Economy in Memphis
Detailed economy data — sourced from authoritative datasets and normalized for direct comparison.
Economy in Memphis, Tennessee
Memphis's economy is driven by several key industries, with Transportation & Warehousing, Health Care & Social Assistance, and Retail Trade being the largest employers in 2024. Other significant sectors include Professional, Scientific, and Technical Services, and Manufacturing. The city serves as a major logistics hub, largely due to the presence of FedEx's global hub, which provides numerous employment opportunities.
Despite its strong industrial base, Memphis has experienced a decline in employment, with a rate of -1.88% from 2023 to 2024. The city has also seen a population loss in recent years, which impacts the overall job market and growth momentum. However, Memphis is recognized as an affordable city for investors, suggesting underlying long-term economic fundamentals and stable tenant demand, which could signal future growth potential.
Economy & Jobs
Top Industries
About Memphis, Tennessee
Memphis, Tennessee, a city steeped in rich history and vibrant culture, is famously known as the 'Home of the Blues' and the 'Birthplace of Rock 'n' Roll'. Situated along the Mississippi River, it has played a pivotal role in American music history, with legends like Elvis Presley and B.B. King launching their careers here. The city offers a unique blend of urban excitement and Southern charm, attracting residents with its diverse cultural attractions, historic sites, and a lively social scene. Despite experiencing some population decline in recent years, Memphis continues to draw new residents with its affordability and strong community spirit.
Memphis is the largest city in Tennessee by population, characterized by a dynamic mix of music, cuisine, and outdoor activities. The city's character is shaped by its deep musical roots, from the iconic Beale Street to its soul food restaurants and burgeoning craft breweries. It serves as a major hub for transportation and logistics, contributing significantly to its economic landscape. The city's demographic profile, with a median age in the mid-30s, suggests a young professional demographic, though it also caters to families and retirees seeking a more affordable lifestyle.
About Tennessee
Tennessee, known as the "Volunteer State," offers a diverse landscape ranging from the Appalachian Mountains in the east to the Mississippi River in the west, fostering a rich cultural heritage, particularly in music. The state's economy is robust and diversified, with major industries including manufacturing (automotive, chemicals, advanced manufacturing), healthcare, agriculture (soybeans, tobacco, cotton, beef cattle), and tourism. Living in Tennessee is generally considered affordable, with a cost of living approximately 10-15% lower than the national average, and it boasts no state income tax. The climate is predominantly humid subtropical, characterized by warm, humid summers and mild winters, though temperatures vary with elevation. Residents enjoy a lifestyle that blends natural beauty and outdoor recreation with vibrant cultural scenes in its major cities, alongside a strong sense of community.