In a new study, SmartAsset identified five industries most vulnerable to a recession due to the COVID-19 outbreak: accommodation & food services, administrative services & waste management, arts, entertainment & recreation, mining, oil & gas and transportation & warehousing.
The study projects that 20.39 percent of jobs in Tennessee fall within the five most vulnerable industries. That figure is even higher in Memphis (32.21 percent).
In Memphis, the economy relies heavily on the transportation and warehousing industry. About 43,200 of the total 290,457 workers, or 14.87 percent, were employed by transportation & warehousing companies in 2018. In comparison, only 4.75 percent of Americans nationally work in the transportation & warehousing industry. With 7.04 percent and 8.63 percent of its workforce also involved in the administrative services & waste management and accommodation & food services industries, respectively, Memphis may see a significant decrease in its workforce over coming months.
NEWS FROM OTHER SOURCES
> MATA is reducing services. Read Maya Smith’s story in the Memphis Flyer here.
> State unemployment claims spike. Read Adam Sichko’s story in the Memphis Business Journal here.
> Renovations along Cotton Row proceeding. Read Tom Bailey’s story in the Daily Memphian here.
> Chamber surveying business openings, closings. Read Desiree Stennett’s story in The Commercial Appeal here.
> TVA offers credit support to power companies. Read Sybil C. Mitchell’s story in The New Tri-State-Defender here.
> Need to know what to do this weekend? Check out Memphis magazine’s Five Things To Do (From Home) This Weekend here.
> Whiskey Warmer Memphis: Sample whiskeys from around the world, chat with distillers, and enjoy local food and live music. Ticket includes 15 tastings and access to all areas of the event. Friday, May 29th, 6-9 p.m. at Overton Square. Tickets here.
> Healthy 901 Festival, sampling fitness trends, learning about healthy living choices, tasting delicious healthy eating options, and more. Saturday, June 13th, from 10 a.m.-3 p.m. FREE. Hosted by the Memphis Flyer. More info here.
> Let’s Brunch Memphis, the best brunch offerings from the best restaurants around the city. Saturday, June 27th from noon-3pm at Beale Street Landing. Hosted by the Memphis Flyer. More info here.
> Society of Entrepreneurs 28th Annual Dinner and Awards Banquet, originally set for April, has been rescheduled for Saturday, August 29th, 2020 at 6 p.m. at the Holiday Inn at the University of Memphis. New members being inducted are film producer/director Craig Brewer; Edith Kelly-Green, partner in The KGR Group; Chris Woods, founder and president of Chris Woods Construction Co.; and Kent Wunderlich, CEO and board chairman of Financial Federal Bank. Charles McVean will be honored as Master Entrepreneur. More information here.
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.
> Mirimichi Golf Course added Matt Davies as director of golf.
> Eric Espey and Angela Polk [both pictured] joined Jehl Law Group as associate attorneys.
> Ronald Cowan, MD, PhD, has been named Harrison Distinguished Professor and Chair of the Department of Psychiatry at UTHSC. He will begin his new role in July.
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. The April issue of IMB in Memphis magazine will have the complete list.
This week’s Power Player is Larkin Myers, president and civil engineer, Tioga Environmental Consultants. Licensed professional engineer in three states. Certifications in Level 1 and 2 Erosion Prevention and Sediment Control and LEED AP. Member, Tennessee Society of Professional Engineers.
“If you see, hear it, or suspect it, report it. Like everything else we are doing as a nation right now, we can combat COVID-19 fraud, but we have to do it together. The message is clear: Good guys, we have your back and need your help. Bad guys, we are coming after you.”
— U.S. Attorney for the Western District of Tennessee D. Michael Dunavant