The Memphis regional economy is trailing the rest of the nation measured by several key indicators, according to a report released Thursday by the Federal Reserve Bank of St. Louis.
The region lagged the nation in annual growth of employment, building permits and housing prices, according to the Fed’s quarterly report on current economic conditions, known as the Burgundy Book. Jobless rates for the region have remained significantly higher than the national average, the report pointed out, with the unemployment rate in metropolitan Memphis a full 1.5 percentage points above the national average, as of April.
The Memphis zone, one of four under the St. Louis Fed’s jurisdiction, covers 21 counties in western Tennessee, 13 counties in eastern Arkansas and 39 counties in northern Mississippi. The bank prepares separate reports on the Little Rock, St. Louis and Louisville, Ky., zones.
The full report is available at the bank’s website, stlouisfed.org.
Forbes: Memphis 147th
Forbes magazine ranked Memphis 147th for business and careers on a list of 200 metropolitan areas.
Memphis fell just below Laredo, Texas.
Among Tennessee metropolitan areas, Nashville was ranked No. 6, Knoxville No. 26 and Clarksville, No. 87. Trailing Memphis were Kingsport, No. 149 and Chattanooga, No. 151.
John Moore, president and CEO of the Greater Memphis Chamber, said Thursday he has not seen the latest ranking from Forbes. But he and others from Memphis met with leaders at the magazine earlier this year. He said the list product is a “huge money-maker” for Forbes and that they publish a new list almost every day.
“So, the question is, you say we’re 147th, what is the criteria and what was the time frame of the data you used and how were the criteria weighted in the overall score,” Moore said. “There are numerous lists, many of them favorable and many of them are not. The devil’s in the details.”
Sedgwick seals deal
Sedgwick Claims Management Services Inc. has acquired Nationwide Better Health’s productivity solutions division.
Sedgwick said the purchase “solidifies its status as a national leader in absence and productivity management services” and expands thepany’s presence in Ohio.
Sedgwick will retain the employees of the productivity solutions division.
The acquisition is Sedgwick’s sixth since November.
Memphis-based Segwick has more than 9,400 employees in more than 190 offices in the U.S. and Canada.
St. Jude names partner
St. Jude Children’s Research Hospital has named Williams-Sonoma, Inc. its corporate partner of the year.
Williams-Sonoma has raised more than $15.5 million for St. Jude through the annual Thanks and Giving fundraising campaign since 2005. In 2010, thepany’s employees collected $4.1 million during the campaign.
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