Once considered to be a wealthy state for its cotton plantation, Mississippi, like most other parts of the United States today is battling on the economic front.
Mississippi’s Economy
As compared to agriculture, manufacturing constitutes of the largest private industries in the state. Healthcare, retail and real estate are other booming sectors.
The government plays a crucial role in the states economy with maximum contribution to its economic output. In Mississippi workers cannot be forced to join unions and thus it is known as a ‘right-to-work’ state. Additionally, it has low state, local and corporate tax rates, making it business friendly for many industries.
The economic crisis of 2008 led to increased job losses. Even though the rate of job losses has started to slow down since 2010, the economic forecast through 2015 still predicts that the state’s unemployment rate will continue to be above the national average.
Federal subsidies and grants constitute much of the states money. For every dollar that Mississippi contributes into the federal tax system, it receives over two federal dollars in return. These generous government subsidies in Mississippi have indeed been the drawing factor especially for green energy companies to set up their shops in this state.
Leveraging the Green Economy
Green economy, considered to be America’s next economical path defines a nation’s low carbon future. Green economy also provides a plethora of opportunities for jobs in Mississippi’s at all income and skill distribution levels.
Green jobs aren’t only limited to jobs in manufacturing alternative-energy and energy-efficient devices but also include occupations for construction workers, sewage workers, household – appliance, solar-panel or wind-turbine manufacturers and others.
Even though Mississippi ranks 45th in the country with respect to green jobs, this situation only suggests a larger potential for growth in the long run.
It is a known fact that the green job sectors are growing at a faster pace and that the states with higher green jobs are faring better during the recession. It is a justified belief that Mississippi’s jobs market will benefit with encouragement of green jobs.
With the help of political initiatives sustainable green economic growth can be prioritized. The state’s public policy plays significant role in encouraging the same.
The following are appealing attributes for green manufacturers to move to Mississippi:
- Low labor costs
- The state’s corporate tax rate is around 5% with additional tax holidays
- Manufacturers gain with low interest rates on the loans, the state itself obtains the loan and gives it to manufacturers without any premium
- Subsidies are liberal to lure green manufacturers
Foreseeable Challenges:
- The cost of using renewable energy may be more than what the citizens in the state can bear
- Excessive global competition for green companies
- The startup nature for these companies has high probability of failing
According to a recent green survey, the green jobs in the state are expected to grow by 18.5% over the next 10 years. A survey by Mississippi Department of Employment Security suggests that Mississippi has a better ranking in the bio-fuels industry thanks to its natural resources. This makes the state competitive in the renewable energy market.
With exciting opportunities in store, the growth of the green market holds promises of enhanced opportunities for jobs in Mississippi in the long run.
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