Economy
The city's central location has led to much of its business development. Located on the Mississippi River and intersected by five major freight railroads and two Interstate highways, I-40 and I-55, Memphis is ideally located for commerce in the transportation and shipping industry. A third interstate, I-69, is under construction, and a fourth, I-22, has recently been designated from the former High Priority Corridor X. River barges are unloaded onto trucks and trains. The city is home to Memphis International Airport, the world's second busiest cargo airport (following Hong Kong), which serves as the primary hub for FedEx Express shipping and was a secondary hub for Delta Air Lines after it merged with Northwest Airlines in 2008.
Memphis is the home of three Fortune 500 companies: FedEx, AutoZone, and International Paper. Other major corporations based in Memphis include Allenberg Cotton, American Residential Services (also known as ARS/Rescue Rooter), Baker, Donelson, Bearman, Caldwell & Berkowitz, Cargill Cotton, First Horizon National Corporation, Evergreen Packaging, Fred's, GTx, Guardsmark, Lenny's Sub Shop, Perkins Restaurant and Bakery, Pinnacle Airlines, ServiceMaster, Thomas & Betts, True Temper Sports, Varsity Brands, and Verso Paper. Corporations with major operations based in Memphis include Carrier, Merck & Co., Medtronic, Sharp Manufacturing, Smith & Nephew, and Technicolor Home Entertainment Services.
The entertainment and film industries have discovered Memphis in recent years. Several major motion pictures, most of which were recruited and assisted by the Memphis & Shelby County Film and Television Commission, have been filmed in Memphis, including Making the Grade (1984), Elvis and Me (1988), Great Balls of Fire! (1988), Heart of Dixie (1989), Mystery Train (1989), The Silence of the Lambs (1991), Trespass (1991), The Gun in Betty Lou's Handbag (1992), The Firm (1993), The Delta (1996), The People Vs. Larry Flynt (1996), The Rainmaker (1997), Cast Away (2000), 21 Grams (2002), A Painted House (2002), Black Snake Moan (2005), Forty Shades of Blue (2005), Walk the Line (2005), Hustle & Flow (2006), Nothing But the Truth (2008), Soul Men (2008), and The Grace Card (2011). The Blind Side (2009) was set in Memphis but filmed in Atlanta. The 1992 television movie Memphis, starring Memphis native Cybill Shepherd, who also served as executive producer and writer, was also filmed in Memphis. The state of Tennessee has lacked sufficient tax breaks available in other states to compete for many productions that have been interested in filming in Memphis or in the state as a whole. Besides The Blind Side, whose production was lured to Georgia, Memphis Beat, a television series on TNT set in Memphis, has been lured to Louisiana.
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Famous quotes containing the word economy:
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)