A new report released from the U.S. Department of Commerce’s Bureau of Economic Analysis says the state of Mississippi ranked No. 2 in the nation for growth in real domestic product for 2024.
The 4.2% growth rate, adjusted for inflation, represents a $1.27 billion increase in GDP from 2023 to 2024. The unadjusted or nominal rate, 6.7%, reflects an increase of $2.58 billion. Governor Tate Reeves has boasted about the Magnolia State’s record growth over the last four years, pointing to the new report as further evidence of the surge.
“The fact that Mississippi is Number Two in the nation for real GDP growth shows how much momentum our state has,” Gov. Reeves said. “We’ve done the hard work laying the foundation for record-breaking economic success, and I’m proud of what we’ve been able to accomplish. This is another big win for our state and the people who live here.”
According to the report, the agriculture, forestry, fishing, and hunting sector is a major contributor to the growth. That sector alone grew 1.17% from 2023 to 2024.
The state also got a major jump in the manufacturing sector, placing eighth nationally with a .41% increase. Other high marks for Mississippi on the report include ranking first in net earnings, which includes wages and salaries, and being one of only four states that saw a decrease in government assistance payments – a decrease of .7%.
“Mississippi’s outstanding GDP growth is proof that our state’s pro-business policies and strategic investments are paying off,” Mississippi Development Authority Executive Director Bill Cork said. “With key industries like agriculture and manufacturing contributing substantially to that growth, Mississippi is creating new opportunities, strengthening communities and building long-term, sustainable economic momentum.”
Income growth followed the GDP growth, including the ninth-most income growth nationally in manufacturing and third nationally in agriculture, forestry, fishing, and hunting.
The full report can be viewed here.