Memphis TN Metro Area Economic Update - Q3 2024

This report provides an economic update for the Memphis, Tennessee metro area as of the third quarter of 2024. It outlines significant challenges faced by the region, including net job losses in 2023 due to layoffs among key employers. The report details the reliance of Memphis on transportation and warehousing services, which constitute a major portion of the local workforce. It highlights the impact of FedEx's layoffs on the local economy and compares Memphis' employment recovery to national trends. The document also discusses demographic shifts, noting a population decline in Memphis amidst overall growth in Tennessee. Additionally, it addresses the housing market, indicating that residential building permits have lagged behind national averages, resulting in lower housing costs. The report concludes with a forecast of potential job growth linked to new investments in electric vehicle manufacturing, which may positively influence the local labor market and demand for services.