Economy of Memphis, Tennessee

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Located on the Mississippi River, the metropolitan area of Memphis is one of the largest in the Southeastern United States, ranking 42nd in the United States according to the 2010 census. [1] The city has historically been one of the largest shipping hubs in the Mid-South, dating back to the Civil War, when the port was one of the largest on the Mississippi River and served as a shipping hub for the Confederacy. [2]

Contents

As transportation methods developed, Memphis has continued to hold significance as a transportation hub. Now the city is home to the second largest cargo airport in the world, Memphis International Airport, [3] and the world’s busiest domestic airport with 3.9 million metric tonnes. Memphis International Airport and Memphis have had huge significance in the railroad industry. The city has the 3rd largest rail center in the U.S. behind Chicago and St. Louis. [4] It is also one of only four U.S. cities with five Class 1 railroads.

Because Memphis has been such an important city for transportation and shipping, it is attractive to businesses, especially those producing goods shipped nationwide. Three Fortune 500 companies, FedEx, AutoZone and International Paper Co. call Memphis home. These significant businesses have brought a large manufacturing industry. Of the 607,900 jobs in Memphis in July 2014, 209,900 are in the manufacturing and transportation industries, around 34.5 percent. [5]

Over the years, the city has become less dependent on its manufacturing and transportation sectors and has diversified its economy especially in services. The Gross Domestic Product of the private sector good-producing industries have grown from $8,309 million to $11,459 million from 2003 to 2013. [6] Over that same time period, the private sector service industries grew from $39,354 million to $48,641 million. [6]

Companies

Publicly traded firms headquartered in Memphis

Private firms headquartered in Memphis

Major divisions or operations

Nonprofits

Former major companies

Government entities

Entertainment industry

The entertainment and film industry has also developed in recent years in the city. Major motion pictures filmed in Memphis include Making the Grade (1984), U2: Rattle & Hum, (1988) Mystery Train (1989), Great Balls of Fire! (1989), Trespass (1991), The Firm (1993), A Family Thing (1996), The People vs. Larry Flynt (1996), The Rainmaker (1997), Cast Away (2000), The Queens of Comedy (2001), 21 Grams (2003), Hustle & Flow (2005), Walk the Line (2005), Forty Shades of Blue (2005), Black Snake Moan (2007), Nothing But the Truth (2008), and The Blind Side (2009).

Further reading

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References

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  2. ↑ "Museum of the City". Museum of the City. Archived from the original on 2014-10-07. Retrieved 2014-09-27.
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  4. ↑ "Memphis Bragging Rights". Greater Memphis Chamber. Archived from the original on 2014-06-11. Retrieved 2014-09-28.
  5. ↑ "Memphis, TN-MS-AR Economy at a Glance". Bls.gov. 2017-06-20. Retrieved 2017-06-24.
  6. 1 2 "Regional Data GDP & Personal Income". bea.gov. Archived from the original on 2018-03-28. Retrieved 2014-09-29.
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  8. ↑ "International Paper | 2021 Fortune 500". Fortune. Retrieved 2021-06-23.
  9. ↑ "AutoZone | 2021 Fortune 500". Fortune. Retrieved 2021-06-23.
  10. ↑ "First Horizon | 2021 Fortune 500". Fortune. Retrieved 2021-06-23.
  11. ↑ "Sylvamo | 2023 Fortune 500". Fortune. Retrieved 2023-12-20.
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  29. ↑ Do you have a timeline of Ford Motor Company Assembly Plants?
  30. ↑ Firestone Fallout | Memphis Daily News | August 2018
  31. ↑ International Harvester Company said it would close its Memphis factory | New York Times | September 25, 1984, Section D, Page 3
  32. ↑ Union selling old UAW union hall in Frayser, 30-plus years after Harvester plant closing | Memphis Commercial Appeal | May 30, 2017
  33. ↑ Cbi Nuclear Co A Joint Venture | 2700 Channel Ave, Memphis, TN 38113
  34. ↑ The Chicago Bridge and Iron Company | February 4, 1972, Page 44
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