Mississippi Among the Top States for Doing Business: A Southern Success Story

Columnist Phil Hardwick mentions that recent rankings by experts in site selection and economic development show that Mississippi is a strong contender for businesses looking to set up shop. He emphasizes that Mississippi reported notable placements in several categories important to companies seeking new locations.

In 2023, Mississippi was recognized as one of the “Top States for Doing Business” by Area Development Magazine, securing the 10th spot out of 20 states. The state performed exceptionally in specific areas, achieving 4th place in the Speed of Project Permitting and 7th in the Cost of Doing Business.

Additionally, Mississippi was ranked 10th in both Business Incentives Programs and Favorable Regulatory Environment categories.

Area Development Magazine’s annual survey gathers insights from professionals who specialize in site selection and economic development, providing a reliable perspective on state rankings. These experts assess various key factors that influence companies’ decisions to establish, expand, or relocate their operations.

Fast decision-making is crucial for companies planning new facilities, as land acquisition, environmental regulations, and legal concerns require time.

Understanding this need, many states ensure they have not only prepared sites but also buildings ready for businesses to occupy. Mississippi’s high rankings in areas like Site Readiness Program and Speed of Project Permitting reflect this preparedness.

A recent example is the announcement of a new Amazon facility in Oktibbeha County’s Northstar Industrial Park. The project will use a 50,000 square-foot speculative building, expected to generate 90 full-time and part-time jobs.

The effort to secure this project was a collaborative one. Organizations like The Golden Triangle Development LINK, the Oktibbeha County Economic Development Authority (OCEDA), and Agracel, Inc., played key roles.

Lynn Spruill, President of OCEDA and Mayor of Starkville, expressed her excitement about the collaboration. She highlighted how the partnership with the LINK is expected to bring long-term economic benefits to the community and region.

Mississippi consistently ranks well in terms of the low cost of doing business, a key factor in attracting companies. For instance, CNBC’s 2021 rankings placed Mississippi at the top in the Cost of Doing Business category.

In 2023, Forbes Advisor ranked the state 16th in its Best States for Business rankings, considering factors like business costs and financial accessibility.

The state’s significant business incentive programs also contribute to its favorable rankings. The Mississippi Development Authority lists 43 different incentives, including Sales and Use Tax Exemption for Headquarters and Skills Training Income Tax Credit.

Another strong point for Mississippi is its unemployment rate, which hit an all-time low for the fourth consecutive month in June 2023. Mississippi was among 11 states that recorded a drop in unemployment rate during that period.