Metropolitan Memphis, located in the
southeast corner of Tennessee, northwest Mississippi, and eastern Arkansas,
contains approximately 4,598 square miles and is inhabited by a population of
approximately 1.3 million people. As one
of the few MSAs that include three states, the Memphis Region plays an integral
role as a centerpiece of the Mid-South area.
Memphis is the economic capital of the Mid-South. It has become a regional and national supply
chain and logistics hub because of its central location and well-developed
infrastructure. In recent years,
numerous national and international corporations have relocated or expanded
their operations in Memphis to take advantage of low costs and the convenience
that the area’s logistics infrastructure offers.
The infrastructure of Memphis includes:
- Memphis International Airport
reported the largest worldwide cargo volume for 18 straight years (1992-2009).
It dropped to second largest volume behind Hong Kong in 2010.
- FedEx World Hub and UPS super-hub
- One of only three cities that has
5 of the 7 Class I railroads in the United States. The Class I railroads are
the largest railroads in North America and are defined as rail companies that
have annual revenues in excess of $250 million. The Class I railroads in
Memphis are Burlington Northern Santa Fe (BNSF), Canadian National (CN), CSX,
Norfolk Southern (NS) and Union Pacific (UP).
- Second largest port on the
- Crossroads of two of the nation’s
busiest highways – Interstate 40 and Interstate 55 and soon to boast the
convergence of I-22 and I-69 (the international interstate that will connect
Ontario, Canada with Mexico)
Memphis continues to be a top tier player for
major distribution, logistics and manufacturing facility relocations and consolidations
with a steady volume of inquiries. Swedish based Electrolux announced in
December 2010 that it would invest $190 million in a new 700,000 square foot
manufacturing facility at Frank C. Pidgeon Industrial Park. Construction began in
the fall of 2011. The move will create 1,200 jobs with the potential for 4,000
jobs. In February 2011 Mitsubishi Electric announced plans to build a $200
million, 350,000 sf manufacturing plant in Memphis. The new plant will provide
90 manufacturing and headquarter jobs and reach 275 employees at peak
production. It will also need local suppliers for machined and fabricated
materials, potentially providing even more jobs (source: Memphis Business
Key economic drivers include:
- Until 2010, Memphis International
Airport was the busiest cargo airport in the world for 18 straight years. In
2010 it handled nearly 3.9 million metric tons, an increase of 5.9 percent.
Memphis is second in cargo volume only to Hong Kong.
- The FedEx World Headquarters and
WorldHub have undergone a $1 billion expansion in last seven years. FedEx has
30,000 local employees.
Healthcare has a $10.4 billion
annual economic impact and accounts for one in nine jobs in the area. There are
2,400 companies with nearly $2 billion in annual payroll.
- Because of its abundant
quadramodal (land, rail, river, air) transportation capabilities, Memphis was
named the #1 US Logistics Hub in 2011 by Business Facilities magazine.
- Tourism is a major industry for
Memphis. There are more than 8 million visitors a year contributing $2.3
billion in visitor expenditures. There are 51,310 jobs in tourism and
hospitality in Memphis and Shelby County.
Visit one of the following websites for more
information on the Memphis region: