There is some insight that Nashville out shines Memphis when it comes to economic blow. However, a closer look at the numbers expose that insight is not really accurate. Of the 25 wealthiest zip codes in Tennessee, Memphis and Shelby County have 11 among the wealthiest. Six of those eleven are totally within Memphis city limits. And that doesn’t include the nearby areas of Southaven and Olive Branch, Mississippi.
Germantown is the richest community in Tennessee with a median income of $152,000. Other high income neighborhoods in Memphis are Cordova, Collierville, Arlington, and Eads.
Memphis Business is Growing
Most people know that Memphis is a very popular tourist destination that offers a broad variety of jobs in the tourism industry. However, Memphis jobs are much more expanded and becoming more so. The city is an attraction to small businesses and Fortune 500 companies alike.
The huge commercial players include FedEx that started operations in Memphis in 1973 and today makes more than six million shipments every day to more than 220 countries. Auto zone is a leading auto parts retailer with more than 3,400 stores and made Memphis its head office back in 1979. International Paper first organized in 1878 and is now the biggest paper and forest products company in the world, with operations in more than 40 countries. Also, UPS lately expanded operations.
IKEA is planning to soon open a store in the commercial Wolfchase area at the corner of Germantown and highway 64, not far from I-40. Other areas of Memphis experiencing growth and expansion include Overton Square, the $70 million Highland Row Projects, growth of the University of Memphis and the very fresh opening of Bass Pro at the Pyramid. But it doesn’t end with these. There is also the multi hundred million dollar redevelopment of Sears at Crosstown and St. Jude Children’s Hospital is counting on an $800 million expansion. Nike is also putting in a warehouse along with the expansion of Central Station. When you start adding it all together the hundreds of millions quickly begin totaling billions of new ventures coming to Memphis.
Job Growth is Real
According to the Commercial Appeal, Memphis has added 22,000 more jobs over the past year and is expected to achieve even better as this year persists. The national unemployment rate has reached 5.5% and Memphis is approaching that number with a present unemployment rate of 5.9% – down from 7.3% 6 months ago.
Memphis works from a broad economic foundation that consist of agriculture, medical, chemicals, machinery, clothing, food products, electronic equipment, pharmaceuticals, cosmetics, among many other medium to small industries.
No wonder that major companies and people from all walks of life are attracted to the Memphis area.
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