The southern state has achieved record-low unemployment rates due to significant investment in the private sector.
Big Win for Mississippi
The state of Mississippi should be celebrating a huge win after federal statistics show that the state has hit a record-low unemployment rate of just 3%.
“Firing On All Cylinders”
It’s a staggering achievement and a “sign that Mississippi’s economy is firing on all cylinders,” according to a press release from the state governor Tate Reeves.
Private Sector Investment Creating New Jobs
“We’re attracting record private sector investment and creating thousands of high-paying jobs for Mississippians,” Reeves continued. “Mississippi has momentum and this is our time.”
From the US Bureau of Labor Statistics
The 3% statistic was recorded in March by the United States Bureau of Labor Statistics. It also showed that the unemployment rate had decreased by 0.2% from February to March.
Investment Records Also Broken
Low unemployment is far from the only area of the economy where Mississippi is thriving. January also broke records for private-sector investment after receiving $12 billion in economic development projects.
Amazon Web Services
A large section of this investment comes from a $10 billion investment by Amazon Web Services that is set to generate 1000 jobs in Madison County, a region of central Mississippi.
On the Decline Since March ‘23
Unemployment rates in Mississippi have been on the decline since March 2023, exactly a year ago.
Point-By-Point Decline
Unemployment reached 3.5% in March 2023, then dropped to 3.4% in April, before declining all the way down to 3.1% in May and June.
“Speaking Volumes to Mississippi’s Momentum”
Back in May 2023 Governor Tate also hailed the achievement in a press release, saying “Reaching a record low unemployment rate in in back-to-back months speaks volumes to Mississippi’s momentum.”
“More Opportunities Than Ever Before”
“Our education system is thriving, jobs are plentiful, and there are more opportunities than ever before,” he continued. “We’re making historic investments in workforce development and infrastructure and are attracting thousands of high-paying jobs to every region of the state. It’s a great day to be a Mississippian.”
Big Improvements Since the Pandemic
These are significant year-on-year improvements since the COVID-19 pandemic tanked employment in the state back in 2020.
Poor Opportunities During Covid
During the pandemic, Mississippi unemployment rose from pre-pandemic levels of 5.5% to 10.8% in July 2020, above the national unemployment rate at the time of 10.1%.
Leading Employers in the State
Currently, leading employers in Mississippi are in trade, transportation, and utilities, which accounts for 20.6% of the state’s workforce, according to Federal Reserve Economic Data.
Government Jobs and More
Government employment comes in second, employing 241,000 workers or 20.3% of the state workforce. Education and health services and manufacturing come in third and fourth place. At 13.1% and 12.2% respectively.
Mississippi and Alabama
This record-low rate can be compared to Mississippi’s eastern neighbor, Alabama, which also sits at 3%, up by 0.7% since 2023. Both states now sit at the 14th lowest unemployment rate in the country.
Low State Labor Participation
Unfortunately, unlike Alabama, Mississippi still has one of the worst state labor participation rates in the country, sitting at 53.7% for March, compared to Alabama’s 57.4% and the national average of 62.7%.
Exodus from the North
Despite these issues, Mississippi has enjoyed various economic boons in the last few years, particularly since the COVID-19 pandemic. Most notably the state-to-state exodus of Americans from northern states.
Remote Work Changes
Most notably, Americans have been leaving coastal northern cities like California and New York in droves due to remote work, and Mississippi has been one of the states on the receiving end of this influx.
Major Increases for Certain Positions
It has also buoyed many industries. Interviewers for government programs have seen a 75% increase in employment opportunities between 2022 and 2023, and electrical, electronic, and electromechanical assemblers have seen job opportunities increase by 42%.
More Significant Opportunities
Other positions – such as installation/maintenance/repair workers, cafeteria attendants, residential advisors, sales managers, health technologists, project manager specialists, and more – have seen a significant increase in job opportunities in Mississippi.
The post – Mississippi Unemployment Hits All-Time Low – first appeared on Wealthy Living.
Featured Image Credit: Shutterstock / Katherine Welles.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
