M emphis continues its upward trajectory of the last three years, notably in robust loan growth of 25 percent. Contributing to this pattern is repeat business and new business resulting from an expanding team of financial advisors. In 2019, the firm recruited 11 experienced revenue producers, including small business lenders and mortgage advisors, with an average of 18 years of experience. One reason why they want to come to Pinnacle is the fact that the firm has been the No. 1 Best Place to Work in the Memphis Business Journal’s large company category four out of the past five years. To accommodate the growing client base, Pinnacle added an office this year on Union Avenue in Midtown, Pinnacle’s western-most office and convenient to downtown.
Development in Memphis is booming, with more than $19 billion in projects underway – everything from hotels and airport expansion to mixed-use developments and corporate headquarters. Four major corporate headquarters announced plans to relocate into downtown Memphis, following similar moves by Indigo Ag and FedEx Logistics: Cargill Cotton, Varsity Spirit, True Temper Sports and Prospero Health. Memphis’s value as a distribution center remains strong, with an estimated $25 billion in goods coming in and out of the area annually. Tourism and hospitality sectors are growing as well, and the city has placed high on two travel lists in 2019.
to $1.67 billion
to $1 billion
Memphis on the Charts
- Forbes’ Best States for Business Tennessee, #7
- CNBC’s Top States for Business — Tennessee is #13
- CBRE Research named Memphis in the Next 25 Up-and-Coming Tech Talent Markets
- Forbes Named Memphis on 25 Best Places to Visit in 2020
- Inc. Magazine’s Best Place to Start a Business — #22
- Business Insider’s Boomtowns for Millennials — #24
- America’s Best Cities, Large — #48