The Memphis economy grew to a record high of $102.9 billion last year.
The Greater Memphis Chamber announced the landmark last week, calling it “impressive” and a ”historic milestone.” It was the first time the Memphis Gross Regional Product (GRP) pushed over $100 billion. GRP is the total value of all products and services sold in a metro area.
The Memphis economy increased by nearly 6 percent from 2022 to 2023, growing by $6 billion. Over the last five years, the economy grew by 32.3 percent, which closely aligns with the national Gross Domestic Product (GDP) growth of 34.1 percent.
“Breaking through the $100 billion GRP barrier is a remarkable milestone for Memphis,” said GMC president and CEO Ted Townsend. “This achievement, along with our record employment numbers, really highlights what we’ve always believed — Memphis is a place where business thrives. … We’re not just growing; we’re truly transforming our economy and opening up exciting new opportunities for our region.”
Key highlights:
• Memphis ranked 6th among peer cities in GRP in 2023.
• 5 percent average annual GRP growth over the past five years
• Record employment levels reaching 656,600 jobs
• Unemployment rate of 4.3 percent, nearly matching the national average
“This economic milestone aligns with the region’s strong employment recovery, as Memphis surpasses its pre-pandemic employment levels, showcasing the market’s vigorous recovery and ongoing growth trajectory, “ the Chamber said in a news release.
For context, the Nashville metro, which includes the large suburb of Murfreesboro and the wealthy suburbs of Franklin and Brentwood, had a GRP of $204 million last year. The figure made it the largest economy in Tennessee, followed by Memphis.
As for the rest of the top five economies in Tennessee, the Knoxville MSA ranked third with a GRP of $64.3 billion last year.
Chattanooga’s GRP was $42.3 billion last year.
Johnson City’s GRP was $10.7 billion.
