We’ve written often lately about our concern for the flagging Memphis regional economy. Brookings Institution warns that “underneath the (economy’s) headline numbers, America’s progress remains uneven: economic divides are growing between the coasts and the heartland, technology and other sectors, and the rick and the poor. This uneven progress reflects the accelerating pace of economic change that people and places across the nation now confront.”
Here’s the uneven progress faced by our MSA and more justification for a sense of urgency for a creative disruption of our economic development programs before Memphis falls further in the rankings of the United States’ 100 largest metro areas for 2011-16.
Here are the basics for the Memphis MSA and the rankings are for percentage of growth:
#81 – Overall Growth Indicators for Memphis MSA
#70 – Gross Metropolitan Product Growth
#69 – Jobs Growth
#87 – Jobs at Young Firms
Other Indicators for Memphis MSA:
#52 – Productivity
#50 – Standard of Living
#83 – Average Annual Wage
#85 – Median Wage
#10 – Poverty
Memphis Rankings with other metros:
Median Wage Growth –
#10 – Chattanooga MSA
#13 – Raleigh MSA
#14 – Austin MSA
#17 – Oklahoma City MSA
#22 – Atlanta MSA
#24 – St. Louis MSA
#25 – Indianapolis MSA
#30 – Louisville MSA
#43 – Charlotte MSA
#50 – New Orleans MSA
#59 – Little Rock MSA
#60 – Knoxville MSA
#65 – Detroit MSA
#67 – Jacksonville MSA
#74 – Nashville MSA
#77 – Birmingham MSA
#84 – Cleveland MSA
#85 – Memphis MSA
#92 – Baltimore MSA
Overall Growth –
#3 – Austin MSA
#5 – Nashville MSA
#14 – Charlotte MSA
#18 – Raleigh MSA
#23 – Atlanta MSA
#26 – Jacksonville MSA
#34 – Louisville MSA
#37 – Oklahoma City MSA
#40 – New Orleans MSA
#47 – Kansas City MSA
#48 – Indianapolis MSA
#49 – Detroit MSA
#59 – Baltimore MSA
#64 – Knoxville MSA
#66 – Chattanooga MSA
#71 – St. Louis MSA
#72 – Birmingham MSA
#81 – Memphis MSA
#84 – Cleveland MSA
#91 – Little Rock MSA
Gross Metropolitan Product Growth –
#3 – Austin MSA
#5 – Nashville MSA
#13 – Oklahoma City MSA
#14 – Raleigh MSA
#17 – Charlotte MSA
#23 – Atlanta MSA
#37 – Detroit MSA
#38 – Louisville MSA
#42 – Jacksonville MSA
#52 – Kansas City MSA
#54 – Knoxville MSA
#55 – Kansas City MSA
#55 – Indianapolis MSA
#66 – Chattanooga MSA
#69 – Baltimore MSA
#70 – Memphis MSA
#73 – St. Louis MSA
#74 – Birmingham MSA
#78 – Little Rock MSA
#82 – New Orleans MSA
#83 – Cleveland MSA
Source: Metro Monitor 2018, Brookings Institution
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Tom,
I really appreciate you bringing attention to critical issues Memphians should think about. On this one, most economic analyst consider Memphis a cyclical growth metro…meaning ups and downs. Strategies need to be different for cyclical v high growth metros. So I am wondering…where is Memphis in its cycle and what are best strategies for that? Should be be hunkering down for futher decline or rapidly investing for the up cycling coming?
Glenn
Glenn:
That is THE question. The trend lines indicate that we should be hunkering down unless there is some creative disruption to our economic development plans and strategies. The poor trend line dates back about 17 years as Memphis region was already losing jobs when the Great Recession hit, which dealt us a serious blow. We are just now returning to pre-recession levels. As I wrote some time ago, if we are fine with business as usual, we are essentially agreeing that we are managing decline. Based on recent comments by Richard Smith and others, it seems that some people who can change things are stepping forward to do just that.
Sadly these rankings again show just how dismal the economy of Memphis is when compared to other cities.
It’s laughable to think Memphis can make any significant progress when the two core issues of staggering poverty and high crime are addressed in some meaningful ways that will result in tangible improvements on both fronts. Otherwise people and businesses will continue to not choose Memphis and things will decline even further.
Case in point. It’s also laughable to see how the moribund business and government leaders seem to think that Richard Smith is the new Messiah of Memphis. They should all know that he’s just another “good-ole-boy” with his daddy’s money.
These statistics are really not any new news, but are just so depressing. I doubt we will ever see much improvement given how bad things are in the city and in the economy of greater Memphis. And wow, how impressive are the stats for Nashville
Well the wage growth for Nashville isn’t good.