Historically, Mississippi has been a mainly agricultural state. While the state holds on to some of its agricultural roots, manufacturers looking for skilled workers and low cost of living are bringing their business into the state. Mississippi residents build ships, music equipment, cars, and solar panels. The major industries in the state are services; trade, transportation, and utilities; goods production; and manufacturing. Five of the largest private sector employers in the state are Nissan North America, Ashley Furniture Homestore, Tyson Foods, and Howard Industries. Jobs in these industries, however, are all located outside the city of Jackson. Most employment within the city of Jackson is related to government, healthcare, and financial services.
The economy of Mississippi is small compared to other states. Mississippi ranks 36th in overall gross state product (GSP). Yet, it falls at the very bottom of the country in per capita GSP. Mississippi also has the 10th highest unemployment rate in the country. High statewide unemployment rates are mainly driven by the poor, rural communities in the Mississippi Delta. Unemployment rates in Jackson and the other metropolitan areas around the state are almost half of unemployment rates in the Delta region. Some of these cities provide great employment opportunities outside the city of Jackson, MS.
Canton, MS
Canton is home to the single largest private employer in the Jackson, MS area. Nissan North America relocated one of its manufacturing facilities to the city in 2003. The Nissan plant and supporting businesses that surround it added thousands of new jobs to Canton and provided a great economic boost to the city. Canton is located in Madison County, which has an unemployment rate of 4.5%.
The cost of living in Canton is in line with the national average. The median home list price is $210,500. Other than housing costs, living expenses are lower than the national average.
Clinton, MS
Clinton, home to Mississippi College, is a vibrant city with a small college town feel. Mississippi College is the oldest college in the state of Mississippi and the second oldest Baptist university in the country. Residents of Clinton are highly educated, and a large number of jobs in the community arise to support the student population. Aside from employment opportunities at the college, there are many positions in sales and service. The unemployment rate in Clinton is just 3.9%, which is well below the state average. One of the largest employers in Clinton is CRST Malone, a transportation and logistics company.
Clinton is a highly affordable city. Median home prices of $179,900 are well above Jackson’s median home price of $115,000, but they are still below the national average. In fact, the cost of living in Clinton is 94.3 where the national average is represented as a value of 100.
Hattiesburg, MS
Source: en.wikipedia.org
Known as the Hub City, Hattiesburg has long been the center of economic activity between Jackson and the coastal cities of Mobile, New Orleans, and Biloxi. Hattiesburg is the home of the third largest university in the state, the University of Southern Mississippi. The university and Hattiesburg’s two large medical facilities are the major employers in the city. Camp Shelby is located just south of the city and employs many civilians in addition to military personnel. General Dynamics also employs well over 1,000 residents. Hattiesburg’s current unemployment rate of 7% places it well above the national average. Economic growth over the next 10 years, however, is expected to top 30%. The area around Hattiesburg has recently attracted new business from General Dynamics, Stion, and Sofidel.
The cost of living in Hattiesburg is rated 89.9. Living in Hattiesburg is less expensive than the average city in the United States, but it the housing cost that really makes the city so affordable. The median home list price is $189,480.
Olive Branch, MS
Olive Branch is located just to the south of Memphis, TN. From 1990 to 2010, Olive Branch was one of the fastest growing cities in the United States. During that time, Olive Branch experienced a growth rate of 838%. Economic activity is driven by the city’s proximity to Memphis, and the unemployment rate in Olive Branch is just 4.0%. Olive Branch is a major distribution hub for companies such as Williams-Sonoma, Snap-On Tools, Five Below, and other major retailers.
With a cost of living rated 94.5, Olive Branch is an affordable suburban city. Housing expenses are slightly more expensive than the national average. The average home list price is $226,465.
Southaven, MS
Similar to Olive Branch, Southaven draws much of its economic activity from its proximity to Memphis, TN. Since Memphis is such a large distribution hub, many businesses choose to locate large distribution facilities right across the state line in Southaven. Easy access to air, highway, and rail facilities also makes Southaven an ideal location for manufacturers such as Siemens. As a result, the unemployment rate in Southaven is just 4.2%.
With a cost of living of 88.3 compared to the national average of 100, Southaven is an extremely affordable suburban city. Housing and utility expenses are well below the national average. The average home list price in Southaven is $193,340.
