Culture, History, and Business

In May 1819, the city of Memphis was founded by three visionary men, John Overton, James Winchester, and Andrew Jackson. The capital city of Egypt inspired the name. With the unique vision of these three founders, the creation of the city that now ranks among the best cities in the US was initiated. 

Memphis has a GDP of over $72 billion, which has steadily grown by close to 50% since 2002. The economy of Memphis boasts the contribution of three Fortune 500 companies AutoZone, International Paper, and FedEx, who are headquartered in the city. Also, companies like Amazon and Nike have numerous important distribution centers in the city. The largest employers in the city are FedEx, with an employee base of 32,000 individuals.  

Situated on the River Mississippi, added to its links with two interstate highways and five major freight railroads, Memphis has become a shipping industry hotspot. Ever since its establishment, the city has explored the waters as an excellent platform for shipping with the steamboats. The construction of state-of-the-art railroads has further enhanced the strength of the economy of the city and that of the US altogether by increasing business opportunities. 

The jobs in Memphis rose by 1.4% in the past ten years. According to 2019 reports from Memphis Daily News, Greater Memphis is a hotspot for high-demand jobs in industries like healthcare, business, and financial operations, transportation and moving sectors, and information technology. The high demand for blue and white-collar jobs has increased the population of the city. Population growth in the metro area is projected to rise by 2.3% by 2023, with over 30,000 new residents expected to move into the area in the next couple of years, experts claim 

The supply of new homes has been deficient over some time in the city; this, in turn, has boosted the revenue of real estate investors. The cost of an apartment in the city center is $1,027.35 per sq. meter while outside the city center cost $477.20 per sq. meter. The last 12 months have seen the value of homes in Memphis increased by 5.9%. The scarcity of new homes has increased the rate of rentals within the city. The rate of renter-occupied households in the city is 42%. Memphis’s monthly median rent was $950, increasing from $888 the previous year. 

For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.

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