Memphis Job Market and the Cost of Living
When moving to Memphis, there are many factors you need to consider when weighing the pros and cons of relocating. Among the many decisions that you will make once you move to Memphis, one of the most important things to consider is the job market, which is the decline and demand of jobs in a specific area. The Memphis job market took a hit during the recession, just as every other job market in the nation did. However, when compared statistically, the Memphis job market declined approximately 10% lower when compared to the average national decline rate of 32%. Memphis comes up across the board as one of the new, top cities to move to for its job market. As a result, Memphis movers have been moving a ton of young families and millennials into the area.
Online career site CareerBliss.com, analyzed each city’s average pay and then examined the cost of living for each city, and came up with a cost-of-living-adjusted-salary. In the study, Memphis ranked as the fourth happiest city for job seeking college graduates.
Memphis has a relatively high annual income when adjusted to the average cost of living. Big cities are not always the best option for those who are in search of a happy and lucrative career, but mid-sized cities like Memphis are. There are many factors that are taken into account when evaluating workplace happiness; including: relationships with upper level employees and co-workers, work environment, job resources, compensation, growth opportunities, company culture, company reputation, daily tasks, and control over the work done daily. When it comes to relocating to Memphis for a job, you can rest assured that you are likely to find a work environment that you enjoy.
The Memphis job market offers a positive and rewarding work culture with opportunities to grow. In the new job market, the bigger city is proving to not always be better, midsized cities like Memphis are providing positive work environments for people, where the cost of living isn’t extreme when compared to that of New York. Memphis moving companies also relocate many lucrative businesses into the area, who are constantly looking for fresh employees to grow within their company ladder.
How far a dollar can go is always important, no matter where one is at in their career. Memphis has an average annual salary of $50,000 which is the equivalent to a $169,250 average salary in San Francisco. The Memphis cost of living is 4.8% lower than the national average, meaning that you will be able to save more money while living in Memphis than anywhere else.
Housing in Memphis is the most affordable expense, at a staggering 28% less than the average American city. Utilities, groceries, healthcare and transportation are below the national average as well. Not to forget, Memphis has no state income tax.
The perks of the job market in Memphis does not stop there; job growth in Memphis is expected to grow 37% in the next ten years, compared to the nationwide average of 32%. The two major industries in Memphis are the shipping and manufacturing industries, because of its prime location on the Mississippi River. Memphis is also home to three Fortune 500 companies; including: FedEx, auto parts retailer AutoZone, and International Paper, which is the largest paper procuring company in the world. Other notable job opportunities include: finance, real estate, tourism, technology, and agribusiness. Memphis is also a major manufacturer of wood, paper product, meats, soybeans, as well as other foods.
Local Memphis movers believe that you will be satisfied with the decision to move to Memphis. With a promising and rewarding Memphis job market, every other lifestyle want and necessity will fall into place.