Weekly Update

Friends,

 

For a long time now, I have said and written many times that Memphis is an opportunity city, and the numbers and the data show it. For the last eight years, we led the effort to create opportunities and careers for Memphians, and the Memphis economy has momentum.

 

• Jobs are up.
• Unemployment is down.
• Salaries are up.
• Poverty is down. (To its lowest point in decades)
• Home property valves are up in all neighborhoods.
• Tourism has increased.
• Film and television just had a record-breaking year.
• There are over 10,000 good-paying jobs available right now.
• And we have free job training available.

Let me explain. 

Jobs - There are almost 5,000 more people employed now than eight years ago, and the unemployment rate has decreased from 6 percent to 3.9 percent. We have aggressively recruited businesses to locate in all areas of Memphis and streamlined City approval processes. 

Salaries—In 2015, the median household income in Memphis was $36,908.  In 2022, it was $50,622, an increase of 27 percent.

Poverty Rate—In 2015, the poverty rate was 26.2 percent and has trended down since then.  In 2022, it dropped to 21.4 percent, its lowest level in decades, with over 37,000 fewer individuals living below the poverty line. 

Property Values—According to one of my favorite professional organizations, the Memphis Area Association of Realtors, median home sales in Memphis went up 76%, from $125,000 in 2015 to $220,000 in 2023.   And it has increased prices in every neighborhood where they keep records:

Tourism—According to the State of Tennessee, visitor spending in Memphis hit an all-time high in 2022 of over $4 billion. This is an increase of $847 million or 27 percent.

Film and Television—According to our Film and Television Commission, the recently concluded fiscal year was “a record-breaking year” with over $15 million spent in the local economy and 2,180 jobs created.

Team Effort—Economic Development is a team sport.  I want to thank our partners who were involved in some or all the above gains—the State of Tennessee, Shelby County Government, Memphis City Council, Greater Memphis Chamber, EDGE (Economic Development Growth Engine), TVA, MLGW, and all the great businesses in our community.

Here are some of the things that the city did to bring opportunities (career and otherwise) to Memphians:

 

• Streamlined the City approval process for businesses
• Aggressively pursued new economic opportunities, including use of incentives and infrastructure improvements
• Appointed one person in our administration to be the one-stop shop for economic development
• Increased the City’s MWBE spend from 12% to 27.4%
• Doubled our summer youth jobs program
• Doubled our program capacity for youth in our community centers and libraries
• Added 3,400 teens to after-school programming in 10 high schools through Boys and Girls Clubs
• Provided pathways to successful lives and careers for the homeless; those needing second chances, such as those with criminal records; disconnected youth ages 16-24 who are not in school and not employed; and those without a high school degree.
• Expunged over 5,000 criminal records
• Employed hundreds of homeless individuals and those with criminal records through Work Local and the Public Service Corps

Memphis is a city of great opportunities, and there are pathways to prosperity for all people with all backgrounds.

 

We have also planted seeds that will pay off in future years. We

• created free-universal pre-k several years ago
• created the first-ever dedicated funding source in Memphis history for public transportation, and we are implementing a transit plan over the next seven years for a markedly improved system.
• created a deal for fiber broadband to 85% of all homes and businesses in seven years and incentivized others to do the same thing.
• completed the first half of the first-ever study of the aquifer—so we can learn how to protect it.

I want to thank all our City employes for what they have done over the last eight years. I have truly been honored to work with them.

Eight Year Summary: To see a complete list of the work we have accomplished over the last eight years, go here.

Enjoy your Saturday!

 

Yours,