MEMPHIS, Tenn. (Tuesday, Dec. 20, 2022) – The Memphis Metropolitan Statistical Area (MSA) added 2,700 jobs in November to set a record of 671,500 total jobs, according to the latest report from the Greater Memphis Chamber’s data and analytics arm, the Center for Economic Competitiveness (CFEC). Read the report here.
“Greater Memphis has more people on payroll than ever before and our businesses are still telling us they can’t hire people fast enough,” said Greater Memphis Chamber President & CEO Ted Townsend. “These historic job numbers tell me we’ve come a long way but have more work to do, especially when it comes to making job training better, faster, and more accessible to every single person in Memphis.”
The hospitality and leisure industry led the region’s job growth in November, ending the month with a total of 66,855 jobs – a 7.88% increase compared to November 2021. Following that industry was the financial activities industry (+7.82%) and the business services industry (+6.47%). In another encouraging sign for the region, jobs in the long-stagnant education and health industry rose 3.98% year over year.
Meanwhile, after a year of strong, steady growth, the construction industry saw an expected contraction as temperatures cooled in November, resulting in 1.08% fewer jobs in the industry than in October.
The MSA ended November with 13,600 more jobs (+2.06%) than it had pre-pandemic in February 2020.
The Chamber has set a regional goal of adding 50,000 jobs above the 2020 baseline by the end of 2030 as part of its Prosper Memphis 2030 plan, which is based on work done in collaboration with Innovate Memphis and BLDG Memphis through the 2020 Brookings Institution Inclusive Economic Indicators Lab.
“Greater Memphis is feeling many of the same economic pressures other cities are facing, but our resilient job growth shows the strength of our local economy,” said CFEC Executive Director Tecora Murray. “It’s encouraging that two of our essential sectors – hospitality and leisure, and education and health – are again adding jobs in the Memphis MSA, and we expect that trend to continue into 2023.”
Media contact: Ryan Poe, director of communications, Greater Memphis Chamber.
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.
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.