Key Facts
- Per Capita Real GDP
- $24,477 Rank: 51/50 (2007)
- Population
- 2,938,620 Rank: 31/50 (2008)
- Per Capita Personal Income
- $26,535 Rank: 50/50 (2006)
- Unemployment Rate
- 6.00% Rank: 47/50 (2008)
- Business Tax Climate Index
- Rank: 18/50 (2008)
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Mississippi: Introduction
Mississippi is located in the southern region of the United States, just east of the Mississippi River and north of the Gulf of Mexico. Great Britain took control of the area in 1763 after the French and Indian War under the terms of the Treaty of Paris. Mississippi was formally recognized as a territory of the United States in 1798, and in 1817 became the 20th state admitted into the union.
The warm climate and fertile soil allowed for cotton to be the King of Mississippi’s economy through the 19th century. Post World War II Mississippi’s agricultural economy underwent a revolution driven by crop diversification, mechanization, and consolidation. Mississippi’s economy has since become more diversified by slowly balancing agricultural output with increased industrial activity.
Manufacturing currently contributes roughly six times more income to GDP than agriculture, but much of the state’s industrial strength is related to the agricultural sector. One example is food processing, which provides the most income out of any manufacturing industry in the state. This has also helped support agriculture, which continues to employ approximately 30% of the state’s workforce either directly or indirectly. Poultry and eggs constitute the largest agricultural output, while forestry, cotton, catfish and soybeans are other major contributors. Many businesses have moved to Mississippi because of the state’s business-friendly taxes, proximity to primary products and weak labor unions.
