- Bill Cork, executive director of the Mississippi Development Authority, reviews the last four years of economic growth in the Magnolia State.
Since 2020, under Governor Tate Reeve’s leadership, companies have invested $19.1 billion in the Magnolia State, creating 15,743 jobs.
One singular project, Amazon’s $10 billion announcement in January, nearly doubled the total investment.
In this Q&A, Bill Cork, executive director of the Mississippi Development Authority (MDA), reviews the last four years of economic growth in the Magnolia State. The second part of the series will look ahead four years and list 30 shovel-ready – or almost shovel-ready – sites across Mississippi.
Cork served MDA as deputy director and chief economic development officer from 2020 to 2023, when he was appointed executive director.
How much did the COVID-19 pandemic slow down progress in Mississippi?
The COVID-19 pandemic temporarily slowed down production and created supply chain disruptions, but this obviously was not unique to Mississippi.
While the way we worked looked different from years prior, the MDA team and our partners around the state continued with the mission of creating jobs and generating new investments in our communities. In fact, capital investment increased by 45 percent from 2019 to 2020.
From there, we continued to see an uptick in industry expansions and new companies locating in the state, and we haven’t once slowed down.
Are any projects announced in the last four years not progressing as well as expected?
Each company has its own challenges in terms of meeting development timelines, internal growth strategies, funding and allocation of resources.
We’re fortunate that most of our projects announced are progressing nicely and coming to fruition within the planned timelines.
What have been significant challenges in the last four years?
We saw a significant increase in demand for power for companies operating in specific sectors. This was due to a boom in EV battery manufacturing and data center operations seeking locations in the state. Mississippi’s utility providers quickly began to increase the power capacity of sites throughout the state.
Many of our best sites and industrial parks have adequate power or are being upgraded to accommodate this changing utility climate.
A recap of the last four years’ economic development growth in the Magnolia State:
- In 2020, 33 investments totaled $1.5 billion, creating 4,320 jobs. The largest investment, a $300 million expansion of Associated Wholesale Grocers in Hernando, created 79 jobs at its distribution operations plant. The investment was announced in mid-June, in the throes of the pandemic. Also announced in June, the second largest investment: Calgon Carbon in Pearlington (Hancock County), a $185 million expansion of the activated carbon products’ manufacturing plant, creating 38 jobs. Interestingly, while many furniture manufacturers were downsizing or closing, investments in upholstered furniture expansions gave northeast Mississippi a boost: Ashley Furniture’s $22 million expansion at its manufacturing facilities in Verona and Saltillo (Lee County), creating 130 jobs, and Fusion Furniture’s $2 million investment at its New Albany (Union County) manufacturing site, creating 125 jobs.
- In 2021, 35 investments totaled $440 million, creating 3,884 jobs. Biewer Lumber made the largest investment of $130 million, expanding its sawmill in Winona (Montgomery County), and creating 150 jobs. Second: Tyson Foods’ $60.9 million expansion of its poultry processing plant in Vicksburg (Warren County), creating 44 jobs. A close third: Milwaukee Tool’s $60 million investment in a new tool manufacturing facility in Grenada, creating 1,200 jobs.
- In 2022, 23 investments totaled $3.9 billion and created 2,801 jobs. Steel Dynamics invested $2.5 billion in an expansion of its aluminum/biocarbon plant in Columbus (Lowndes County), creating 1,000 jobs. Second: Nissan invested $500 million for electric vehicle conversion at its Canton plant in Madison County.
- In 2023, 18 investments totaled $1.2 billion, creating 1,472 jobs. The largest investment was $418 million: Huber Engineered Woods in Shuqualak (Noxubee County), a new plant making wood panels and creating 158 jobs. Second: Hood Industries, a $216.5 million expansion at its plywood manufacturing plant in Beaumont (Perry County), creating 265 jobs.
- By mid-June this year, nine investments totaled $12.09 billion, creating 3,266 jobs. Of course, the largest investment was Amazon Web Services’ $10 billion investment in Madison County to build two data centers, creating 1,000 jobs. Second: Accelera, Daimler, and PACCAR’s joint venture, which invested $1.9 billion in Marshall County to make EV batteries, creating 2,000 jobs.
NOTE: Part 2 of the economic development impact series looking ahead in the Magnolia State will be published on Sunday, July 21.
Lynne Jeter
