Nearly $1.3 billion invested in Mississippi for advanced manufacturing, distributing, logistics, automotive, and more so far in 2022, MDA reports.
Even as the U.S. economy continues to struggle, Mississippi is celebrating a robust effort to increase opportunity in the state by attracting and retaining high quality jobs through strategic corporate investments in a state with a low cost of living and high quality of life.
Nearly $1.3 billion in corporate investments have been announced in 2022 so far. That follows roughly $486 million in 2021 and over $1.5 billion in 2020.
Mississippi Development Authority Deputy Executive Director Laura Hipp recently spoke with Y’all Politics about economic investments in Mississippi before, during and after the pandemic.
Hipp said that MDA has remained consistent in their efforts to generate new investments in communities throughout the state, even amidst the disruption of COVID.
“The MDA team and local economic developers remained focused on getting businesses and industries invested in Mississippi,” Hipp said. “Investments into Mississippi’s towns inject new capital into local economies, which in turn builds more vibrant communities and improves the quality of life for Mississippians. They also contribute to the educational and financial growth of Mississippi’s citizens.”
Over the course of this year, more than 1,520 new jobs have been announced in Mississippi so far. Add that to the 4,149 new jobs announced in 2021 and the over 4,400 in 2020, and the state’s job prospects are bright.
“In 2020, we had 36 corporate investments adding 4,485 jobs. In 2021, we had 40 corporate investments adding 4,149 jobs. In 2022, we have already had 17 corporate investments adding 1,522 jobs, and we look forward to announcing more economic development wins before the end of the year,” Hipp continued.
These new opportunities will strengthen the local tax base and help build more vibrant communities throughout the state. MDA says the investments in advanced manufacturing, distribution, logistics, automotive, agribusiness and aerospace were strong in Mississippi across the 2020-2022 timeline.
For example: Terberg Taylor Americas Group is locating terminal tractor manufacturing operations in the Golden Triangle, highlighting Mississippi’s vehicle manufacturing abilities, and Walmart’s $90 million investment in DeSoto County for a new distribution center illustrates Mississippi’s great location with easy access to markets in the Southeast and around the country and world.
This year, MDA has announced several projects that are making significant impacts on not only the state, but local communities as well.
“Construction is ongoing for Altex Tube company in Columbus. That project is a $110 million investment that is adding 58 well-paying jobs in the Golden Triangle Region. Dunn Utility Products is a home-grown company whose $23.3 million expansion is adding 30 jobs to the economy. This project is a sterling example of the long-term success Mississippi-based companies enjoy in our state,” Hipp stated.
“Nissan’s $500 million investment and upskilling of 2,000 employees to begin production of electric vehicles in Canton and the opening of Amazon’s state-of-the-art robotics facility – also in Madison County – are two companies that have put Mississippi in the global spotlight this year – showcasing the fact that Mississippi is a top location for some of the world’s most well-known industry leaders,” Hipp added.
Mississippi’s economy has grown despite the pandemic, with state revenues consistently outpacing budget estimates. The general interest in Mississippi’s pro-business environment and strong, dedicated workforce has significantly increased.
“I think the interest in Mississippi has grown not only from the MDA team’s hard work but also from businesses recognizing there is plenty of untapped potential in Mississippi upon which they can capitalize and successfully compete in today’s dynamic economy,” the MDA Deputy Executive Director said.
Hipp added that the support of Mississippi Governor Tate Reeves and the Mississippi Legislature has contributed greatly to the growth of the state’s economy.
“Their proactive measures – such as investing in site development and helping grow a next-generation workforce – also are initiatives that are appealing to companies looking to locate or expand in Mississippi,” she explained.
When asked what makes Mississippi appealing for businesses, Hipp said that the foundation of the state’s economic growth includes a strong business climate, a dedicated and skilled workforce, educational innovation, and cultural experiences that cannot be found anywhere else.
“Mississippi has a ‘no red tape’ way of doing business with an efficient regulatory environment and low cost of doing business. Our state offers the lowest cost of living of any state, according to the Council for Community and Economic Research,” Hipp explained. “With inflation happening across the U.S. and around the world, our low cost of living is certainly an attractive attribute as we look to the future.”