ECONOMIC OVERVIEW The Memphis News: Q1 Economic Overview A quick look at key economic indicators from a range of industries, including real estate, fi nance and transportation
REAL ESTATE
Commercial Sales: Number and total volume* Residential Sales: Number and average price* New Home Permits: Number and average price* 3,882 258
209
*Data include all sales and permits in Shelby County. Source: Chandler Reports, chandlerreports.com
FIVE BIG DEALS LOGISTICS, TRANSPORTATION AND MANUFACTURING
1. Sedgwick Planning $34M Expansion Purchasing Managers Index Freight Transportation Services Index Memphis-based Sedgwick Claims Management announced a $34 million relocation and expansion of its corporate headquarters. The company, which currently operates out of two locations – 90,000 square feet at 1100 Ridgeway Loop Blvd. and 80,000 square feet at 2620 Thousand Oaks Blvd. – was awarded a $10.4 million tax incentive to consolidate into a 245,808-square-foot facility at 8155 T&B Blvd., the current headquarters of Thomas & Betts Corp. 2. ‘Town Center’ Plan Could Bring Retail, Theater, More to Germantown The developers behind a proposed 32-acre mixed-use develop- ment west of Saddle Creek want to create a walkable “town cen- ter” environment in Germantown by adding 254,500 square feet of retail space, including a 40,000-square-foot theater; 56,400 square feet of o ce space; a 130-room hotel; 302 apartments; and 2,031 parking spaces. Scott Taylor, president and CEO of Carter USA, billed the development as a regional attraction that would keep entertainment dollars in Germantown and also draw in visitors from the rest of Shelby County and North Mississippi. 3. SouthernSun to Overhaul, Move Into A PMI reading above 50 percent indicates that the *Most recent fi gure available. The Transportation Services Index manufacturing economy is generally expanding; below 50 (TSI) is a measure of the month-to-month changes in the output Hickman Building Downtown percent that it is generally declining. Source: Institute for of services provided by the for-hire transportation industries. SouthernSun Asset Management unveiled a $16 million plan to Supply Management Source: Bureau of Transportation Statistics turn the nine-story Hickman Building, 240 Madison Ave., into a mixed-use project that houses the Memphis-based investment Memphis International Airport fi rm's headquarters, plus 40 apartments, 5,000 square feet of retail and a connected parking structure. Formerly known as the Total Passengers Medical Arts Building, the structure has been dormant since 1971. (enplaned and deplaned) 4. MRG Proposes Apartments Near Edge Of Overton Park A nearly century-old neighborhood that was torn in two when Interstate 40 came crashing to a halt at the doorstep of Over- ton Park is again on the precipice of change. Overton Gateway, Makowsky Ringel Greenberg’s proposed multifamily development at Sam Cooper Boulevard and East Parkway, tentatively calls for seven, fi ve-story multifamily buildings – two on the north side of Sam Cooper and fi ve on the larger parcel south of Sam Cooper. Total Cargo Handled 5. Bally’s, Resorts Tunica Sell for $44M (lbs.) Penn National Gaming Inc. entered into a agreement to buy RIH Acquisitions MS I LLC and RIH Acquisitions MS II LLC, the holding companies for Bally’s Casino Tunica and Resorts Casino Tunica – for roughly $44 million in cash. The transaction still has to be ap- proved by the Mississippi Gaming Commission. Once the deal is complete, Penn will operate Bally’s and Resorts Tunica and lease the underlying property from Gaming and Leisure Properties Inc. Source: Memphis-Shelby County Airport Authority WALL STREET
Stock prices from six Memphis-based public companies* FedEx Corp. FedEx AutoZone Inc. Inc. AutoZone Fred's Inc. Fred's International Paper Co. Paper International
Stock prices from six companies with large local presence* Gannett Co. Inc. Gannett Co. BancorpSouth Inc. BancorpSouth Nucor Corp. Nucor Tenet Healthcare Corp. Healthcare Tenet
HUMAN RESOURCES
Memphis MSA Total Nonfarm Employment Memphis MSA Unemployment Rate 641,900
5.2% Source: Tennessee Department of Labor and Workforce Development Workforce Labor and of Department Tennessee Source:
*Most recent fi gures available *Most recent fi gures available Bureau Census U.S. Source: