Memphis, TN – December 10, 2024: The Greater Memphis Chamber proudly announces a landmark achievement for the Memphis Metropolitan Statistical Area (MSA), as the region’s Gross Regional Product (GRP) surpassed $100 billion in 2023, reaching an impressive $102.9 billion.

This historic milestone signifies considerable economic momentum for the Greater Memphis region, showcasing a strong year-over-year growth of $6 billion (5.8%) from 2022 to 2023. Over the past five years (2018-2023), the region has displayed impressive economic resilience, achieving a growth rate of 32.3%, which closely aligns with the national GDP growth of 34.1%.

“Breaking through the $100 billion GRP barrier is a remarkable milestone for Memphis! This achievement, along with our record employment numbers, really highlights what we’ve always believed – Memphis is a place where business thrives!” shared Ted Townsend, President & CEO of the Greater Memphis Chamber. “We’re not just growing; we’re truly transforming our economy and opening up exciting new opportunities for our region.”

Key Highlights:

  • In 2023, Memphis reached a GRP of $102.9 billion, ranking 6th among peer cities. (Source: https://fred.stlouisfed.org/series/NGMP32820)
  • 5% average annual GRP growth over the past five years
  • Record employment levels reaching 656,600 jobs
  • Unemployment rate of 4.3%, 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.

About The Greater Memphis Chamber 

One of Memphis’ oldest institutions, dating back to 1838, the Greater Memphis Chamber is a privately funded nonprofit that serves as the region’s lead economic development organization and the “Voice of Memphis Business” on local, state, and national issues. The Chamber’s mission is to drive the Memphis business agenda for Greater Memphis. We do this by relentlessly pursuing prosperity for all — through economic and workforce development, pro-growth advocacy, and by providing support and resources to its investors, which include many of the region’s largest employers.