We’ve written recently that Memphis needs a disruption strategy to expand the economy and to create more jobs. It seems clear that doing the same and expecting different results is not working.
More evidence came this week with the jobs growth for the first quarter of this year compared to the first quarter of last year. There are 236 metro areas with more than 100,000 jobs and Memphis ranked #158 with 1.2% increase in jobs.
The highest percentage increase was 4%, and Nashville, Austin, and Atlanta were among the 33 metros with growth of more than 3%.
The growth rates for Tennessee major metros was Nashville at 3.8%, Chattanooga at 2.6%, Memphis at 1.2%, and Knoxville at 1%.
The following ranking from highest to lowest are for the “peer metros” selected by EDGE and University of Memphis’ Sparks Bureau of Business and Economic Research:
3.9% – Kansas City MSA
3.8% – Nashville MSA
3.3% – Jacksonville MSA
3.1% – Charlotte MSA
2.1% – Indianapolis MSA
2.0% – Louisville MSA
2.0% – Cincinnati MSA
1.2% – Memphis MSA
1.2% – St. Louis MSA
1.2% – Greensboro MSA
1.0% – Omaha MSA
0.8% – Little Rock MSA
0.7% – Birmingham MSA
0.1% – New Orleans MSA
0.0% – Oklahoma City MSA
– 0.8% – Tulsa MSA
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Here’s a disruption strategy: Invest in Memphis.
Let every person, corporation, foundation, financial institution, educational institution, and public entity put their millions into a pot, borrow twice that number, and then Go Build Memphis.
The late, great Tim Bolding’s 10,000 Homes Initiative could be the start of the work. Then let’s move on to sidewalks, greenways, and reconstitute our streets for the new millennial era (better crosswalks, all bike lanes, and pedestrian quality access everywhere).
That’s about an easy 10 years work at full employment. That’s a renaissance in skills and motivation. That’s a new Memphis.
Then we start talking about burying the power lines.
Invest in Memphis. We have no where to go but up.
The bad news about Memphis never seems to end.
No where to go but up is right.
We need a much better educated work force who earn higher salaries to get big time investment in Memphis. Without those two things we will stil be stuck with smallish companies and such here. We also don’t have the important entrepreneurial spirit among African Americans that have helped cities like Atlanta grow and prosper
Like many readers of Smart City Memphis, I get tired of yet another low ranking number. I have studied the Memphis economy for a long time now. I wish I could say what I would do if I were King for a day. I do not see a short term solution to our ills. Surely, lack of multi-municipality and multi-state cooperation has a lot do with it. And race has been a plague on our development problems for decades.
The education issue is important but it is a chicken and egg issue. The University of Memphis and the community colleges turn well educated people by the 1,000s every year. My guess is that a fairly large percentage move on to another city — Nashville and Atlanta. And, of course, we know from this column that people do not move to the Memphis MSA in large numbers. Business thinks that the work force is poorly educated because it is the poorly educated who probably hang around. And local business does seem to specialize in hiring ‘low’ skill employees. The vicious circle just keeps going around.
There are some very exciting parts of Memphis, economically speaking. But evidently, not enough to turn us around.
True. The well educated and ambitious leave Memphis ASAP. Those who remain here languish in mediocre warehouse type jobs. Not a good scenario.
Thanks, David, for weighing in with your always thoughtful – and expert – observations.
Thanks, David, but let me solve your chicken and egg riddle.
The 1000s helped by UM et al. are prepped and rarin’ to go at education and advancement. The problem (as you hint at) is always the 150,000 or so of us in poverty, in need of prep, in need of vision, in need of a better education, in need motivation.
I say we concentrate on our least able and least prepared. This is where we must start. Full employment, learning on the job, security through benefits—and more education when the spirit moves.
For too long we tried to stuff square pegs (the poor with poor schools and poor social supports) into the round and immutable holes of the educated class.
Without prep and without motivation, we expect folks to survive and prosper. Let people re-build their neighbor, gain some measure of wealth, pride, and facility. Let educational institutions pay their part of this re-buiding with free tuition and collegial benefits (like free transportation and reduced fees).
And then we will see development from the inside out rather than needing to usher the outside in.