Economic Development in Shelby County

Memphis, Tn - Memphis is open for business. According to an announcement made earlier this week, 2011 was a billion dollar year for Memphis and Shelby County.

Private industry has made large contributions to the local economy pouring in $1.2 billion in capital investment from 28 new economic development projects.

The most recent data from the Bureau of Labor Statistics has the unemployment rate in Memphis at 9.2% in November. That may not seem great, but that's down dramatically from its 10% October rate.

Shelby County Mayor Mark Luttrell joined Fox 13's Ernie Freeman to talk about the economic issues facing the County, including the Electrolux deal and a recent report from the Brooking's Institute that placed Memphis near the bottom of a list of economic performance.