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Posted about 11 years ago

Memphis Showing Signs of Economic Growth

According to local financial and economic information gathered by the Federal Reserve Bank the economic climate is improving in Memphis, Tennessee. In its Beige Book report for the Eighth Federal Reserve District, which is headquartered in St. Louis, Missouri and includes all of Arkansas, as well as portions of Indiana, Illinois, Kentucky, Mississippi and Tennessee, it cites a steadily improving housing market and increased retail numbers as indicative of the positive upward trend.


Historically, a hardwood and cotton trading center, with some 40 percent of the nation’s cotton crop still traded in Memphis and being home to three of the world’s largest cotton dealers, Memphis has a broad economic base and continues to diverse employment and investment opportunities. Banking and finance, nonprofit entities, manufacturing and science and technology industries are all well represented in the region. The city is also considered a major mid-South retail center and a thriving tourist destination.


While home sales and building permits increased, the commercial and industrial real estate sectors remained stable. The Beige Book report also highlighted ongoing health care construction projects in the downtown medical district, including Le Bonheur Children’s Hospital’s completion of is 255-bed tower on Poplar Avenue, Methodist Le Bonheur Healthcare’s $33.5 million emergency department expansion at its Methodist University Hospital site, Southwest Tennessee Community College’s 74,000-square-feet Nursing, Natural Sciences and Biotechnology Building, and the final phase of construction of the $23 million UT-Bioworks Research Park’s 26,000-square-feet Union Avenue laboratory.


Tennessee Governor Bill Haslam also evidenced economic growth when he announced plans by New Breed Logistics for a $23 million expansion that will bring 468 new warehouse and distribution jobs to Memphis. The company, which distributes diverse consumer products and manufacturing components, started operations in Memphis in 2001 and currently employs 1,775 people in the city, will expand its existing facility on Citation Drive and lease a further facility on Quality Drive. Joe Hauck, vice president of sales, marketing and communications for New Breed said that the company’s growth had been phenomenal and that “Memphis is a great market for us. A lot of our clients want to be there.”


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