MEMPHIS, Tenn. (Wednesday, 2/23/22) – Cementing Greater Memphis’ reputation as the nation’s “logistics capital,” the region’s supply chain and logistics industry far outpaced the national average for job creation and sharply increased its contributions to the economy in 2015-2020, according to a new report from the Greater Memphis Chamber’s Center for Economic Competitiveness (CFEC).
With 110,170 jobs across 3,400 businesses in the industry, Greater Memphis is the fourth largest market for supply chain and logistics jobs in the Southeast, according to CFEC. From 2015-2020, the region added 13,887 jobs, a 14.4% increase compared to the industry’s national growth rate of 6.8%.
“We’ve seen significant growth across the logistics and supply chain sector, with particular momentum in the logistics technology space,” said Apryl Childs-Potter, executive director for the CFEC and chief marketing officer for the Chamber. “The growth of these high-tech firms in our region presents a significant opportunity to build momentum for our innovation economy and grow and attract talent to deliver the next generation of supply chain solutions to the world.”
Read the report in its entirety by clicking here.
One of the reasons Memphis is a growing market for supply chain and logistics jobs is because of its earned reputation as “America’s Distribution Center.” The region is home to the No. 1 busiest cargo airport in the world, thanks in large part to Memphis-based FedEx; to the 3rd busiest trucking corridor in the U.S.; to the 5th largest inland port in the U.S.; and to 5 first-tier railroads. In total, Greater Memphis’ supply chain and logistics industry was a $15 billion industry in 2020, which was up 15.4% from 2015.
The report also shows that the Memphis metro is No. 1 in the Southeast and No. 5 among major metros nationwide when it comes to job growth in the rapidly expanding, technology-heavy sector of distribution and logistics consulting. Greater Memphis reported 3,380 jobs in the sector in 2020, which is up 123% from the 1,516 jobs reported in 2015. Behind Memphis, Nashville was No. 2 in the Southeast, growing jobs in the sector by 105% from 545 in 2015 to 1,119 jobs in 2020.
“For us, the most exciting takeaway from the data is that Memphis has a huge growth opportunity at the intersection of technology and the supply chain and logistics industry,” Childs-Potter said. “The more our companies invest in innovation, the more competitive Memphis will be for high-quality jobs.”
Media Contact: Ryan Poe, Greater Memphis Chamber Director of Communications.
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.
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.