Mississippians have seen the state’s economy grow over the last two decades. The growth comes despite a 2009 recession and a global pandemic in 2020.
In that time period, Mississippi's gross domestic product (GDP) has risen; unemployment is low; and median incomes have gone up for the average worker. The state has also gone from operating at a deficit to operating with large surpluses in recent years.
Despite growth, challenges remain. Not all industries are experiencing improvements, population is stagnant and workforce issues continue to plague the Magnolia State.
GDP is a measure of the economy's size. It's calculated by the total of market value finished goods and services that are produced within a certain time frame. The number is usually compiled on an annual basis. Real GDP takes into consideration inflation's impact.
It provides a “snapshot” of the state’s economic growth rate.
According to the U.S. Bureau of Economic Analysis, Mississippi’s GDP has grown since 2000. At that time, it was calculated at $66B and has grown to just under $139B through 2022. This number was unadjusted for inflation.
Since 2019, Mississippi’s real GDP has grown 3.5%, which ranks #32 among states. Nearly half of that growth has been attributed to manufacturing - typically the first or second among state industries.
About 35% of that real GDP growth has come from the Professional and Business sector.
However, mining, oil and gas extraction have reduced GDP growth by almost 17%.
(Magnolia Tribune 09/`9/23) Mississippi has experienced real economic growth in the last two decades - Magnolia Tribune
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