Greater Memphis sets new record for jobs

Greater Memphis added 3,200 jobs in July 2022 – a 0.48% increase from June 2022 and a 1.4% increase over the pre-pandemic total of February 2020 – to reach a new record-high 667,200 jobs, CFEC reports. The construction industry continues to lead the pandemic jobs recovery with growth of 8.65% over March 2020, followed by the trade, transportation, and utilities industry with growth of 7.7%.

Buoyed by the comeback of tourism and travel, the region’s hard-hit leisure and hospitality industry in July also rose 0.42% above the industry’s pre-pandemic total after a 36% loss in the pandemic.

Read the full July 2022 Jobs Brief here.

QUOTES

• Ted Townsend, chief economic development officer of the Greater Memphis Chamber: "It's no secret that the Covid-19 pandemic decimated tourism and hospitality around the world, but we're happy to report that in Greater Memphis our hospitality and leisure industry jobs have made a complete recovery. This comeback comes as our region continues to set new records for jobs. What that tells me is that Memphis has regained its pre-pandemic momentum and is entering a new phase of growth."
• Kevin Kane, President & CEO of Memphis Tourism: "Positive job growth in our industry is welcome news as Memphis and Shelby County also meets and exceeds hotel room night demand seen in 2019. The biggest challenge now facing our industry on a local level is filling available openings. The Memphis destination has recovered at a rapid pace and our industry is laser focused on showcasing how a job in tourism and hospitality can also develop into a successful career path."

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.