A Memphis Chamber of Commerce luncheon at the Peabody Hotel reflected economic hope for Memphis in 2015. The hope is to bring new business to the city and Shelby County. The two biggest assets the region offers are available capacity and a strengthening school system that provides young workers ready and able to join the work force.
Learn more about what the school system is doing to improve students for the future by reading this previous article: Good Things Happening in Memphis Schools.
In 2014, the Memphis Chamber of Commerce set a goal to create 3,000 new jobs and according to Phil Ternary of the Greater Memphis Chamber: "We achieved that goal. I think we'll have a couple of more announcements before the end of the year." A recent report from the Federal Reserve predicted the Memphis region could add as many as 10,000 new jobs during 2015.
One thing setting Memphis apart from other large cities is that it has the capacity to move new businesses in today. The capacity comes in the form of existing buildings that can be occupied in a short time, if not immediately. That's a huge advantage for businesses that want to move fast and don't want the cost of new construction. There is also an ample supply of undeveloped land for businesses wanting to build from the ground up in a region with a willing and capable workforce.
On the educated work force side of attracting new business is the addition of $35 million in funding to pre-K programs. It will take several years for this initiative to pay dividends to businesses but the school system continues improving with a long term approach to making Memphis attractive to new businesses.
A few of the current strong points in the Memphis economy include Electrolux and Mitsubishi and Fortune 500 companies FedEx and International Paper still turning profits and Bass Pro is still to come. Douglas Browne, Peabody Hotel manager, added that along with capacity and a strong workforce Southern Hospitality continues attracting tourists and new residents alike.
The recession hit the Memphis tourist industry especially hard. What the region is currently seeing is strong job growth in healthcare and education. However, hospitality jobs in the tourist sector are slowly coming back following the recession. That unwavering Southern Hospitality keeps millions of tourists coming back for more. With the national economy continuing to improve, it's all good news for the Memphis tourism industry.
"I see many indicators that tell me this is a community that's on the move," said Shelby County Mayor Mark Luttrell.
Author bio: Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years. He also draws upon 25 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest in the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.