Brighter Futures Begin with HOPE.

The main theme of the Legislative Economic Briefing on January 17^th continued to be Mississippi’s slow economic recovery. While many indicators are improved from last year, the state’s growth is slower than the nation’s and projections are still that it will take years to recoup losses associated with the 2007 recession.

One spot of good news was that fewer Mississippi counties experienced job losses from 2011-2012 than the year before. The map below shows that 26 counties experienced a decline in employment last year compared to 46 counties between 2010-2011. The map indicates that Jackson, Harrison, DeSoto and Union Counties all added more than 1,000 jobs over the year.

Employment Gained (Lost) By County, 2011-2012*

*The average employment for January to November period is compared for both years.

While some communities posted job growth, Mississippi continues to be among a small contingency of states that did not experience job gains between 2011 and 2012. Mississippi employment declined 0.23% last year, and the state was one of four that posted job losses (see chart). Nationally, employment growth averaged at 1.4%. The declines in Mississippi led the state to having the lowest average of total jobs since 1995 last year.

Percentage Change in Nonfarm Employment By State, 2011-2012*

Other key points from the hearing included the forecast that Mississippi would meet the Revenue Estimate for 2013, and that the likelihood of a recession has fallen to 20% for the state. However, the big story continues to be a need for more robust job growth before the state’s economy can rebound to the levels it experienced pre-recession.