Chamber Announces Billion Dollar Year For 2011

Release date: 1/17/2012

$1,184,098,514 Capital Investment and 3,709 New Jobs

Over $1 billion was invested in the City of Memphis and Shelby County by private businesses in 2011, according to figures released today by City of Memphis Mayor A C Wharton, Jr., Shelby County Mayor Mark H. Luttrell, Jr., and Greater Memphis Chamber President and CEO John Moore.

This announcement comes on the heels of other recent news. The Chamber’s Economic Development Team was awarded the “Excellence in Economic Development Award” by the National Site Selectors Guild for the work they did in 2011.

“A year ago, I said that Memphis was a city on the mend and a city on the move,” said City of Memphis Mayor A C Wharton, Jr. “We’ve been able to grow our economy during a nationwide recession, during a time when other cities are struggling to say the same. This billion dollars is not just an investment into infrastructure; it’s an investment into the city, its people, and its future.”

“This is a significant accomplishment,” said Shelby County Mayor Mark H. Luttrell, Jr. “It clearly shows that business owners understand and appreciate the resources available to them in Shelby County. Moreover, their choice to build or expand their operations here is an indication of the cooperative spirit among those of us in government and Chamber officials.”

The total includes 28 projects landed in 2011 and 83 minority consultations. These projects will ultimately generate 3,709 new jobs and maintain 44,075 jobs in existing businesses. The total capital investment is $1,184,098,514.

These are major projects that create at least 25 new jobs, generate $5 million or more in new investment, or received a PILOT from the Memphis/Shelby County Industrial Development Board.

“The Chamber’s focus is on growing the economy for Memphis and Shelby County, and hitting this billion dollar benchmark is a great accomplishment for our community,” said John Moore. “It demonstrates that we are a city of choice for businesses to locate, grow and expand.”

“A billion new dollars in our local economy and the creation of thousands of new jobs is an excellent return on the investment created through the Memphis Area Economic Development Plan (*MemphisED) and the partnerships we have with the city, county and state.”

* The Memphis Area 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.