MEMPHIS, Tenn. (Monday, June 6, 2022) – The Greater Memphis Chamber today unveiled Prosper Memphis 2030, a new strategic growth plan designed to make its region more inclusive and prosperous.
As one of the largest minority-majority cities in the nation, Memphis has a unique opportunity to attract companies that prioritize diversity in their workforces – including companies in high-growth advanced industries. Advanced industries – like automotive or medical device manufacturing – are characterized by their heavy emphasis on research and technology, and their need for talent in the fields of science, technology, engineering, and mathematics (STEM).
Memphis is currently working on 55 economic development recruitment projects – more than ever before. Those projects represent nearly 15,000 new jobs with an average wage of more than $58,000 and capital investments of more than $10.6 billion. And of those projects, 80% are in advanced manufacturing.
By promoting the region’s diversity and by upskilling its workforce, the Chamber hopes to make Memphis a go-to destination for these advanced industries and their high-quality jobs.
As the Chamber continues pressing toward this larger goal of prosperity for all, it laid out three strategic priorities that will govern its work through 2030:
- Inclusive jobs. A prosperous Memphis is an inclusive Memphis. Goal: Create 50,000 high-quality jobs, with half of those jobs going to minorities.
- Diverse industries: A healthy economy has a healthy mix of businesses. The Chamber plans to add the Goal: Add 700 new firms in advanced industries.
- Future-ready talent: 20,000 STEM graduates per year, with 45% of those degrees going to Black students.
“Equity is at the very center of this plan to create a more prosperous, more inclusive Memphis,” said Ted Townsend, chief economic development officer of the Greater Memphis Chamber. “As last year showed, we’re already in the economic development playoffs, but we want the championships. By the end of 2030, we want to be able to point at our regional scoreboard and do the Ja Morant victory dance.”
About the Greater Memphis Chamber: One of Memphis’ oldest institutions, dating back to 1838, the Greater Memphis Chamber is a privately funded nonprofit that serves as the region’s lead economic development organization and the “Voice of Memphis Business” at the local, state, and national levels. The Chamber’s mission is to relentlessly pursue prosperity for all — through economic and workforce development, pro-growth advocacy, and by providing support and resources to its investors, including many of the region’s largest employers. For more information about the Chamber, visit memphischamber.com and memphismoves.com. Also, follow us on Twitter, Facebook, LinkedIn and Instagram, and sign up for our weekly newsletter, the Memphis Fourword.