Paragon Bank’s Outlook 2021 Memphis Economic Study Results Show Optimism for a Strong Recovery
September 21, 2021
Memphis, Tenn., September 21, 2021 – Paragon Bank (OTCBB:PGNN.OB) today assembled a panel of Memphis economic experts to share their thoughts on the challenges of the last year and outlook for the future during the Outlook 2021 Memphis Economic Summit.
The free, virtual event detailed the findings of a survey of more than 600 Memphians. It was conducted by 901 Economics President John E. Gnuschke, Ph.D., and Stephen C. Smith, Ph.D. This was the fourth consecutive year that Paragon Bank hosted the event and sponsored the survey, which has been compiled as the Outlook Memphis Economic Study.
“This report is designed to give the business community insights into consumer sentiment in the Greater Memphis Area, and its findings are particularly valuable now, due to the extraordinary impact of the COVID-19 pandemic on our local economy,” Dr. Gnuschke said.
The human lives lost and destroyed by the pandemic caused immeasurable damage to people around the world. Memphis residents faced large personal losses and more uncertainty than they had for decades. The July 2021 survey took place during an unusual period, when consumers were not facing the rapidly devastating economic shutdown experienced in 2020 but were trying to adjust to the dramatic recovery that took place in the first half of 2021.
The outlook for 2021 and 2022 is for a prolonged recovery. Given vaccine, treatment and testing advances, as well as Memphis’ diverse economic base and the strength of its major employers, the economy will most certainly continue to improve over the next 18 months. The length and pace of local recovery will be determined by the pace of national recovery.
Some highlights include the following:
The entire Outlook 2021 Memphis Economic Study can be downloaded here.
About Paragon Bank
Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service and in 2018 opened its full-service Oxford Banking Center. For 16 years, Paragon has delivered innovative products and financial expertise, convenience, and a deep understanding of what both businesses and individuals need from a bank, in order to provide solutions that make a difference. In the areas of business or personal banking, lending options or wealth management, Paragon delivers cutting edge technology, an experienced team and the most service-oriented staff of any community bank.
For more information about Paragon Bank, please call (901) 273-2900, the Oxford Banking Center at (662) 259-8306 or visit us online at www.bankparagon.com
The free, virtual event detailed the findings of a survey of more than 600 Memphians. It was conducted by 901 Economics President John E. Gnuschke, Ph.D., and Stephen C. Smith, Ph.D. This was the fourth consecutive year that Paragon Bank hosted the event and sponsored the survey, which has been compiled as the Outlook Memphis Economic Study.
“This report is designed to give the business community insights into consumer sentiment in the Greater Memphis Area, and its findings are particularly valuable now, due to the extraordinary impact of the COVID-19 pandemic on our local economy,” Dr. Gnuschke said.
The human lives lost and destroyed by the pandemic caused immeasurable damage to people around the world. Memphis residents faced large personal losses and more uncertainty than they had for decades. The July 2021 survey took place during an unusual period, when consumers were not facing the rapidly devastating economic shutdown experienced in 2020 but were trying to adjust to the dramatic recovery that took place in the first half of 2021.
The outlook for 2021 and 2022 is for a prolonged recovery. Given vaccine, treatment and testing advances, as well as Memphis’ diverse economic base and the strength of its major employers, the economy will most certainly continue to improve over the next 18 months. The length and pace of local recovery will be determined by the pace of national recovery.
Some highlights include the following:
- Looking at major purchases, 30.5 percent of respondents felt it would be a good time to make major purchases while 34.4 percent felt it would be a bad time.
- Three out of four respondents did not lose their job or income.
- Nearly 92 percent reported that jobs were either easy to find or could be found with some effort. Only 8.1 percent said jobs were difficult to find.
- 73.4 percent bought or sold goods online frequently or occasionally.
- More than 93 percent of respondents felt they would be better off or the same financially in 2022.
- 76.5 said they remained optimistic.
- More than 45 percent of 2021 respondents felt Memphis could expect a bright economic outlook over the next five years, up from 40.2 percent in 2020.
The entire Outlook 2021 Memphis Economic Study can be downloaded here.
About Paragon Bank
Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service and in 2018 opened its full-service Oxford Banking Center. For 16 years, Paragon has delivered innovative products and financial expertise, convenience, and a deep understanding of what both businesses and individuals need from a bank, in order to provide solutions that make a difference. In the areas of business or personal banking, lending options or wealth management, Paragon delivers cutting edge technology, an experienced team and the most service-oriented staff of any community bank.
For more information about Paragon Bank, please call (901) 273-2900, the Oxford Banking Center at (662) 259-8306 or visit us online at www.bankparagon.com
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Contact:
Aisling Mäki, Senior Public Relations Account Executive
aisling@creativeinferno.com, (901) 278-3773
