Economy of Memphis, Tennessee
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The city's central location has led to much of its business development. Located on the Mississippi River and intersected by two Interstate highways and seven major U.S. highways, Memphis is ideally located for commerce among the transportation and shipping industry.
The city is also home to the world's busiest cargo airport, in terms of tonnage, which serves as the primary hub for FedEx shipping.
Due to its location, more major metro areas can be reached overnight from Memphis than any other city in the central U.S. Memphis has also developed as a major manufacturing center of textiles, heating equipment, pianos, and automobile and truck parts.
Memphis Light, Gas and Water ("MLG&W") is also one of the largest municipal utilities in the United States.
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[edit] Model for economic development
The city appeared in the top eight of the 50 best major metro areas in the U.S. for starting and growing a business in 2000, according to Inc. magazine. Southern Business and Development magazine ranked Memphis as one of the most successful models for economic development in the south, also recognized the city as one of the top ten markets over the past decade.
In October 2002, Ebony Magazine has cited Memphis as a city for its outstanding African-American leadership. Memphis also had the highest rate of high technology start-up operations over the last three years among the nation's 60 largest metro areas, according to Brandow Company research.
[edit] Memphis based Businesses
[edit] International corporations
Memphis is home to a growing number of nationally and internationally known corporations, including approximately 150 businesses from 22 countries. This includes the corporate headquarters of FedEx Corporation and International Paper. It is also, home to Fred's Stores headquarters, a company which was named as one of the five fastest growing chain-stores by Forbes Magazine. Northwest Airlines also operates a major hub at Memphis International Airport, with daily nonstop flights to Amsterdam.
[edit] National enterprises
Other corporations with a major presence in the area include AutoZone Incorporated, Belz Enterprises, Buckeye Technologies, First Horizon National Corporation, Guardsmark, Hohenberg Bros. Co., Harrah's, Hilton, ServiceMaster, and Morgan Keegan & Company, Inc..
[edit] Local companies
Memphis Light, Gas and Water ("MLG&W") is also one of the largest municipal utilities in the United States.
[edit] Entertainment industry
The entertainment and film industry has also developed in recent years in the city.
[edit] Movies
Several major motion pictures have been filmed in Memphis in recent years, including 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), and Black Snake Moan (2007), Nothing But the Truth (2008).
[edit] Fortune 500 Companies
Memphis is the corporate international headquarters of several corporations. Two of them, FedEx and International Paper, are 2006 members of the Fortune 100. Memphis has four members in the Fortune 500: AutoZone, ServiceMaster, FedEx, and International Paper. Two other businesses, First Horizon National Corporation (575) and Fred's Stores are in the Fortune 1000.
[edit] References
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