Memphis Ranked in Top Ten Metro Areas by Site Selection Magazine
Release date: 3/3/2010
Chamber Economic Development Team assists in $552 million in new capital investment.
Memphis, TN – Announced today in their annual ranking of communities with the most new and expanded corporate facilities, Site Selection Magazine has ranked Memphis, Tennessee, 9th, in its Top 10 Metro Areas: Tier One New and Expanded Facilities in 2009 (Metros with population over 1 million). With 58 new corporate location and/or expansion projects recorded (according to the criteria of Site Selection Magazine), the Greater Memphis Chamber’s Economic Development Team assisted with bringing in 3,867 new jobs and over $552 million in new capital investment to the City of Memphis and Shelby County. The State of Tennessee ranked 5th overall with a recorded 234 new corporate locations.
“I think the most exciting thing about this recognition is that it confirms that the MemphisED* plan is working. We continue to see a steady flow of existing and new companies looking at projects in Memphis, even during the sluggish economy,” said Mark Herbison, Sr. Vice President of Economic Development for the Greater Memphis Chamber.
The oldest publication in the corporate real estate and economic development field, Site Selection’s yearly analyses are regarded by corporate real estate analysts as the “industry scoreboard.” The magazine’s New Plant Database focuses on new corporate location projects with significant impact. It does not track retail and government projects, or schools and hospitals. New facilities and expansions included in the analyses must meet at least one of three criteria: (a) involve a capital investment of at least US$1 million, (b) create at least 50 new jobs or (c) add at least 20,000 sq. ft. (1,858 sq.m.) of new floor area.
*The Memphis Economic Development (MemphisED) Plan serves as the economic development component of a broader economic growth initiative for Memphis/Shelby County called Memphis Fast Forward. MemphisED is led by the Greater Memphis Chamber. The plan is designed to ensure that both Memphis/Shelby County has a strong and diverse economy, fosters innovation and entrepreneurship, and advance the region’s global leadership in the bioscience, music/film and logistics industries.
The Greater Memphis Chamber is the lead economic development agency for Memphis/Shelby County, and is a private, non-profit, membership-driven organization comprised of 2,300 business enterprises, civic organizations, educational institutions and individuals.