Over the past week, a significant amount of media coverage has focused on the jobs outlook in Mississippi. From unemployment insurance extensions to the announcement of a large economic development project to private sector layoffs on the Mississippi Gulf Coast, the stories illustrate that creating and maintaining quality job opportunities is one of the bigger challenges facing the state.
In light of the coverage, we thought it would be illustrative to share with our readers a 10 year snapshot of job growth and job loss in Mississippi. The Chart below shows the rise and fall of jobs over the past decade. Statewide, we have 77,000 fewer jobs today than we did in January 2000.
Mississippi Job Numbers January 2000 – July 2010
The Recession of 2007 wiped out years of job recovery following the lead-up and aftermath of the Recession of 2001. Fewer jobs mean higher unemployment and lower personal income and sales tax collections. Lower tax collections affects funding for vital state services such as education and public safety.
For the state to be competitive when prosperity returns, it is important that Mississippi takes a balanced approach to building a budget in the upcoming year that includes raising revenues. As Mississippi seeks to develop job opportunities and a more competitive economy, it will also be important to make the necessary investments in our post secondary education system to prepare a workforce ready to compete for 21st century jobs in a global economy.
Source: JobWatch 2010. Economic Policy Institute. MEPC Analysis. Green Shaded areas indicate national recessions.
Authored by: Ed Sivak, MEPC Director and Sarah Welker, Policy Analyst
