Center for Economic Competitiveness

The number of jobs in Memphis may have dropped slightly in May, but the figure still remains at one of its highest levels in decades.

According to a May 2022 jobs brief by the Greater Memphis Chamber’s Center for Economic Competitiveness, the Greater Memphis region saw a 0.2 percent (1,800 jobs) drop in the number of employed people after record highs in March and April, due to uncertainty over inflation and the national economy. But the total number of jobs in Greater Memphis currently stands at 659,600, which is 0.25 percent higher than pre-pandemic levels.

And the current market is still higher than the previous record set in February 2020, with an estimated 657,900 jobs.

“Greater Memphis continues to show strong signs of recovery from the worst pandemic in modern history,” said Ted Townsend, chief economic development officer, and president- and CEO-elect, for the Greater Memphis Chamber. “At the same time, we know there are areas where we, as a region, can improve. As we work to make Memphis the No. 1 economic development destination in the nation, the Chamber is already developing the inclusive talent pipelines that new and existing businesses need to accelerate our momentum.”

The report also detailed job growth by industry. Construction continues to surge, as it leads regional recovery at 10.67 percent growth over March 2020, followed by Trade/Transportation/Utilities (7.3 percent) and Business Services (6.5 percent). Per the report, small drops for Information, Financial Activities, and Other Services are likely byproducts of inflation. However, the Education and Health industries continue to see their recovery lag behind other sectors, with employment standing at -6.6 percent below pre-pandemic numbers.

Memphis received a boost with the latest round of new jobs data for metropolitan areas nationwide.

According to a report by the Greater Memphis Chamber’s Center for Economic Competitiveness, April saw the Greater Memphis region reach a record-high level of 661,400 jobs. The numbers continue an upward trend from March of this year, when the region recovered all the jobs that were lost during the Covid-19 pandemic.

National job growth continued to rise slowly in April at 0.3 percent. Greater Memphis’ job growth continued on par with the national average in April 2022 seasonally adjusted nonfarm payroll estimates. And between March and April 2022, local seasonally adjusted estimates rose by 2,300 jobs (0.35 percent).

(Credit: Greater Memphis Chamber/Source: St. Louis Federal Reserve, numbers are preliminary and seasonally adjusted)

Select peer metro areas have also seen a full recovery to March 2020 employment figures. And per the April 2022 report, Greater Memphis’ growth percent relative to March 2020 (+1.05 percent) surpasses that of Birmingham Metro (+0.15 percent), Louisville Metro (+0.31 percent), and Oklahoma City Metro (+0.67 percent).

Locally, the construction sector has seen the largest growth, of 7.59 percent over March 2020. Hospitality and leisure industries are still playing catch up, but have improved to just -1.97 percent short of March 2020 levels, with much of the summer season still to come. Per the report, education and health have been inert, with an average of 5 percent less employment than March 2020.