DATA: For Shelby County Macroeconomic Analysis
Total Wage Growth
Total wage growth is the best measure of community economic vitality and development, as it collectively measures growth in employment and wages. A primary irritant to Shelby County economic vitality and competitive total wage growth, resides with a low number of establishments at 23 per 1k population. This statistic points to lacking, and support for local small business establishments, while coinciding with an excessive, 512 corporate/real estate PILOTs. The excess in local tax incentives, when benchmarked against other communities, results in a $50M Memphis/Shelby revenue shortfall.
Data is sourced from the United States Bureau of Labor and Statistics (BLS) program of Quarterly Census of Employment Wages (QCEW). The data for payment in lieu of taxes (PILOT) contracts in the State of TN is sourced from the Comptroller of the State of Tennessee.
Employment growth measures increases and decreases in filled jobs and is a subcomponent of total wage growth. A disconnected workforce development system, is a primary irritant to deficient employment growth outcomes.
Average Wage Growth
Average wage growth is derived by dividing total wages by total employment. Average wage growth shows increases or decreases in average wages on a per employee basis and is subcomponent of total wage growth.
Quite often, surrounding areas, such as Northern Mississippi are mistakenly cited as primary Shelby County economic development competitors, as opposed to regional economic development partners. Recognizing this reality, the below data set looks at how median household incomes have fared, with current PILOT economic development policy, in the Memphis metropolitan statistical area (MSA), as informed using Census data.
The below is the average of each of the Census 1 yr estimates of years 2010-19
Median Household Income by Memphis MSA County (2010-18)
This data set uses, more reliable, 5 yr Census estimates of 2010 and 2018 for all counties in the MSA.