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HUD PD&R Housing Market Profiles for Memphis, Tennessee

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HUD PD&R Housing Market Profiles for Memphis, Tennessee HUD PD&R Housing Market Profiles Memphis, Tennessee-Mississippi-Arkansas Quick Facts About Memphis Memphis, Tennessee By Karen M. Ostrye | As of November 1, 2020 Current sales market conditions: balanced Overview Current apartment market conditions: balanced The Memphis metropolitan area is on the southwestern border of Tennessee and crosses into neighboring Arkansas Namesake to the Egyptian city along the Nile, and Mississippi. The metropolitan area includes Fayette, Memphis is situated high above the Mississippi Shelby, and Tipton Counties in Tennessee; Crittenden County River, which makes it safe from floods and an in Arkansas; and Benton, DeSoto, Marshall, Tate, and Tunica ideal location for trade and transportation. Counties in Mississippi. Memphis is the largest city on the Mississippi River and is home to the busiest cargo airport in North America. The music and entertainment attractions in the metropolitan area—such as Beale Street Historic District, the Memphis Rock ‘n’ Soul Museum, and Graceland— typically draw more than 12 million tourists each year. y As of November 1, 2020, the population of the Memphis metropolitan area is estimated at nearly 1.36 million— an average annual increase of 3,200, or 0.2 percent, since 2010. y Population growth averaged 1,100 people, or 0.1 percent, annually from 2012 to 2016 in the wake of the Great Recession. From 2016 to 2019, population growth averaged 3,275 people, or 0.2 percent, annually, as the local economic recovery strengthened. continued on page 2 U.S. Department of Housing and Urban Development | Office of Policy Development and Research 2 HUD PD&R Housing Market Profiles Memphis, Tennessee-Mississippi-Arkansas As of November 1, 2020 continued from page 1 y Net natural change has accounted for all the population annually. From 2016 to 2019, net natural change averaged growth in the metropolitan area since 2006. From 2012 to 5,675 people annually, partly offset by the net out-migration 2016, net natural change averaged 7,200 people annually of 2,400 people annually. but was partly offset by net out-migration of 6,100 people Economic Conditions After nearly a decade of payroll gains, economic conditions in 0.6 percent. That increase was related to greater online the Memphis metropolitan area have weakened. Nonfarm payrolls commerce, as many consumers continued to avoid public increased by an average of 1.1 percent annually from 2011 through spaces to reduce exposure to COVID-19. 2019, surpassing the 2007 prerecession peak of 642,100 in 2018. y The leisure and hospitality sector declined by 7,400 jobs, Economic activity declined after the World Health Organization or 10.6 percent, compared with a year earlier—the largest declared COVID-19 a pandemic on March 11, 2020; the state sector loss during the period. Some of those losses were of Tennessee issued a stay-at-home order beginning on April 3, due to layoffs at hotels, including a 157-job reduction at the 2020. Among other restrictions, the order resulted in the closure Peabody Hotel Group in August 2020, as travel decreased of all restaurant dining rooms, theme parks, and bars in the state amid efforts to limit the spread of COVID-19. and required that all nonessential businesses limit their activity to y The transportation and utilities sector, which accounts for minimum basic operations. Although the order expired on April 30, 12 percent of all payrolls in the Memphis metropolitan area, 2020, commerce has contracted because of ongoing public health declined by 4,000 jobs, or 5.2 percent, compared with a concerns. Nonfarm payrolls decreased to an average of 625,900 year earlier. In September 2020, Amazon.com, Inc. added jobs during the 3 months ending October 2020—a decrease 500 employees to staff the newly completed $200 million of 31,100 jobs, or 4.7 percent, from the 3 months ending fulfillment center in northeast Memphis. October 2019. y The manufacturing sector lost 5,800 jobs, or 12.9 percent. During the 3 months ending October 2020— The closure of rms Surgical in August, which affected y The wholesale and retail trade sector was the only sector 58 workers, partly resulted from reduced demand for non- to add nonfarm payrolls, expanding by 600 jobs, or emergency medical devices during the pandemic. continued on page 3 Most of the payroll sectors in the Memphis metropolitan area have declined in the 3 months ending October 2020. 3 Months Ending Year-Over-Year Change October 2019 October 2020 Absolute Percent (Thousands) (Thousands) (Thousands) Total Nonfarm Payrolls 6 57.0 625.9 -31.1 -4.7 Goods-Producing Sectors 68.8 63.0 -5.8 -8.4 Mining, Logging, & Construction 24.0 23.8 -0.2 -0.8 Manufacturing 44.9 39.1 -5.8 -12.9 Service-Providing Sectors 588.2 562.9 -25.3 -4.3 Wholesale & Retail Trade 98.8 99.4 0.6 0.6 Transportation & Utilities 77.1 73.1 -4.0 -5.2 Information 5.5 5.4 -0.1 -1.8 Financial Activities 29.7 27.4 -2.3 -7.7 Professional & Business Services 95.6 90.6 -5.0 -5.2 Education & Health Services 99.1 96.1 -3.0 -3.0 Leisure & Hospitality 69.7 62.3 -7.4 -10.6 Other Services 27.7 25.3 -2.4 -8.7 Government 84.8 83.3 -1.5 -1.8 Unemployment Rate 4.1% 10.3% Note: Numbers may not add to totals due to rounding. Source: U.S. Bureau of Labor Statistics U.S. Department of Housing and Urban Development | Office of Policy Development and Research 3 HUD PD&R Housing Market Profiles Memphis, Tennessee-Mississippi-Arkansas As of November 1, 2020 continued from page 2 y The financial activities sector declined by 2,300 jobs, or The intersection of five railroads and two interstates and the 7.7 percent. Partners Central Business Office, LLC—a presence of the busiest cargo airport in North America have company that provided third-party billing—permanently contributed to the growth of the Memphis metropolitan area as closed in September 2020 and 67 workers were laid off an international shipping hub. National e-commerce increased as the local economy contracted. during the second and third quarters of 2020 by 44.4 and y The average unemployment rate increased to 10.3 percent 37.1 percent, respectively, from the previous year (U.S. Census from 4.1 percent during the same period a year earlier—the Bureau Quarterly Retail E-Commerce Sales estimates, 3rd highest rate for the metropolitan area since 2010. quarter 2020), as the pandemic contributed to increased online shopping. This trend has created an increase in cargo volume Nonfarm payroll decline in the Memphis at the Memphis International Airport (MEM). FedEx Corporation metropolitan area has been slower than that of (hereafter, FedEx), the largest employer in the metropolitan the nation since mid-2020. area, uses 34 million square feet of distribution space and is investing $1 billion to expand its hub at MEM. Of the 30,000 Memphis Metropolitan Area FedEx employees in the metropolitan area, more than 11,000 Southeast/Caribbean Region Nation are employed at the airport, 500 of whom were added at the 4.0 3.0 end of August 2020. United Parcel Service, Inc.—currently 2.0 occupying 293,000 square feet of space at MEM, with 1,300 1.0 workers—announced plans at the beginning of 2020 to spend 0.0 $216 million on an expansion that is expected to add jobs. -1.0 -2.0 -3.0 Largest Employers in the Memphis Metropolitan Area -4.0 (3-Month Average) Nonfarm Number of Name of Employer -5.0 Payroll Sector Employees -6.0 -7.0 FedEx Corporation Transportation and Utilities 30,000 Percentage Change from Previous Year Methodist Le Bonheur Education and Health Services 13,000 Healthcare Oct 2011 Oct 2012 Oct 2013 Oct 2014 Oct 2015 Oct 2016 Oct 2017 Oct 2018 Oct 2019Oct 2020 The Kroger Co. Wholesale and Retail Trade 6,925 Source: U.S. Bureau of Labor Statistics Note: Excludes local school districts. Source: Greater Memphis Chamber of Commerce Sales Market Conditions Sales housing market conditions in the Memphis metropolitan rates for Tennessee and the nation, which were 3.9 and area are currently balanced. Approximately 24,800 new and 4.3 percent, respectively. existing single-family homes, townhomes, and condominiums During the 12 months ending October 2020— sold during the 12 months ending October 2020—up 1 percent from the 24,550 homes sold during the previous 12-month y New home sales totaled 2,100—up 13 percent from 1,875 period and up 68 percent from the recent low of 14,750 sales a year ago. The average sales price for a new home homes sold during 2011 (Zonda). During the 12 months ending was $345,300—an increase of 5 percent from a year earlier. October 2020, the average sales price of new and existing The current new home sales price has increased an average homes increased 13 percent, to $231,800, compared with a of 5 percent annually from a low in 2010. 2-percent increase during the previous 12-month period. This y Existing home sales totaled 22,700—unchanged from the sharp increase occurred partially because of a recent decrease previous 12-month period. in mortgage rates to historic lows, making higher priced homes y The average sales price for an existing home was more attainable. The percentage of home loans in the Memphis $221,800—an increase of 14 percent from $195,100 a year metropolitan area that were seriously delinquent (90 or more earlier.
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