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IN THIS EDITION
Best paying jobs in town
What’s going on: Attention Innovators!
News from other sources
Upcoming events
Hot Sheet: Who’s going where
Power Player: Tim Sellers
Quotable: Michael Bindas
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WHAT ARE SOME OF THE BEST PAYING JOBS IN MEMPHIS?
As a new graduate, it can be tough to decide where to move. You have to factor in job opportunities, local amenities, and the cost of living. While that dream job might be available in one of America’s big cities, the financials might just not add up to a happy, or even viable, lifestyle.
To help narrow down choices, Renthop released a new study that looks at the top 50 metro areas in the United States, and 12 different occupation fields alongside their average income. For Memphis, Renthop listed Transportation and Material Moving as the #1 occupation in the metro area, with an average salary of $34,380.
The study provided some other interesting dichotomies. Memphis was labelled as the lowest-paying metro area for a variety of fields. Yet, when factoring in cost of living, workers in the Memphis area would retain a larger percentage of their annual salary. For example, the highest average salary on Renthop’s list for Memphis is in the Computer and Information Systems Managers category, at $116,120. With a one-bedroom apartment averaging out to $756 per month, it translates to roughly eight percent of annual income. Meanwhile, the highest-paying metro area in San Jose-Sunnyvale-Santa Clara, California, required workers to shell out 10 percent of their annual income on rent.
Psychiatric Aides came out as the lowest average salary for Memphis, bottoming out at $19,980. That would mean 45 percent of income would be directed at rent. The highest-paying metro area for that category, New York-Newark-Jersey City, came in at $41,280. But due to the cost of living around the Big Apple, workers would be taking a massive hit and have to spend 67 percent of income on rent.
For a full breakdown, read Renthop’s study here.
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WHAT'S GOING ON
- The nominations have started coming in and we have some good ones. But we want more, so we’re extending the deadline for nominations for the seventh annual Inside Memphis Business Innovation Awards to Friday, July 12. IMB has been recognizing the top thinkers and doers in the city for several years. Our seventh annual Innovation Awards issue is coming in September and we want your nominations for these people and organizations that are at the forefront of evolution — tinkerers, questioners, visionaries — who keep the machine of commerce oiled. Last year’s winners covered a range of areas, from medicine to music, education to civics. When you send us your nominations of the best and brightest candidates, please include any pertinent biographical or business information, and why the person, business, or organization should be recognized as a leader among innovators. Email your nomination to sparks@insidememphisbusiness.com.
- Office development is slowing in Memphis, according to Marcus & Millichap’s latest quarterly office report for Tennessee. Vacancies of about 14 percent reduced the pace of construction in the metro this year, the report says. Rent growth has also diminished as owners delay rent increases to try to fill empty spaces. But, it says, Downtown Memphis will benefit from the FedEx decision to renovate and move at least 600 workers to the Gibson Guitar Building during 2020.
- Southland Casino Racing presented the Delta STEM Education Center at Arkansas State University with a check for $5,220 last month to support a coding professional development for teachers. The professional development is designed for ten teachers grades 5-9 from Marion, West Memphis, and Earle Schools Districts.
NEWS FROM OTHER SOURCES
- The U.S. Supreme Court struck down Tennessee's two-year residency requirement to get a liquor store license Wednesday morning, a victory for Doug and Mary Ketchum, owners of Kimbrough Wine and Spirits on Union, who brought the suit late last year. Read Toby Sells’ story in the Memphis Flyer here.
- The city’s “We Mean Business” symposium this week brought in Former UN Ambassador and Atlanta Mayor Andrew Young to discuss how Memphis can improve opportunities for minority businesses. Read Karanja A. Ajanaku’s story in the Tri-State Defender here.
- FedEx says sluggish world trade and industrial production will make its business a challenge. Read Wayne Risher’s story in the Daily Memphian here.
- Mark Herbison has returned to Memphis to do economic development work for nearby Haywood, Tipton, and Lauderdale counties. Read Jacob Steimer’s story in the Memphis Business Journal here.
UPCOMING
- 2019 Memphis Flyer Burger Week: In 2018, there were 24 participating Memphis Flyer Burger Week restaurants serving thousands of $5.99 special Burger Week burgers. Get ready for this year’s round coming July 10-16, 2019.
- The 4th annual Bacon & Bourbon Festival hosted by the Memphis Flyer will have creative bacon-inspired dishes of all kinds from some of Memphis' best restaurants, plus an array of distilled spirits to tempt your tastebuds. The music, merriment, and entertainment will be Saturday August 24th 2019 at Beale Street Landing downtown. A portion of proceeds go to the Memphis Farmers Market. Click here for more info.
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THE HOT SHEET
Who's getting promoted? Who's closing big deals? Who's getting awards? Inside Memphis Business magazine's Hot Sheet has the latest on milestones in Memphis.
- Levy Dermatology opened a new, 3,200-square-foot cosmetic center near its 6254 Poplar Ave. location, almost doubling the practice’s space in East Memphis.
- Trezevant promoted Julie McKenna to lead chaplain.
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- Church Health announced two executive promotions: Jenny Bartlett-Prescott (COO) and Jennie Robbins (CFO).
- Wyatt, Tarrant & Combs, LLP, hired Christopher R. Hanewald as an associate for the firm’s Corporate & Securities Service Team.
- Martin, Tate, Morrow & Marston, P.C. has named Jonathan A. Lindsey (pictured) a director of the law firm.
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- Franklin-based Insurance Group of America is expanding to Memphis. Bo Midgett will be the new partner for its Memphis office and Kelsey Unland will serve as director of risk management at IGA.
- Pinnacle Financial Partners on Wednesday held a ribbon-cutting for its new Midtown office at 155 Rozelle St.
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- UTHSC’s Nikhlesh K. Singh (pictured) received a $1.9 million grant from the National Institutes of Health to research inflammatory responses in the eye that can lead to loss of vision.
- Crosstown Concourse received the Gold Medal 2019 Rudy Bruner Award for Urban Excellence. Presented by the Bruner Foundation, the award also comes with a gift of $50,000.
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POWER PLAYER
Inside Memphis Business magazine publishes a list of local Power Players every year. These are the movers and shakers in more than 30 categories who get things done in their respective fields. IMB’s April issue has the complete list. We also publish individual categories in other issues throughout the year, and we feature individual Power Players in our weekly Tip Sheet.
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This week’s Power Player is Tim Sellers, co-founder, partner and director of operations for inferno, providing strategic counsel and marketing communications solutions to clients in bioscience, healthcare, logistics, financial services. B.S., UT Knoxville. Recognized by AAF Memphis as “Advertising CEO of the Year,” “Ad Man of the Year.” Former board member, CASA of Memphis and Shelby County, Hope Youth Ministries, AAF Memphis. Board of Visitors member, University of Tennessee College of Communication and Information.
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QUOTABLE
“Fraud on the AbilityOne program harms inclusion of workers in the program as well as law-abiding AbilityOne contractors.”
- Thomas Lehrich, Inspector General of the U.S. AbilityOne Commission, on the fine given to Goodwill Industries. Read Toby Sells’ story in the Memphis Flyer here.
QUOTABLE
"Today’s ruling makes plain that all Americans have a right to earn an honest living and that government cannot deny someone that right simply because of where they live or used to live. No state may discriminate against out-of-staters or newcomers to protect established, in-state interests from competition.”
- Michael Bindas, an attorney for the Institute for Justice, on the Supreme Court’s decision that’s a victory for local liquor store owners Doug and Mary Ketchum.
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