MEMPHIS, Tenn. (localmemphis.com) – Thursday afternoon, Memphis area leaders rolled out some big and bold projections of new jobs and companies they expect will be announced in 2020.
The Memphis & Shelby County Regional Economic Alliance estimated close to 4000 jobs will spring out of nearly six dozen new projects, and members promised to make those projections a reality by year’s end.
If the estimates turn out, they’d be more than twice the number of new jobs announced last year in Memphis.
Alliance members are confident present growth will catapult future growth.
“We think that this is an aggressive projection,” EDGE President & CEO Reid Dulberger said.
But it’s a projection the alliance stands by.
The group – with members from the Greater Memphis Chamber, Downtown Memphis Commission and the economic development group EDGE – Thursday announced their projection of 68 new announced projects and 3800 jobs in 2020 across Memphis.
“The community has momentum and growth attracts growth,” Dulberger said.
The 2020 projections came after the alliance exceeded their 2019 goals for new jobs and projects.
The nearly 70 estimated new projects this year for Memphis include 20 industrial, 18 retail, 15 office, four mixed-use, and three hotels.
“The three organizations have worked long and hard on these,” Dulberger said. “To come into a public forum in front of our two mayors and make this commitment, we didn’t do lightly.”
Downtown Memphis leaders believe the sights and sounds of active construction will play a major role in adding new activity around the sites.
“People are going to want to open stores and open restaurants and all the smaller stuff that comes along,” Downtown Memphis Commission President Jennifer OswaIt said. “It really does create the jobs.”
Members of the alliance caution the new job projections are those they expect announced in 2020, but may take one to three years to officially go online.