Memphis poised for stronger economy than many US cities

Published: Jan. 12, 2023 at 6:59 AM CST
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MEMPHIS, Tenn. (WMC) - The projections look good for the Memphis-Shelby County economy, according to the Greater Memphis Chamber.

Ted Townsend, the president and CEO of the Greater Memphis Chamber said the job market across the metro has seen growth seven out of the last nine months.

“We have about 670,000 in the workforce right now,” said Townsend. “That’s the highest it’s ever been.”

This growth is largely attributed to the area’s boom in small businesses. According to a 2021 report, Shelby County had more small business applications than any other area in the country.

Dotty Summerfield Giusti, the co-chair of the chambers small business council, said that it matters to workers when they feel they can connect with their bosses personally.

“Small businesses just get the culture more than the big national companies,” said Guisti.

The Memphis metro needs more skilled workers. Townsend said, in his eyes, this is more of an opportunity than a problem.

“Memphis and Shelby County can have world-class employees,” said Townsend. “We just need to give them the tools to get there.”

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