Where is the Coast going? Business leaders will unveil a strategic plan this week.
South Mississippi now has two major opportunities — a plan for the future plus funding from the BP oil spill to pay for infrastructure and big ideas.
On Wednesday, 500 people are signed up to attend the third annual State of the Coast Economy Symposium at IP Casino Resort.
During the first symposium in 2017, Coast business leaders got a reality check — South Mississippi was lagging behind other areas of the state when it came to jobs and other economic indicators.
Last year, the numbers were much more encouraging and the Gulf Coast Business Council laid out the challenge to create a strategic plan that will focus South Mississippi’s direction for the next 10-15 years.
The Business Council hired TIP Strategies, a well-known firm out of Austin, Texas, which along with the Mississippi Gulf Coast Community Foundation financed the study.
Together they spent most of the year meeting with the Coast Legislative delegation, the supervisors of the three Coast counties and the mayors of the 12 Coast cities. They also sent surveys to business leaders, giving TIP 1,000 voices of input to create a plan.
After a year of work, that plan will be unveiled Wednesday, said Anthony Wilson, CEO of Mississippi Power Co. and chairman of the Gulf Coast Business Council.
The report will highlight the Coast’s strengths and areas that need improvement, Wilson told the Sun Herald on Monday. TIP Strategies was charged with pinpointing three or four things “that could really move the needle” as the area receives millions of dollars each year for the next 15 years from the BP settlement.
In part, South Mississippi is looking at Nashville and other cities to see how they became so successful, said Ashley Edwards, president and CEO of the Business Council.
The light bulb moment that was the catalyst for Nashville came when an article was written about how it could become the first great city to go under financially, Edwards said. The business community there rallied and refocused its efforts on attracting talented people, he said, like tourism director Butch Spyridon, a Pascagoula native. Now Nashville is one of the fastest growing cities and top tourist destinations in the country in just 30 years.
For Atlanta, Wilson said the catalyst was the decision to locate the airport close to center city, and then landing the Olympics.
This plan that will be introduced Wednesday could be the catalyst for South Mississippi, he said, and Coast residents take for granted the waterfront location, the climate and the low cost of living.
“We can be so much bigger than we’ve ever given ourselves permission to think,” Wilson said.
By the numbers
The Coast economy is showing signs of strength, although it took a hit from the opening of the spillway to alleviate flooding on the Mississippi River. That closed the waters of the Mississippi Sound to swimmers through the summer and devastated the oyster industry.
Here’s where the economy stands:
▪ Sales tax diversions — The Coast ended the fiscal year in June up $3 million from 2018. For the calendar year through October, the cities’ diversions are up $1.4 million, with a noticeable dip in the summer due to the spillway opening and resulting drop in tourism and the seafood industry.
▪ Casino revenue — Sports betting boosted casino revenue at the 12 Coast casinos. Through September, gross casino revenue was $987 million compared to $936 million for the same period in 2018 and $904 million for first 9 months of 2017.
▪ Development — The Treen Report shows the value of building permits issued, and 2019 is proving to be a big year for the Coast By August, the value of building permits were $26 million ahead of the same time in 2018. Building permits now stand at $235 million compared to $187 million for all of last year.
▪ Housing prices — The average sale price of a home in South Mississippi hit $186,000 in June — the highest for any month since Hurricane Katrina in 2005, according to numbers from the Mississippi Gulf Coast Association of Realtors. The average price from January through September was $178,000 compared to $164,000 in 2018 and $157,000 in 2017. The average days on market is 71.
▪ Gas prices — South Mississippi continues to have some of the lowest gas prices in the nation. On Monday, AAA reports the local cost of a gallon of regular gas averaged $2.14. The state average was $2.21 and the national average $2.60. Gas prices this time last year on the Coast were $2.36 a gallon.
▪ Unemployment — Local unemployment rates are not adjusted like national rates. Harrison County had the lowest unemployment rate on the Coast in September at 5.3%, followed by Hancock County at 5.7% and Jackson County at 6.1%. The unadjusted rate for the state was 5.6 percent. The national adjusted rate was 3.5%.
