Memphis Employment Outlook

The economy of Memphis is very diverse.  The city itself did very well in attracting some major growth in the past decade and has been faring relatively well under the pressure of the recession.  Some of the most important employment sectors in the Memphis area are in government, education, transportation, agriculture, research, and finance.  The city is making a huge effort as of late trying to attract more highly-skilled workers, and looks to be doing pretty well even in the midst of a major economic downturn.

The city is one of the nation’s busiest and most important inter-modal transportation hubs.  The airport is home to shipping company Fed Ex, which employs roughly 40,000 workers in Memphis alone.  There are also major trucking and rail lines running through Memphis since it is centrally located inland on the eastern side of the continental US.  The airport also handles a large number of international traffic.  Both freight and people move through Memphis in huge numbers.

Besides the airport, Memphis is also home to very large sea port on the Mississippi River.  Home to the nation’s second largest port on the river, Memphis has a large supply of shipping traffic and the economy reflects this high dependence on water transportation.  Both the sea port and the air port have helped to carry Memphis through the recession with greater success than other surrounding cities.

Memphis has quite a large government worker population.  This sector has remained relatively untouched since the start of the recession and has shed a minimal number of jobs over the past two years.  This sector alone may be responsible to Memphis having a lower than average unemployment rate when compared to the rest of the state of Tennessee.  The Obama Administration’s stimulus package and the expansion of government programs and jobs will likely benefit Memphis quite a bit.  It will help to further secure the government sector from job cuts down the road and will give Memphis a more robust employment base.

As far as the city’s unemployment rate is concerned, it’s right up there with the national average.  There are simply not enough hot sector industries and companies in the city to provide support for a stronger than average city economy.  This rate is still lower than the state’s unemployment rate, which takes into account rural as well as metropolitan worker statistics.  The rate is expected to rise over the next year, and hasn’t slowed much in late 2009 to reflect the national average.

Memphis will likely remain one of the median cities for growth and economic strength well into the next decade.  It is trying very desperately to attract highly educated workers to its ranks, but unless they are more successful in years to come, Memphis will not be able to pull out of the recession any sooner than most other US port cities.  It is important to remember however, that the city provides the US with some really key ports and transportation hubs.  Don’t write Memphis off entirely, but there are quite a few other US cities that are more attractive to job seekers than this one.