ST. LOUIS—According to analysis published by the Federal Reserve Bank of St. Louis, despite steady growth in a few major industries, differing conditions across sectors have resulted in a mixed economic outlook for the Memphis metropolitan region. These findings are the subject of a recent article in The Regional Economist.
The report found the following about the Memphis metropolitan statistical area (MSA):
Overall, Memphis faces many obstacles along the path toward economic recovery. Persistently high unemployment, coupled with slow growth in most industries and a sluggish housing market, suggests a long road ahead. The St. Louis Fed analysis noted that if employment growth continues along its current path, Memphis will not hit its 2006 peak level of employment again until about 2019.
If trends continue, education, health, professional and business services will remain a source of economic strength. Strong growth in these key industries as well as urban-renewal projects are providing reasons for optimism, according to the report.