MEMPHIS, Tenn. (Monday, Aug. 15, 2022) – The Greater Memphis Chamber’s Center for Economic Competitiveness today released its Jobs Brief for June 2022. Read the full report here.
Highlights
- Outpacing the U.S. job growth rate, Greater Memphis added 1,900 jobs in June, a 0.25% increase from May.
- After a small contraction in May, employment across the Greater Memphis region set a new all-time record high in June with 661,700 jobs.
- Greater Memphis recovered all of the jobs it lost in the pandemic in March and currently has 3,800 jobs more than it did in February 2020, before the start of the pandemic.
- Similarly, Tennessee has blown past its pre-pandemic employment record, ending June with more than 3.2 million jobs, which is 93,400 more jobs than it had in February 2020.
- The construction industry led Greater Memphis job growth in June as the local economy continued showing strong signs of recovery from the pandemic. After suffering a significant 36.75% decrease in jobs in the pandemic, the leisure and hospitality industry has also made a comeback, and in June was just 2.76% below its pre-pandemic jobs total. The education and health industry remains a point of concern as its total number of jobs in June was still 5.83% below where it was in March 2020.
Quotes
- Greater Memphis Chamber Chief Economic Development Officer Ted Townsend: “The Greater Memphis economy is on an upward trajectory, and we expect our strong job growth to accelerate as companies begin following through on last year’s record level of job commitments. As the region’s economic development organization, the Greater Memphis Chamber remains focused on bringing in new job opportunities and on giving people the skills they need to fill the jobs we have.”
- Dotty Summerfield Giusti, co-chair of the Greater Memphis Chamber’s Small Business Council and president of Summerfield Associates, Inc.: "The job growth across Greater Memphis is great news for small businesses, which account for the vast majority of jobs locally and nationally. Almost every company is staffing up; the challenge is retaining employees. Small businesses must constantly focus on engaging their employees as they reinvent themselves if they want to remain competitive."
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” on local, state, and national issues. 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, which include many of the region’s largest employers. For more information about the Chamber, visit memphischamber.com and memphismoves.com. Also, follow the Chamber on Twitter, Facebook, LinkedIn and Instagram, and sign up for its weekly newsletter, Memphis Fourword.
About the Center for Economic Competitiveness: The Center for Economic Competitiveness (CFEC) was created by the Greater Memphis Chamber in 2021 to gather and analyze the data of the region and its peers and then create strategies to address the market’s challenges and capitalize on its opportunities. In keeping with the Chamber’s mission to relentlessly pursue prosperity for all, CFEC regularly releases reports on the market and its industries. To learn more, visit CFEC’s webpage on the Chamber’s website.
