The city’s favorable geographic position has aided in its economic growth. Memphis is perfectly positioned for business in the transportation and shipping industries, since it is crossed by five major freight railways and two Interstate Highways, I-40 and I-55. Its earliest growth was dependent on water access, with steamboats traveling the Mississippi river. Railroad development facilitated the company’s access to markets to the east and west.
Highways and interstates have been critical transportation arteries since the second part of the twentieth century. I-69, a third interstate, is now under construction, while I-22, a fourth, was recently allocated from the previous High Priority Corridor X. Unloading river barges onto trucks and railroads. Memphis International Airport, the world’s second busiest cargo airport, is located in the city (following Hong Kong). Memphis is a key FedEx Express shipping hub.
Memphis was home to three Fortune 500 firms as of 2014: FedEx (number 63), International Paper (number 107), and AutoZone (no. 306).
Other notable Memphis-based companies include Allenberg Cotton, American Residential Services (a.k.a. ARS/Rescue Rooter), Baker, Donelson, Bearman, Caldwell & Berkowitz, Cargill Cotton, City Gear, First Horizon National Corporation, Evergreen Packaging, Fred’s, GTx, Guardsmark, Lenny’s Sub Shop, Perkins Restaurant and Bakery, ServiceMaster, Thomas & Betts, True Temper Sports, Varsity Brands, and Carrier, Gibson guitars (located in Nashville), Kruger Products (maker of White Cloud tissue products), Merck & Co., Medtronic, Sharp Manufacturing, Smith & Nephew, and Technicolor Home Entertainment Services are among the corporations having significant operations in Memphis.
Memphis is additionally served by a branch of the Federal Reserve Bank of St. Louis.
Memphis has recently been discovered by the entertainment and film sectors. Numerous major motion pictures have been filmed in Memphis, the majority of which were recruited and aided by the Memphis & Shelby County Film and Television Commission, including Making the Grade (1984), Elvis and Me (1988), Great Balls of Fire! (1988), Heart of Dixie (1989), Mystery Train (1989), The Silence of the Lambs (1991), Trespass (1991), The Gun in Betty Lou’s Handbag (1992), The Firm (1993), The Delta (1996), The People vs. (2011). The Blind Side (2009) was shot in Atlanta but was set in Memphis. Memphis was also the setting for the 1992 television film Memphis, starring Memphis resident Cybill Shepherd, who acted as executive producer and writer.