven for the unique and soulful, embracing the individual style and cultural identity that Memphis is famous for. As this melting pot of humanity has evolved into the roaring 2020’s, Memphis has exploded with cultural experiences, highly acclaimed musical venues and performers, world class food and restaurants, and of course the natural beauty of the surrounding the city. This area offers millennials the opportunity to find or continue an amazing career, as well as plant their roots in one of the most exciting areas of the Country.
Overall, Memphis is Growing, and this is just the beginning.
Memphis is already in the midst of growing and evolving into one of the most desirable places in the country to call home. With a mixture of Tax incentives, Corporate migration, infrastructure expansion and an exciting cultural revolution all taking place at the same time, We live in a fertile epicenter for the future. With a thriving ecosystem of work-life balance, and all the necessary factors to continue this expansion and excitement, the future of our home will be bright, booming, and unbelievable!