Memphis, TN-MS-AR

Overall rank: 37

Memphis, located on the Mississippi River, is known as the birthplace of rock 'n' roll. Elvis' estate, Graceland, is in the area. FedEx, AutoZone, and International Paper are headquartered there. Employment in the Memphis metro peaked in the second quarter of 2007. Gross metropolitan product in the second quarter was down 5.1% from the peak in the fourth quarter of 2007. Home prices grew 1.3% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 10.3%, up 3.1 points from a year earlier. (Please see below for the various criteria used by the Brookings Institution to determine the overall ranking.)

Job growth (since peak) rank: 40
Gross Metro Product (since peak) rank: 69
Unemployment change (year over year) rank: 32
Home price change (year over year) rank: 31