{"id":36,"date":"2017-12-02T16:16:17","date_gmt":"2017-12-02T16:16:17","guid":{"rendered":"https:\/\/wearememphis.saleampdev.com\/?page_id=36"},"modified":"2026-04-28T11:17:49","modified_gmt":"2026-04-28T16:17:49","slug":"memphis-economy","status":"publish","type":"page","link":"https:\/\/wearememphis.com\/business\/memphis-economy\/","title":{"rendered":"Memphis Economy"},"content":{"rendered":"\n

Memphis’s economic development is booming.<\/span><\/h2>\n\n\n\n

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.<\/span><\/p>\n\n\n\n

And, of course, our food and music scene is one of the best in the world.<\/span><\/p>\n\n\n\n

Memphis’s<\/span><\/span> economy  <\/span> is a freight train full of job opportunities and driven by people building their careers by being part of something special.<\/span><\/p>\n\n\n\n

Here are just a few of the reasons why  Memphis’s economy  is thriving <\/span>:<\/span><\/span><\/p>\n\n\n\n

People<\/span><\/h2>\n\n\n\n

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.<\/span><\/p>\n\n\n\n

And while Memphis remains home to world-class artists and musicians, they<\/span><\/a> are joined by 55 new people every week : innovators, entrepreneurs, makers, and <\/span>highly skilled professionals<\/span><\/a> who are growing and energizing businesses across the city.<\/span><\/p>\n\n\n\n

Job<\/span><\/h2>\n\n\n\n

Venture capital firm Jernigan Capital moved to Memphis in 2016, bringing the number of <\/span>publicly traded companies<\/span><\/a> in Memphis to thirteen.<\/span><\/p>\n\n\n\n

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.<\/span><\/p>\n\n\n\n

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.<\/span><\/p>\n\n\n\n

In fact, the Greater Memphis Chamber of Commerce recently stated that  <\/span>Memphis has 16,000 high-paying jobs <\/span>, nearly half of which pay in the $58,000 to $75,000 per year range.<\/span><\/p>\n\n\n\n

Memphis is a dynamic city with a well-developed economic infrastructure that provides a solid foundation for business and career advancement.  <\/span>Memphis’s economy<\/span><\/span>  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.<\/span><\/p>\n\n\n\n

Diversity<\/span><\/h2>\n\n\n\n

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.<\/span><\/p>\n\n\n\n

Our city boasts one of <\/span>the most diversified economies in the country<\/span><\/a> compared to other major metropolitan areas. Thanks to its location on the Mississippi River,  <\/span>Memphis’s economy<\/span><\/span>  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.<\/span><\/p>\n\n\n\n

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 <\/span>lead the nation<\/span><\/a> in projected small business job growth.<\/span><\/p>\n\n\n\n

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.<\/span><\/p>\n\n\n\n

Housing<\/span><\/h2>\n\n\n\n

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.”<\/span><\/p>\n\n\n\n

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.<\/span><\/p>\n\n\n\n

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.<\/span><\/p>\n\n\n\n

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.<\/span><\/p>\n\n\n\n

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.<\/span><\/p>\n\n\n\n

Availability<\/span><\/h2>\n\n\n\n

What do <\/span>Money Crashers<\/span><\/a>,  <\/span>Forbes<\/span><\/a>, and  <\/span>Apartment Guide<\/span><\/a> have in common? They all ranked Memphis among the most affordable cities in the US.<\/span><\/p>\n\n\n\n

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\u2014meaning you can keep more of your hard-earned money.<\/span><\/p>\n\n\n\n

Innovations<\/span><\/h2>\n\n\n\n

Memphis never rests\u2014through bold ideas and proactive partnerships, we continually find new ways to drive positive change.  <\/span>Innovate Memphis<\/span><\/a> 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 <\/span>ServiceMaster Ground Floor<\/span><\/a>, a new innovation hub designed to attract highly skilled talent and investment to Memphis.<\/span><\/p>\n\n\n\n

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:<\/span><\/p>\n\n\n\n