One of the most significant drivers of Memphis’s economy is its role as a major transportation and logistics hub. The city is home to the Memphis International Airport, which is a key hub for FedEx. FedEx’s global headquarters is located in Memphis, and its presence has a substantial impact on the local economy, providing many local jobs and stimulating related industries.
Memphis is also home to several prominent medical institutions, with St. Jude Children’s Research Hospital being one of the most notable. St. Jude is a world-renowned research and treatment center focused on pediatric catastrophic diseases, particularly cancer. The medical and healthcare sector in Memphis provides specialized jobs and contributes to the city’s reputation in the field.
Memphis’s vibrant cultural heritage, including its musical legacy, draws a significant amount of tourism to the city. Graceland, the National Civil Rights Museum, Beale Streets, and other attractions bring visitors to Memphis, contributing to the local economy through spending on accommodations, dining, entertainment, and other related services.
Finally, the city has seen growth in entrepreneurship and innovation, with initiatives to support startups and small businesses. Incubators and accelerator programs also contribute to fostering local innovation. For example, the organization Epicenter connects startups and small businesses with resources for growing their businesses, while StartCo is a startup incubator that gives new businesses guidance and connects them with investors.