By Roneshia Thomas
From the July/August 2022 Issue
With one of the lowest corporate tax rates in the U.S., Mississippi offers low business costs, a talented workforce, and a competitive climate for innovation. This collaborative system has fostered growth in all industries including automotive and aerospace manufacturing as well as the emerging blue economy.
With the available airspace and infrastructure to support it, the aerospace industry has been thriving in the Magnolia State. NASA’s Stennis Space Center has been located in Mississippi for six decades and has played a major role in the innovation and expansion of the industry. Mississippi has an expansive portfolio of resources and advantages for the aerospace industry, such as the Aerospace Initiative Incentives Program and its proximity to major military installations. Mississippi has 80 privately and publicly owned airports.
With continued investment from aerial manufacturers, such as Hush Aerospace, GE Aviation, and Airbus Helicopters, the aerospace industry will continue to soar in Mississippi.
Mississippi is known for a friendly business climate which makes it easier for manufacturers to settle into the state. Being the powerhouse behind the Mississippi economy, the manufacturing industry employs over 140,000 people across the state. Advanced manufacturing companies choose Mississippi because of its highly skilled workforce, innovative technology, and productivity.
Investments from manufacturing companies have helped boost the state’s economy, including a corporate investment of $2.5 billion by Steel Dynamics in the Golden Triangle Region, which is currently the largest in the state’s history.
“Mississippi set economic development records last year,” said Governor Tate Reeves in early 2023. “We brought in a record of over $6 billion in new capital investment and finalized the largest economic development project in our state’s history. We’re working hard every day to bring new businesses and investments to our state, and we’re not going to take our foot off the gas pedal.”
Find A Faster Path To Market In Mississippi
Mississippi has taken collaboration to a streamlined new level. The Mississippi Development Authority (MDA) and AccelerateMS, the state’s workforce development entity, work hand-in-hand with one another, local governing bodies, community colleges, and businesses. By bringing all parties to the table early, projects not only stay on track, they move much faster.
MDA helps businesses navigate the process from site selection to production. A statewide portfolio of qualified, shovel-ready sites offers an array of options near critical infrastructure. With convenient access to a well-integrated transportation network that includes extensive waterways and railways, these sites are not only shovel ready, they are ready to get businesses up and running in record time. Proactive leadership and streamlined processes increase speed to market by minimizing red tape. Since these sites are vetted and pre-qualified, Mississippi eliminates many of the risks and surprises that can hinder developments.
The state’s one-of-a-kind flexible incentives, like its groundbreaking new MFLEX program, also offer full transparency and easy accounting for businesses. By simply meeting the straightforward qualifications, businesses earn a universal state tax credit through MFLEX to be applied however it best meets their needs. Mississippi’s low tax rates coupled with its low cost of operations gives even more leverage for bottom-line growth.
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AccelerateMS believes in workforce development for mutual success and refers to it as “the power of human momentum.” The Accelerate team works with businesses to find and develop the right people to propel businesses to new heights. Specialized training and ongoing education ensure Mississippians are ready to work now and prepared to take on the jobs of the future. In fact, Accelerate’s mission of “developing and deploying workforce strategies to connect individuals with transformative, high-paying careers” empowers Mississippians to deliver top-quality goods and services, in turn fueling long-term success for businesses across sectors.
Automotive. Aerospace. Advanced Manufacturing. Blue Economy. No matter the industry, Mississippi brings options, collaboration, and motivation to the table.
Visit mississippi.org or acceleratems.org for more information.