Smith & Nephew is part of Memphis' medical device business.

How many jobs, economic impact

While Memphis may be known as the logistics capital of the world, another sector has provided thousands of jobs and billions of dollars in gross domestic product to the region: the medical device manufacturing industry.

A new study released Tuesday by the Greater Memphis Medical Device Council showed that more than 18,000 jobs in the Memphis area are directly or indirectly supported by industry, and the total wages paid to these workers are approximately 1, $5 billion a year. The industry’s projected annual economic impact on the region is more than $4 billion, or about 5.5% of Memphis’ GDP.

Conducted by Jackson, Tennessee-based Younger Associates, the study also showed that the average annual salary paid to direct employees of device makers – which encompasses a variety of jobs and salary ranges – is higher than $103,000. The industry has added over 1,900 jobs locally since 2015.

#jobs #economic #impact

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