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Research Foundation releases second quarter economic Regional Brief for Mississippi Gulf Coast.
While certain sectors of the Mississippi Gulf Coast economy and many individual businesses are being significantly impacted by the oil spill, the regional economy as a whole is proving again to be very resilient. Notably, prior to the oil spill the economy on the Gulf Coast was showing signs, such as increasing sales tax revenues, of transitioning from the national recession into a period of progress, and the Gulf Coast Business Council will be closely monitoring how the oil spill ultimately impacts our recovery in the third quarter and beyond. The Gulf Coast Business Council also believes that federal legislation similar to the GO Zone package, which passed in the aftermath of Hurricane Katrina, may be necessary to offset some of the long-term implications that the oil spill will have on our economy. To read the full report click here.
Business confidence index drops during second quarter 2010.
The Gulf Coast Business Council Research Foundation announced July 19 the release of its quarterly CEO and Business Owners Confidence report for the second quarter 2010. This represents the eighth consecutive quarter that the survey has been administered to business leaders and CEO’s on the Mississippi Gulf Coast. The survey was administered June 28 – July 8, prior to recent progress towards capping the leaking Deepwater Horizon oil spill. The survey was NOT structured to gauge economic impacts of the oil spill, but it can be inferred that the oil spill had an impact on business confidence on the Mississippi Gulf Coast. After rising in four out of five previous quarters, the overall measure of Business Confidence on the Mississippi Gulf Coast posted a decline in the second quarter 2010. When compared to previous surveys, future hiring plans were not impacted significantly, as the majority of respondents continue to plan to maintain existing staffing levels. To read the analysis in its entirety, click here.
Progress continues on Mississippi Gulf Coast
The Gulf Coast Business Council Research Foundation released its quarterly Regional Brief in early May, and the results are encouraging. During the first quarter sales tax diversions were only down marginally from prior year for the combined Mississippi Gulf Coast and in March aggregate sales tax diversions reported in the three coastal counties snapped a 27 consecutive month trend of declines. Unemployment levels subsided during the latter part of the quarter and several significant projects were announced that will positively impact the economy in the ensuing months. Weighing these results with other indicators, such as the CEO & Business Owner Survey that was administered at the end of the quarter, and anecdotal information, demonstrates that progress was made within the overall economy of the Mississippi Gulf Coast. To view the report in its entirety, please click here.
Economy on Mississippi Gulf Coast is Improving
Results from the first quarter 2010 CEO & Business Owner Confidence Survey, which is administered through a partnership between the Gulf Coast Business Council Research Foundation and area Chambers of Commerce, are encouraging. For the first time since the second quarter of 2009, business leaders reported that the current state of the economy relative to six months prior was slightly better overall. The gap between how executives feel about the current state of the economy compared to future expectations narrowed, suggesting that progress is being made and that business leaders are beginning to experience the improvements that have previously been forecasted. To view the complete report, please click here.
Research Foundation Releases School Start Date Study
The Gulf Coast Business Council Research Foundation announced on January 26, 2010, the release of its Introductory Study of Later School Start Dates in Mississippi. The study is not an endorsement of moving school start dates back in Mississippi. The Business Council hopes that educators, legislators, and other stakeholders will explore all facets of the issue in an open an honest dialogue. The study explores the potential economic impacts of moving school start dates back while maintaining the same number of instructional days and analyzes the effect such legislation has had in other southern states.
While the report is an important set of facts related to the issue of school start dates, it is understood that it is not the only information which is important to the dialogue and it is paramount that all other points of view and data points are fully explored in a broad process by appropriate stakeholders.
Port Alliance Encourages Public Membership
The Port Alliance For Jobs and Community Development is a newly-formed group of citizens who support the increase of jobs at the State Port at Gulfport and the development of the Coast Communities which will result from the full restoration of the Port at Gulfport.
Membership in the Port Alliance is voluntary and open to all members of the public who support the restoration of the Port. Download the Port Alliance membership application here.
To learn more about the restoration visit www.portofthefuture.com.
Wind Pool Study Reveals Impact on Economy
A study commissioned by the Gulf Coast Business Council Research Foundation and conducted by the John C. Stennis Institute of Government at Mississippi State University evaluates the economic impact of the proposal for additional funding of $20 million into the wind pool.
An analysis of the study, released by the Gulf Coast Business Council Research Foundation, states that in addition to attracting commercial investments and reducing the burden of insurance costs to Gulf Coast homeowners, this additional $20 million in state funding will more than pay for itself as a result of new tax revenues to the state of Mississippi. The study estimates these new tax revenues to state coffers at $26.9 million.
Click to view the Executive Summary from the Stennis Institute and the Gulf Coast Business Council's analysis of the Report.
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