MS economic climate improving

With inflation, interest rates and stress on the wallet rising, Americans are wondering when there might be reprieve. Since the pandemic, it's unclear what will be the new economic “normal.”

The economic climate for Mississippi shows improvement, but there are challenges ahead that must be addressed for long-term growth. 

The state’s Gross Domestic Product is increasing. The nominal GDP came in at $143B billion as of the 1Q of 2023, The real GDP as of June was $105.117B. With unemployment rates down to a record low of 3% companies continue to the workforce. More Mississippians are working and creating increased economic activity. 

Only three states - Louisiana, West Virginia and South Carolina - had a higher job opening rate, according to the Bureau of Labor Statistics. The agency estimates 88,000 open jobs in Mississippi. 

According to GDP data, manufacturing in Mississippi is bringing in the largest amount of industry at $17.387B or about 17% of the state's economy.

Nissan in Canton has been an important piece of Mississippi’s manufacturing strength. 

Ingalls Shipbuilding has long been an anchor at Pascagoula. 

NASA’s Stennis Space Center has made room for new private sector investment and partnership in aerospace. 

According to State Economist Corey Miller, the state’s manufacturing sector impacts nearly all other industries in the state. Miller added that there are usually other businesses that spring up around manufacturers, creating a multiplier effect. (Magnolia Tribune 10/03/23) Mississippi economic climate shows promise as post-pandemic "normal" still unclear - Magnolia Tribune 

Open Ocean implementation annual webinar 

The Open Ocean Trustee Implementation Group will hold its 2023 annual public meeting via webinar at 12 noon (CT) on Oct. 19. 

The meeting will begin with updates on Open Ocean Restoration Area projects, restoration plans, and monitoring and adaptive management activities. We’ll also provide an opportunity for questions and answers after the updates are presented.  Learn more and register at the Open Ocean Trustee Implementation Group's latest Gulf Spill Restoration news update >>