September 2024
The Memphis, TN market is seeing substantive job opportunities and growth resulting from business expansions, surging tourism, and economic development in the area.
Elon Musk’s xAI will be building what it calls the world’s largest supercomputer in Memphis.
What This Means For You: The project is being called the “largest capital investment by a new-to-market company in Memphis history.” The company expects to create high quality jobs upon completion of Phase 1, with opportunities for more substantial investment in future phases.
The $5.6 billion BlueOval City project could be the largest economic game changer for West Tennessee in decades.
What This Means For You: The 3,600-acre Blue Oval City campus will soon be hiring as many as 6,000 workers, not including several major suppliers that will build their own facilities and hire up to 3,000 more workers. Projections indicate the entire project could draw up to 30,000 direct and indirect jobs. The federal government estimates every auto assembly line job will bring in an additional 6-8 jobs.
St. Jude Children’s Research Hospital has purchased 23 parcels of land in the Pinch District to expand its campus.
What This Means For You: This is an addition to one of the largest economic development initiatives in Memphis history. The investment means more “good-paying” jobs for over 2,500 Memphians by the end of the decade, according to St. Jude.
The Memphis & Arkansas Bridge, which carries I-55 traffic across the Mississippi River at Memphis, opened in 1949 and is set to be replaced in 2030.
What This Means For You: This project is expected to create over 1,000 direct construction-related jobs.
Buc-ee’s, the second-largest convenience store in the world, is in the works for the Memphis area.
What This Means For You: The new facility will create hundreds of jobs – 200 directly and 44 indirectly off the bat – that will pay between $17.50 and $38 an hour with an average salary of roughly $45,000 per year.
Texas-based electronics manufacturer Reconext is expanding its operations to Memphis.
What This Means For You: The company plans for 161 new employees hired within the first two years. An additional 44 new jobs will be added within the first five years.
Tennessee tourism breaks $30B in visitor spending in 2023.
What This Means For You: Visitor spending generated $3.2 billion in direct state and local tax revenues in 2023. Without tourism, each Tennessee household would have to pay an additional $1,160 in taxes each year. Employment supported by visitor activity also increased 3% in 2023, rebounding to 98% of pre-pandemic levels.
