Good news, Bluff City! Yelp has recently been doing some research, and have created the “Yelp Economic Average,” a new benchmark of economic strength that reflects both business health and consumer interest among businesses across 30 different sectors of industry. According to their research, Memphis has been ranked #14 in the U.S. in business and consumer activity, and #5 among southern cities in the last quarter of 2018.
What’s growing in Memphis?
According to Yelp, the industries that had some of the biggest growth between the 3rd and 4th quarters of 2018, were all food related! Between Q3 and Q4 of 2018, cafes saw a 7% growth, while both sushi bars and Italian restaurants saw 5% growths
More from Yelp on the Yelp Economic Average
The Yelp Economic Average (YEA) is a new benchmark of economic health and, based on Q4 2018, suggests that we’re experiencing the early signs of an economic downturn.
Over the past quarter, YEA declined by more than two points, due in large part to declines in the professional, home, and local services categories. Slumps in these core business sectors confirm recent concern that we may be headed for recession.
Yelp has information on millions of U.S. businesses and the interests and needs of our 34 million monthly app users and 75 million monthly mobile web users, which researchers have found makes us well positioned to accurately and quickly measure a huge swath of the economy that is missed by many major indicators.