BILOXI, Miss., March 13, 2008 (PRIME NEWSWIRE) -- Despite national economic concerns, Mississippi continues to report economic progress, and business opportunities should remain strong, including renewal and rebuilding efforts along the Gulf Coast.
That was the consensus among Mississippi Governor Haley Barbour - a surprise visitor and impromptu speaker - and a panel of featured economic experts at the 41st Hancock Bank Gulf Coast Economic Symposium held yesterday in Biloxi. Barbour joined symposium panelists, Hancock Bank executives, and nearly 1,000 business leaders gathering to spotlight the Mississippi Gulf Coast's recovery progress as well as growth opportunities, economic indicators, and forecasts for the entire state.
"Mississippi's economy is the strongest it has been in its history," Barbour said. "Who would have dreamed that the worst natural disaster ever would be followed by a gigantic reconstruction boom?"
Barbour heralded the tremendous economic growth occurring along the Coast and in central and northeast Mississippi. Although challenges in meeting labor demands remain along the Coast, and stagnant areas persist in southwest Mississippi and the Delta, he said the state's economy stands strong.
"Per capita income is up 26 percent - the biggest increase in recent history," he said.
Barbour's remarks bolstered a report by Gray Swoope, executive director of the Mississippi Development Authority, one of Wednesday's scheduled speakers.
"The State of Mississippi is enjoying unprecedented growth right now," said Swoope. "We are mindful of the economic concerns happening on a national scale; but in Mississippi, we are seeing more jobs and higher wages."
Swoope said enormous progress has been made in job recovery and creation of new jobs since Katrina struck the Mississippi Gulf Coast in 2005. He outlined MDA's efforts in aiding business recovery statewide, and particularly, in Gulf Coast areas.
"We had 70,000 people file for unemployment immediately following Katrina," Swoope said. "Today, we are seeing record employment once again."
Swoope said one of the hardest hit industries - tourism - is also making a strong comeback. Although the 2005 storm nearly decimated Gulf Coast tourism, Swoope said the state is beginning to approach pre-Katrina numbers statewide.
"The tourism industry was a $6.3 billion industry statewide before Katrina," he said. "We expect the industry to be about $6 billion this year, so we are very close to where we were before the storm," he emphasized.
Peter Ricchiuti, a nationally known economist and Tulane University Burkenroad Reports founder, said economic concerns do exist, particularly surrounding rising energy costs. However, prospects are not as gloomy as reported. He predicted an economic slowdown but does not see a deep or prolonged recession.
"We are nowhere near an official recession," he said. "But, if we do enter a slowdown, the Gulf Coast is the best place to ride it out," said Ricchiuti.
He said growing exports and business spending are positive signs that could slow or shorten any recessionary activity. Ricchiuti reminded the audience that the country has seen only two recessions in the past 25 years.
"What we need to remember about recessionary periods is that, on average, economic activity declines by only two-and-a-half percent in a recession. Recessions are short-lived, and during that time, unemployment rises by only two percent - not 30 percent, as some would have you believe."
Ricchiuti said the sub-prime mortgage crisis is among several economic concerns nationally but pointed to positives occurring within the economy, such as the weaker American dollar boosting exports.
Jimmy G. Gouras, an urban planning consultant based in Vicksburg and with a Biloxi office, presented details on several ongoing programs and opportunities for new investment. Gouras, whose firm works with local governments and private investors, outlined the Katrina Supplemental Community Development Block Program, which has been used in storm-affected areas to restore public infrastructure, including water, sewer, streets, and drainage functions. Gouras also presented opportunities through Tax Increment Financing (TIF), Tourism Rebates, and Go Zone programs.
Since the mid-1960s, keynote speakers at the Hancock Bank's Gulf Coast Economic Symposium have comprised some of America's most accomplished corporate visionaries and economists. These authorities have provided Gulf Coast business, civic, and political leaders as well as Hancock Bank customers and shareholders first-hand insights in to the factors impacting the region's economic success and, in turn, local citizens' livelihoods and families.
During the last four decades, the event has grown from the first gathering of 25-plus local business men and women to audiences of more than 1,000 key individuals recognized for their commitment to the area's future.
About Hancock Bank
Founded in 1899, Hancock Bank recently ranked third among America's top-performing financial services institutions and has rated among the country's strongest, safest banks for 73 consecutive quarters. Hancock Holding Company (Nasdaq:HBHC) - parent company of Hancock Bank (Mississippi), Hancock Bank of Louisiana, Hancock Bank of Alabama, and Hancock Bank of Florida - has assets of approximately $6.1 billon and operates 162 banking and financial services offices and 132 ATMs in the Florida Panhandle, southern Alabama, south central Louisiana, and South Mississippi.
Bank subsidiaries include Hancock Investment Services, Inc.; Hancock Insurance Agency and its divisions of Ross King Walker and J. Everett Eaves; and Harrison Finance Company. Hancock also has corporate trust offices in Orlando, Jackson (MS), New Orleans, and Baton Rouge.
Corporate information and online banking and bill services are available at www.hancockbank.com.
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