Magnolia Tribune
Mississippi has experienced real economic growth in the last two decades
After over 20 years of consistent economic growth, Mississippi is bouncing back following the pandemic better than some economists expected.
Mississippians have witnessed the state's economy grow over the last 20 years. The growth comes despite a recession in 2009 and a global scale pandemic in 2020.
In that time, the state's gross domestic product (“GDP”) has risen, unemployment is down and the median income has also 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 state.
Steady Increase of GDP
A state's GDP is a measure of the size of its economy. It is calculated by the total of monetary or market value finished goods and services that are produced there within a certain time frame. This number is usually compiled on an annual or quarterly basis. Real GDP takes into consideration the impact of inflation while Nominal GDP does not.
It provides a “snapshot” of a state or country's economic state and 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 $66 billion and has grown to just under $139 billion through 2022. This number was unadjusted for inflation.
When adjusted for inflation, or looking at Real GDP, the federal government data reported in 2000 the Mississippi GDP was at $88 billion and in 2022 $104.5 billion. According to State Economist Corey Miller, this is a growth of 18.7% over that roughly 22-year time period.
“In comparison, real GDP for the U.S. grew 52.3% over the same time period, or about 2.4% per year,” said Miller.
There was a slight dip between 2008 and 2009 when the country experienced what is known as the Great Recession, a period considered by many to be the worst economic downturn since the Great Depression.
Associate Professor and Chair of the Department of Economics of the University of Mississippi. Joshua Hendrickson says the state's economic growth has risen roughly 1% on average over the last 25 years. While this number looks low, he said it is mostly due to the hard hit the state took in 2009.
“Economic growth from 2009 until 2014 averaged -0.2% per year. Per capita personal income in Mississippi has grown about 140% over the last 25 years, an average rate of 3.6% a year,” said Hendrickson.
According to Miller the state came through the 2020 recession much better than it did the Great Recession.
“The state took a large hit in the Great Recession in 2009 that took years to recover from, both in terms of real GDP and employment,” said Miller.
Since 2019 Mississippi's real GDP has grown 3.5%, which ranks 32nd among the states. Nearly half of that growth has been attributed to the manufacturing sector. This sector typically ranks first or second among industries in the state.
About 35% of that real GDP growth has come from the Professional and Business sector, as the next largest, and service sectors have become a much larger portion over the years.
However, mining and oil as well as gas extraction have dragged the GDP growth reducing it by almost 17%. The second largest drag has been the government sector, including federal, state and local, by a reduction of roughly 15%. According to Miller the government is usually one of the top two sectors in size in terms of the state's real GDP.
“The real GDP of most sectors in the state has surpassed its 2019 level, but some of the sectors that have not include Mining, Government, Health Care, and Transportation and Warehousing,” said Miller.
Leadership During Growth
For the last 20 years, Mississippi has been primarily under Republican leadership. The first Republican Governor elected since Reconstruction, Kirk Fordice, took office in 1992. He was followed by Ronnie Musgrove (D) who served one term. Haley Barbour (R) followed Musgrove for two terms with fellow Republicans Phil Bryant and Tate Reeves following.
“The success that we've seen over the past 20 years begins with the hard-working people of Mississippi. They have risen to every occasion. Teachers and students have excelled under new policies that were designed for their success. Companies have invested, and our workforce has answered the call. The last 20 years have been marked by unprecedented progress that began under the leadership of Haley Barbour and continues now under Tate Reeves,” said former Governor Phil Bryant.
This year, leadership boasted of a revenue surplus of $700 million over estimates. At the time, Governor Tate Reeves posted that the state's economic strength and effectiveness was due to conservative budgeting practices.
“This money is burning a hole in Democrats' pockets. They want to blow through this money by expanding welfare and spending it on pet projects. I want to return it to Mississippians,” said Reeves.
Some have questioned how the state's revenue continues to grow despite global economic hardships due to inflation and rising interest rates. State Economist Corey Miller said that inflation trends tend to have a positive impact on state revenue as long as people continue to have purchasing power.
Robert Whitley, with Whitley's Florist and Flower Delivery in Jackson, has been a family operated business since 1947. Whitley said, despite COVID, their business has been consistently good for the last 20 years.
“Excluding COVID, the business climate in Mississippi has been good. But now, supplies have gone up in price,” said Whitley. He said since the pandemic it's been like they're still experiencing it all the time.
Prices for most supplies necessary to run his business have gone up 80 percent, some have completely doubled.
“Staple items like carnations cost double now than what they did in 2019,” said Whitley. “Wholesalers don't expect prices to go down. They say the growers are milking this as long as they can.”
However, despite the higher prices, Whitley said his customer base has returned. He said they rarely lost any business at all and things have somewhat gone back to normal.
“We've had to increase prices, but customers are still coming in and buying things,” said Whitley.
Mississippi still ranks at 30th in State Business Tax Climate according to the Tax Foundation. Hendrickson said the inability to rival states like Texas and Tennessee largely rests in Mississippi's high sales tax. He said a way to improve that ranking would be a comprehensive tax reform.
“State governments often make the mistake of trying to manage growth from the top-down, carving out special subsidies or privileges for specific companies or industries. This might yield short-term economic success, but is not a good long-term strategy,” said Hendrickson.
In 2022, the Legislature passed the largest tax cut in Mississippi history, the provisions of which began phasing in this year with the elimination of the lowest tax bracket and the creation of a flat tax on income. The tax rate will fall to 4 percent from 5 percent by 2026.
The House of Representatives, under outgoing Speaker Philip Gunn, originally proposed the complete elimination of the income tax. The proposal was met with resistance in the Mississippi Senate and a compromise was reached that fell short of the House's proposal.
“Politically, tax reform has proven difficult. Eliminating or reducing taxes is quite popular, but finding other sources of revenue is unpopular,” said Hendrickson.
Individual Income on the Rise
Along with the state making more money, residents of Mississippi have also increased their per capita income.
In 2000 the per capita income for the average Mississippian was somewhere around $21,500 annually. In 2022 that number has more than doubled to $46,200.
While this number shows extreme growth for the state specifically it continually registers low on a national scale. According to the United States Comparative Trends Analysis, current per capita income (PCI) averages at $65,423. This is nearly $20,000 higher than Mississippi's average. In 2000, that number was closer to $31,000.
Income in the state continues to rise, it is at a lower level than others, but Mississippi maintains the cheapest cost of living. Forbes reported that Mississippi's cost of living index score is 83.3. It also has the lowest average housing costs in the nation at 33.7% below national averages.
“We're witnessing record economic success because we put the work in over the years to implement a fiscally conservative, pro-growth agenda that has benefited Mississippians across the state,” said Governor Tate Reeves on the economic success. “We've cut taxes, raised academic achievement to record highs, made historic investment into workforce development programs, and went to work when other states shutdown due to COVID. Our state has a lot to be proud of, and it's because of the people who live and work here.”
Unemployment Rates Continue to Come Down
With incomes on the rise and revenue staying up, Mississippi's unemployment rate also continues to decrease. The state's unemployment rate had dropped for the fifth consecutive month, landing at 3.0% in July.
This is half a point lower than the current national average of 3.5% and on par with surrounding Southern states.
Unemployment claims continue to be lower than they were pre-COVID. However, gaps in a skilled labor market are now the focus of many small businesses. Employers across the state continue to report difficulty filling open positions or finding qualified applicants for those jobs.
Roughly 61% of businesses reported hiring or trying to hire someone qualified in July. 92% said there were very few or no qualified applicants.
The post Mississippi has experienced real economic growth in the last two decades appeared first on Magnolia Tribune.
…
By: Sarah Ulmer
Title: Mississippi has experienced real economic growth in the last two decades
Sourced From: magnoliatribune.com/2023/09/18/mississippi-has-experienced-real-economic-growth-in-the-last-two-decades/?utm_source=rss&utm_medium=rss&utm_campaign=mississippi-has-experienced-real-economic-growth-in-the-last-two-decades
Published Date: Mon, 18 Sep 2023 14:14:54 +0000
My friend Jarrod is dying after an eight year battle with cancer. He's lived a life worth celebrating, one that has drawn people to Christ.
I was going about my business this week when I received a text that stopped me in my tracks. A college friend was being moved to hospice care.
Jarrod Egley was diagnosed with colorectal cancer in early 2017. In the fall of 2018, tests revealed the cancer had spread to his lungs and Jarrod's cancer was classified as Stage IV.
For almost eight years from the date of the original diagnosis, he's fought. Through surgeries, radiation, endless rounds and cycles of chemotherapy, and experimental immunotherapies, he's fought.
Last year, I flew out to California and spent some time with Jarrod and his wife, Emily. We sat outside one night. He acknowledged to me that it was not a question of ‘if', but ‘when' the cancer would claim his life. I told him I was sorry, because what else is there to say?
We talked about our faith, about the trials of Job, about Jacob wrestling with God, about Paul's affliction. But mostly we reflected on our time together in school, on the good things, and the mundane things, that happened since.
Jarrod and I met at Tulane University. One Sunday morning in the Spring of my freshman year, I rose from my dorm room bed, dressed, and began walking down Saint Charles Avenue in New Orleans with no particular agenda. I walked until I came across First Baptist Church and the thought flickered in the vacuous recesses of my brain to enter.
Some would say it was a lark. The Calvinist in me says providence. The walk that morning changed the trajectory of my time at Tulane and my life on the whole. Intervarsity Christian Fellowship and the Baptist Collegiate Ministry became central to my life and put me in regular league with Jarrod. I met him first at the BCM and we ultimately ended up attending church together.
Jarrod was a faithful servant on and off campus. He helped organize a group of us that would weekly make our way down to the Esplanade seawall on the backside of the French Quarter to feed the homeless. On Friday nights, he could be found at chapel with a small cadre of students foregoing Bourbon Street for early 2000s worship music.
Jarrod was a loyal friend in those years. Never rude or biting. Not prone to an insult for an easy laugh. Persistently encouraging. An engineering student, his mind worked linearly and was oriented to problem solving. There were never a lot of wasted words — always a lot of deliberative questions when he disagreed or did not understand a point. He exhibited intelligence, empathy, and the kind of moral conviction that sets someone apart.
He also had a wry and dry sense of humor and a penchant for beating people at Madden football. He was fair-to-midland on the ultimate frisbee pitch. Along the way, there were crawfish boils, Mardi Gras outtings, poorly attended Tulane football games, and more than a decent amount of wing eating.
After college, I lost touch with Jarrod. He moved back to his home state of California. He got married to his college sweetheart, who could not have anticipated her husband's journey, but has been a steady and constant helpmate throughout. Jarrod became a very successful engineer and a bourbon connoisseur. One of his bucket list trips took him to Kentucky, where he got to meet and became friends with bourbon “Hall of Famer” Freddie Johnson of Buffalo Trace acclaim.
Sitting in his backyard nearly 20 years after graduating from Tulane, I saw many of the same qualities I had grown to admire when we were students together. I saw a husband who doted on and supported Emily's passions. But I also saw someone whose body had been beaten to hell and back, who was tired, and who, like Jacob, had been wrestling with God. We quickly fell back into friendship, which perhaps is the mark of good friendship.
We all have aspirations in our youth — for the kind of spouse or parent we might be, for what we might accomplish, for what we might experience. Along the way, dreams are satisfied, modified, or they die on the vine. The clock inevitably works against all of us. That night in Oceanside, California, Jarrod, a numbers guy, saw that time was not on his side. He believed, as we all would, that he still had more to give, more impact to be made, and more things to see and experience.
After that trip, Jarrod and I stayed in touch, most frequently triggered by news of his cancer. It has been mostly the bad variety in recent months. Now spread throughout his body, down to his bones, he has lived in constant pain for months. Not even a steady diet of morphine and an implanted pain pump solve for it. Jarrod's been hospitalized twelve times just in 2023.
But his matter of fact sense of humor and way of seeing the world remains in tact. So too does his faith that despite these trials, he has always been safe in the hands of Christ.
There are people in the world who believe that life is random, disordered, and without reason. I am not among them. I think my friend is staring mortality in the face at Christmas for a reason.
For thousands of years before Christ came, there was darkness and despair. Sin and shame gripped the hearts of men. Until one holy night, God, in His infinite love, mercy and wisdom, sent His son to save. Jesus is the light of the world and the hope of man. He has won victory over death and Jarrod's will not be the exception. Jesus came for Jarrod, and for you.
For thousands of years since Jesus's death, burial, and resurrection, His disciples have been used as divine instruments to point the way to God. Jarrod is among them. If life expectancies were the measure, Jarrod would be at the midway point for most people. He's made a lifetime of impact for the Kingdom and on other people.
So, to my friend Jarrod, you were placed here with a purpose. You have run your race. You are loved. And when this chapter closes, you will hear “well done, my good and faithful servant.” There is no greater evidence of a life well lived.
While Jarrod and Emily have been fortunate to have health insurance, their portion of the medical bills so far in 2023 have eclipsed $30,000, and Emily is facing additional uncovered expenses during Jarrod's hospice care, including a night nurse that costs over $400 a night. If you would like to help defray the cost, a contribution can be made at their Go Fund Me page.
The post Staring mortality in the face at Christmas appeared first on Magnolia Tribune.
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By: Russ Latino
Title: Staring mortality in the face at Christmas
Sourced From: magnoliatribune.com/2023/12/16/staring-mortality-in-the-face-at-christmas/?utm_source=rss&utm_medium=rss&utm_campaign=staring-mortality-in-the-face-at-christmas
Published Date: Sat, 16 Dec 2023 15:05:22 +0000
Did you miss our previous article…
https://www.biloxinewsevents.com/magnolia-mornings-december-15-2023/
Important state and national stories, market and business news, sports and entertainment, delivered in quick-hit fashion to start your day informed.
In Mississippi
1. Laurin St. Pe' named CEO of Singing River Health System
The Board of Trustees of Singing River Health System announced the immediate appointment of Laurin St. Pe' as the Chief Executive Officer on Thursday.
“We are thrilled to announce Laurin St. Pe as the new CEO of Singing River,” said Steve Ates, Board President in a statement. “His wealth of healthcare experience and proven track record make him the ideal leader to steer our health system toward its next phase of growth and success.”
St. Pe', who has been serving as Interim CEO since July 2023, said he is honored to assume the role of CEO at Singing River. He has worked at Singing River as Administrator of Singing River Health System's Pascagoula Hospital and Gulfport Hospital, in addition to overseeing program service lines throughout the entire system to his subsequent appointment as Chief Operating Officer of Singing River.
The health system says St. Pe played a crucial role in the financial revitalization of Singing River Health System while steering the organization toward financial stability.
2. Gulfport-Biloxi airport, Stennis evacuated after threats
The Gulfport-Biloxi International Airport was evacuated on Thursday morning “out of an abundance of caution,” airport officials said, after receiving an emailed threat to certain transportation entities across the state.
The airport was thoroughly security swept, cleared and reopened in just over two hours. Gulfport-Biloxi is now operating regularly.
The threat was also sent to Stennis International Airport. Their staff and personnel were also evacuated until the facilities could be swept and cleared.
Any passenger whose travel was affected by the evacuation is encouraged to contact their respective air carrier.
3. Cassidy arrested in Iowa for beheading Satanic Temple statue
Former Mississippi congressional and legislative candidate Michael Cassidy was arrested this week in Iowa for beheading a statue at the state's Capitol erected by The Satanic Temple.
Cassidy reportedly decapitated the statue and turned himself to police on Thursday. He was charged with fourth degree criminal mischief. He then started an online legal defense fund where he's raised upwards of $20,000 as of Thursday night, according to his X account.
4. “Serial fraudster” ordered to cease offering investments into companies
According to the Mississippi Secretary of State's office, on October 26, 2023, Secretary Michael Watson and the Securities Division issued an order against Stephone N. Patton. The SOS says Patton is a serial fraudster with multiple criminal convictions in Mississippi and Florida.
Through business filings with the SEC and Mississippi, Patton has held himself to be the CEO of various companies, including Star Oil and Gas Company, Inc., North Gulf Energy Corporation, Inc., Patton Oilfield Services, Inc., and Patton Farms, LLC.
The SOS says using these business filings and company websites, Patton claimed to have raised hundreds of billions of dollars through investment opportunities. Through investigative efforts and collaboration with the SEC, the SOS discovered none of Patton's companies are operational, have any assets, or generate any revenues. Account records show Patton spent investors' funds almost as soon as he received them on personal expenses. The total amount of known investments made to Patton's fraudulent companies is over $80,000. Further, none of Patton's investment offerings have been registered or notice filed with the Mississippi Secretary of State's Office.
The SOS order requires Patton to cease and desist from offering investments with his companies, requiring Patton to permanently deactivate his companies' websites to prevent any further dissemination of his false or misleading information. Patton is also ordered to pay an administrative penalty of $25,000 to the Mississippi Secretary of State's Office for these violations, in addition to restitution owed to all his Mississippi investors.
National News & Foreign Policy
1. Congressional retirements mounting as 2024 election cycle nears
Retirement and departure announcements are piling up ahead of the start to the 2024 election cycle. The New York Times has developed a Retirement Tracker that currently shows 22 Democrats and 11 Republicans who are in Congress now will not be seeking re-election next year.
“Dozens of members of Congress have announced plans to leave their seats in the House of Representatives, setting a rapid pace for congressional departures, with more expected as the 2024 election draws closer,” the NY Times reports. “Given Republicans' razor-thin House majority, the wave of exits has the potential to lead to a significant shake-up next year.”
You can find the tracker here.
2. Texas, Daily Wire, The Federalist sue U.S. State Department over media censorship
The U.S. State Department's Global Engagement Center has come under fire as Texas Attorney General Ken Paxton along with The Daily Wire and The Federalist have filed a federal lawsuit alleging that the department funded technology that could “render disfavored press outlets unprofitable.” They claim that the department has helped social media – Facebook, YouTube and X (formerly Twitter) – to censor free speech while funding technologies used to censor right-leaning news outlets such as theirs.
New Civil Liberties Alliance is representing The Daily Wire and The Federalist. Paxton and the outlets claim the Global Disinformation Index (GDI), a British think tank, received a $100,000 grant from the State Department in 2021, and NewsGuard, which rates the “misinformation” levels of news outlets, received $25,000 from the State Department in 2020, according to the lawsuit.
According to the State Department's website, the Global Engagement Center's mission is to direct, lead, synchronize, integrate, and coordinate U.S. Federal Government efforts to recognize, understand, expose, and counter foreign state and non-state propaganda and disinformation efforts aimed at undermining or influencing the policies, security, or stability of the United States, its allies, and partner nations.
As reported by Reuters, the lawsuit cited a GDI-produced list from December 2022 that ranked The Daily Wire and The Federalist as among the 10 “riskiest sites” for news while the least-risky included The New York Times, Associated Press and NPR. Reuters notes that the lawsuit alleges such “blacklists” are reducing revenues to The Daily Wire and The Federalist along with their visibility on social media and ranking results from browser searches.
Sports & Entertainment
1. SEC releases 2024 schedules
Wednesday evening, the Southeastern Conference released the 2024 football schedules for its member schools, including of interest in the Magnolia State the schedules for Ole Miss and Mississippi State.
It is the first schedule that includes new conference members University of Oklahoma and University of Texas, bringing the conference to 16 schools. Each SEC team will play eight conference football games plus at least one required opponent from the ACC, Big Ten, Big 12, Pac 12 or major independent, each team will have two open dates.
The 2024 season will be the first year the SEC will play a schedule without divisional competition since 1991. The top two teams in the league standings based on winning percentage will play in the 33rd SEC Football Championship Game in Mercedes-Benz Stadium in Atlanta on Saturday, December 7.
2. White, Jesiolowski, Jones honored by MAIS
The Midsouth Association of Independent Schools (MAIS) in Mississippi, comprised of non-public schools, announced this week that Madison-Ridgeland Academy's senior quarterback John White was named the 6A Player of the Year while Hartfield's Reed Jesiolowski and Hartfield Chris Jones were named the MAIS 6A Offensive and Defensive Players of the Year, respectively.
All three have committed to play college football at the University of Mississippi.
White is Mississippi's all-time leader in career passing yards with 15,259 yards, a record he broke during the 2023 season.
MAIS, like the Mississippi High School Activities Association (MHSAA) for public schools, is broken down into classifications, from 1A to 6A. However, MHSAA added a 7A this season.
Markets & Business
1. Consumer retail sales up as energy, gas prices move down
The U.S. Bureau of Labor Statistics reported this week that the Consumer Price Index rose 0.1% in November after being unchanged in October. Retail sales rose 0.3% in November after rising 0.2% in October, meaning consumers continue to spend at the start of the holiday season.
The CPI or inflation rate is 3.1%, higher than the Federal Reserve target of 2% but below the 9% peak in 2022 which reached a 40-year high.
As for the energy index, BLS reported that it fell 2.3% in November after decreasing 2.5% in October. The gasoline index decreased 6% in November, following a 5% decrease in the previous month.
The index for fuel oil fell in November, decreasing 2.7%. However, the natural gas index rose 2.8% over the month after rising 1.2% the previous month. The index for electricity also rose 1.4% in November, after increasing 0.3% in October.
The energy index fell 5.4% over the past 12 months. The gasoline index decreased 8.9%, the natural gas index declined 10.4%, and the fuel oil index fell 24.8% over this 12-month span.
2. Week's market rally continues into Friday
At close of trading on Thursday, the U.S. markets continued the week's rally, pushing the Dow up 158 points to 37,248 while the Nasdaq and S&P also made gains, 27 points and 12 points, respectively, to close at 14,761 and 4,719.
The record high for the Dow on Thursday moved futures up 102 points.
According to CNBC, the major averages are headed for their seventh straight positive week. As of Thursday, the Dow is higher on the week by 2.8%. The S&P 500 is up by 2.5%, while the Nasdaq Composite rose 2.5% this week.
Stocks rallied after the Federal Reserve left rates unchanged this week while members look towards cuts in the new year and beyond.
The post Magnolia Mornings: December 15, 2023 appeared first on Magnolia Tribune.
…
By: Magnolia Tribune
Title: Magnolia Mornings: December 15, 2023
Sourced From: magnoliatribune.com/2023/12/15/magnolia-mornings-december-15-2023/?utm_source=rss&utm_medium=rss&utm_campaign=magnolia-mornings-december-15-2023
Published Date: Fri, 15 Dec 2023 13:00:00 +0000
Interim Third-Party Director Ted Henifin said this week that only about 59% of the City of Jackson's water customers are paying their bills.
JXN Water has announced new rates and fees coming in 2024. Those who are not paying will be at risk of shut offs.
The company, which was established by federal appointed interim Third-Party Director Ted Henifin, has been overseeing the city's water system for the better part of a year.
Officials estimated that the average cost for water in the city was $76 per month for residents. Henifin clarified that JXN water will not attempt to recoup any charges prior to November 29, 2022, and will work with those who have failed to pay since that time.
He said only about 59 percent of the city's water customers are paying their bills.
“You can't forgive bills, so we have to be creative in how we part that,” said Henifin in reference to Mississippi's laws that prevent giving away water.
According to a release by JXN Water announcing the rate changes, residents in single family households with small meters that use up to 748 gallons daily would see a bill increase of roughly .30 cents per day. Research indicates that the average U.S. family uses 300 gallons per day.
SNAP customers will have a new rate tier that could lower their bill by up to .69 cents per day, on average.
“Those who need to save the most benefit from saving money by drinking tap water. This new rate structure makes water affordability possible for 12,500 JXN Water customers who receive SNAP benefits,” said Henifin in the release.
Read more about the anticipated rate changes here.
New fees will also be implemented, including a new service fee of $50, service deposit of $100, returned check fee of $25, service restoration fee of $100, and meter tampering charge of $500.
JXN Water has continued to encourage residents to use the water, with Henifin going on the record in a federal status hearing saying that the water “was safe to drink.”
More conversation regarding the billing process is expected to come at next week's Jackson City Council meeting.
The post New water rates expected in Jackson come 2024; those who don't pay face shut off appeared first on Magnolia Tribune.
…
By: Sarah Ulmer
Title: New water rates expected in Jackson come 2024; those who don't pay face shut off
Sourced From: magnoliatribune.com/2023/12/15/new-water-rates-expected-in-jackson-come-2024-those-who-dont-pay-face-shut-off/?utm_source=rss&utm_medium=rss&utm_campaign=new-water-rates-expected-in-jackson-come-2024-those-who-dont-pay-face-shut-off
Published Date: Fri, 15 Dec 2023 20:00:00 +0000
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