The Greater Memphis Chamber takes an active approach to monitor economic trends and conditions impacting the Greater Memphis Region. On June 23, 2021, new jobs data for May 2021 was released for metropolitan areas nationwide. Relative to this release, we highlight the updated job recovery as well as call attention to the specific industries of Professional and Business Services and Leisure and Hospitality.
Market TAKEAWAYS
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Alongside other major metropolitan areas in the State of Tennessee, job growth in Greater Memphis expanded slightly in its May 2021 seasonally adjusted nonfarm payroll (job) estimates.
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Over the month April 2021 to May 2021, seasonally adjusted job estimates expanded by 3,400 (0.5%)
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Since the 61,400-job contraction in March/April 2020, the Greater Memphis region has added back 48,700 (79%) of jobs lost.
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Reflected in the May 2021 estimates, the market currently remains -1.9% below its March 2020 level.
Competitive job recovery within major metropolitan areas
Industry TAKEAWAYS
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Professional/Business Services continues to lead regional job recovery. Currently, this industry sits 8.9% above its March 2020 level. This industry has added 6,100 jobs since January 2021.
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Since January 2021, Leisure and Hospitality has added 7,200 jobs. With this growth, Leisure and Hospitality is now -6.2% below its March 2020 level.
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Job gains within Leisure and Hospitality are likely due to increases in spending within the metro area. Currently, total consumer spending is above a January 2020 baseline by 25.8%.
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Specifically, Restaurant and Hotel spending is 6.7% above its the January 2020 pre-pandemic baseline. Retail spending is above the January 2020 baseline by 29.4%. Spending for Entertainment and Recreation is now 41.9% above the January 2020 levels - this marks a significant 84.3% increase above consumer spending from just a month prior.
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