Memphis Regional Chamber

Two years after Memphis began an ambitious plan to drastically enhance the city’s quality of life and economic prosperity, the results are starting to come in.

There’s still work to do. We’d be foolish to say otherwise. But as 2009 comes to a close, we can say resoundingly: Memphis is on track with our plan.

The Memphis Economic Development Plan (MemphisED), administered by the Greater Memphis Chamber, is a key part of the Memphis Fast Forward initiative. MemphisED is a 15-strategy initiative in which 19 organizations are doing nothing less than reshaping Memphis and Shelby County radically for the better.

Here is how MemphisED is making a difference.

FOSTERING ENTREPRENEURSHIP
With the creation of Innova, a venture capital firm to support start-up and early-stage companies created by the Memphis Bioworks Foundation. Seven companies have been assisted, with more in the pipeline. Innova was selected by the State of Tennessee as one of the first participants in a new program that will invest more than $14 million into new and growing firms.

Meanwhile, through a $1.3 million expansion, EmergeMemphis will provide additional space for new, innovative firms to grow in a nurturing environment.

The Mid-South Minority Business Council created CEED (the Center for Emerging Entrepreneurial Development) to help minority and women entrepreneurs get started in industries where such involvement locally is low. Currently, the Center is at capacity with seven tenants.

THERE’S NO PLACE LIKE HOME
With the world’s busiest cargo airport, a storied past and an emerging, cutting-edge future, the world can see that Memphis has much to offer. Part of our work is to ensure Memphians see that, too.

With assistance from community partners and local media outlets, a positive Memphis campaign will launch next year. Simultaneously, the Greater Memphis Chamber will continue to help market Memphis in combined efforts to attract new firms to the city. Since the inception of MemphisED, 13 firms have moved operations to Memphis, creating more than 1,400 new jobs and $76 million in new investment. Adding expansion of existing Memphis firms, Memphis ED helped create 6,100 new jobs in its first two years.

WORK SMARTER, NOT HARDER
According to the MemphisED plan, Memphis needs a competitive tax and incentive structure to attract and retain businesses. In 2009, Memphis City Council and Shelby County Commission unanimously approved changes to make our primary local incentive program – the Payment In Lieu Of Taxes (PILOT) program – more competitive.

MEET THE JETSONS
Memphis is where river, rail, road and runway merge.That’s why one
of the nation’s leading transportation and logistics experts see us as America’s first true “aerotropolis.” We are capitalizing on that futuristic distinction – in both marketing and strategic planning.

Indeed, our airport is the primary economic engine for the region and the largest job generator in the entire state of Tennessee. We have five major freight railroads serving Memphis and are home to the fourth largest inland port. We are also a future stop on the NAFTA Highway (I-69), which will run from Canada to Mexico. But more than anything, aerotropolis is about jobs. One out of every three jobs in the Memphis area is logistic/transportation-related. This year, a new control tower began rising at our airport and cosmetic improvements and branding were planned. The Memphis City Council approved a request for $1.6 million to begin improving Plough Boulevard gateway, while other working groups are busy with corridor and intermodal enhancements.

STEVE JOBS KNOWS IT
The Memphis medical community has always had a name in the area of medical research, especially with life-changing research conducted every day by the men and women of St. Jude Children’s Research Hospital. Memphis is also the No. 2 medical device city in North America, with companies like Smith & Nephew, Medtronic and Wright Medical. Now we’re getting a reputation for excellent results in transplant operations, too.

MemphisED continues to focus on building Memphis’s strength in the industries of biomedical devices, biologistics and bioagriculture with the goal of expanding the number of high-paying jobs in Memphis and Shelby County. A perfect example of this is the UT-Baptist Research Park, currently underway. Once completed, it is expected to have 1.2 million square feet of space, house 5,000 employees and have a $2 billion annual impact on the economy.

MEMPHIS MEANS MUSIC!
And music has always meant business for Memphis. That’s why the growth of the music industry is also part of MemphisED. In 2008, the Music Resource Center opened at the Memphis Music Foundation. Since then, more than 1,300 musicians have visited and sought assistance in building their music industry careers.
This year, the Foundation made a highly visible presence at South by Southwest, one of the nation’s premier music festivals; saw legendary former Stax Records CEO Al Bell take the helm
of its board; and continued to serve an increasing number of Memphis musicians.

LIGHTS, CAMERA, ACTION!
MemphisED also sees the growth of the film and television communities as integral to our future. In fiscal year 2009, Memphis hosted 60 film and television projects, which in turn injected more than $2.2 million locally into the economy. More projects are expected in 2010. MovieMaker magazine continues to rank Memphis as a highly desirable place to film.

WALKING IN MEMPHIS
Millions of visitors come to Memphis every year, both for business and pleasure. Their visits support thousands of jobs throughout the region. There are more than 50 tourist attractions through the City of Memphis and Shelby County. In 2008, Memphis/Shelby County attracted 10+ million visitors who spent $3.1 billion, supporting 51,900 jobs in tourism/hospitality with annual wages of $2 billion.

IT’S ALL ABOUT THE JOBS
MemphisED’s job creation program seeks to retain existing jobs while helping firms already in Memphis grow. MemphisED partners have helped sixty local firms expand, adding 4,700 new jobs and $1 billion in new investment. At the same time, programs have helped more than 500 local minority/women-owned firms expand their sales opportunities.

YOU CAN ALWAYS GO DOWNTOWN
The downtown and riverfront community are both an economic engine for Memphis and a quality-of-life component that helps attract and retain talent needed to fuel future growth. $3 billion in projects have either been completed, are under construction or in the advanced planning stage for the downtown/riverfront area.

PLANT A TREE, SEE THE BUFFALO ROAM
As one of the nation’s largest urban parks, Shelby Farms is the centerpiece of a “green strategy” that will provide all of Memphis with a range of outdoor activity options and help the region attract and retain the talent needed to grow the economy.

BRAINS VS. BEAUTY, WE’LL TAKE THE BRAINS
The competition is intense among communities to retain and attract talented workers. MemphisED programs are forecast to help retain and attract more than 2,500 college-educated individuals in 2010 (and we won’t hold beauty against them).

2009 CURRENT RESULTS TO DATE
.. New jobs: 3,518
.. Capital Investment: $549,266,616
.. Minority Business receipts: $71,668,780
.. Talent Retention/Attraction: 5,771