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JACKSON, MS - The latest U.S. Department of Commerce’s Bureau of Economic Analysis has ranked Mississippi #2 in the country for real gross domestic product growth for 2024.
Adjusted for inflation, Mississippi’s 4.2% real GDP growth rate represents an increase of $1.27 billion from 2023 to 2024. That same ranking is reflected in the state’s nominal, or unadjusted, growth rate of 6.7%, which is an increase of $2.58 billion.
“The fact that Mississippi is Number Two in the nation for real GDP growth shows how much momentum our state has,” said Gov. Tate Reeves. “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.”
The report reveals that a major contributor to the real GDP growth stems from the agriculture, forestry, fishing and hunting sectors. Mississippi placed second nationally in that sector, with a growth rate of 1.17%.
The state also saw an increase in the manufacturing sector, which includes durable and nondurable goods, resulting in the state placing eighth overall in the nation with a .41% increase. That number represents significant growth from the third quarter of 2024, signifying Mississippi’s gains in manufacturing during the fourth quarter of 2024.
Mississippi ranked first in net earnings, which includes wages and salaries. Mississippi also was one of only four states that saw a decrease in government assistance payments, down by -0.7%. The biggest boost to income growth came from manufacturing, where Mississippi ranked ninth in the country. The state also ranked third in agriculture, forestry, fishing and hunting.
“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. “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.”
View the full report here: Gross Domestic Product by State and Personal Income by State, 4th Quarter 2024 and Preliminary 2024 | U.S. Bureau of Economic Analysis (BEA).