Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. Corey Miller, economic analyst at the University Research Center, noted that although it is early in fiscal 2019, “trends look favorable for revenues so far.”. In 2019, the real GDP of Mississippi was 104.21 billion U.S. dollars. The slow pace, Webb said, is in comparison to neighboring and nearby states, many of which achieved stronger annual GDP growth after the end of the Great recession earlier in the decade and continue to do so. Please update this article to reflect recent events or newly available information. This is a list of U.S. states, the District of Columbia, and U.S. territories sorted by their gross … Calculations show last year brought something Mississippi has not seen in 11 years: Real GDP growth of 1 percent or more. Footnotes Corporate tax collections totaled $575 million in fiscal 2018, according to the Mississippi Department of Revenue, which put fiscal 2017 corporate tax collections at $563 million. make sure you're on a federal government site.
Phil Bryant to make emergency budget cuts of nearly $175 million and draw tens of millions of dollars from the state’s Budget Stabilization Fund. Mississippi “is always going to be a little flatter” in GDP growth than the national figure, Webb noted. Still, 1 percent Mississippi growth marks the largest annual increase in the state’s real GDP since 2008, the last year the state’s economy grew by at least 1 percent, state economists said in the Mississippi Economic Outlook issued in late April by the University Research Center of the Mississippi Institutes of Higher Learning. In Mississippi, tax cuts for business and individuals began last year with the first phase of eliminating the state’s $260 million annual corporate franchise tax along with what are projected to be cuts of $145 million annually in individual income taxes. Read more The BEA said Mississippi showed even better personal income growth in 2018 at 3.8 percent, the largest increase since 2011. The BEA attributes the national GDP acceleration to an upturn in state and local government spending, speedups in private inventory investment and in exports, and a smaller decrease in residential investment.
In an interview shortly after the Bureau of Economic Analysis’s GDP report, Webb said while Mississippi’s GDP number is at a 10-year high, the “story is the same: overall strong economic growth at a relatively slow pace.”. So far, the cuts have not noticeably diminished state revenue collections, which last year reached $5.5 billion and in 2017 $5.4 billion. Mississippi employment growth of .03 percent in 2018 marked the lowest growth rate since 2011, according to the U.S. Bureau of Labor Statistics.
(p) Preliminary, Data extracted on: Source: U.S. Bureau of Labor Statistics September 23, 2020. The .gov means it's official.
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