When it comes to a healthy, vibrant city, there are a handful of indicators you need to look toward. One of the most critical points of concern is always the job rate. Can current residents find quality work, and are there enough jobs to bring in new professionals? The city of Memphis is acing this indicator, as, according to Bloomberg, it is one of the fastest-growing job markets in the entire country.
The Memphis Economy
So just how well is the job market in Memphis doing? According to Bloomberg, Memphis, Las Vegas and Sacramento are the top three large metro areas in the entire country regarding job growth. To come up with the information, Bloomberg looked at the 10-year employment rate of each city to measure not only growth, but continued potential. Memphis jobs grew faster than any other large city in the United States.
Over the past decade, the city has seen nearly a 1.4 percent increase in the number of jobs available within the metro area. The number may not sound significant, but when compared to the overall number of jobs within the metro area, this 1.4 percent represents the addition of thousands of quality jobs, right in this singular metropolitan area.
Comparing Memphis With Similar-Sized Cities
So how did Memphis compare with other cities of a similar metro size? During this same time period, New Orleans saw a job growth rate of just over 0.8 percent, while St. Louis saw a growth of around 0.79 percent. Raleigh, North Carolina, saw a decrease in jobs by nearly 0.7 percent, and Minneapolis-St. Paul saw just about 1.20 percent fewer jobs over the decade.
Great News for Current and Future Residents
The increase of thousands of additional jobs is great news for both current and future residents. This represents a healthy economy. A healthy economy means more money that is pumped back into the city through locally purchased goods and taxes. It also helps attract additional companies.
Success often attracts additional success. When other companies looking for a new landing spot see the success of a city and similar businesses, CEOs and founders of the companies want to take part. When looking at Memphis, they see a city with a vibrant market and a number of highly-skilled professionals. It is in an excellent location for distribution around the country, and it’s substantially more affordable than other markets in cities such as New York, Chicago or Los Angeles.
The Continued Growth of Memphis
Memphis jobs continue to increase, so whether you are currently looking for work or you’re considering a move to Memphis, this isn’t anything but fantastic news. The blooming Memphis economy also means more restaurants and forms of entertainment will come to town, which helps improve the overall quality of living in the city as well.