Most of us understand that the term “Gross Domestic Product” refers to the monetary value of value added output of the United States. But we may not realize that this same concept can be applied to states and counties as indicators of economic growth.
From 2007 to 2012, gross product for Mississippi increased by almost $300 million (33.4%) in real terms (see the following table). And the changes for individual counties were just as varied. From a high of 131.6% change for Kemper County (primarily due to the utilities and construction sectors) to a decline of 53.6% for Tunica County (declines in the arts, entertainment and recreation sector overrode several sector expansions), Mississippi’s counties have experienced a large number of economic expansions and declines.
On a state-wide basis, the largest gains (in percentage terms) have come from private educational services (32.5%) and utilities (17.5%) while the largest declines have been in manufacturing (-16.2%) and arts, entertainment and recreation (-31.5%). And while the largest expansions and contractions have been concentrated in the state’s most populous counties, many of Mississippi’s small counties have experienced large absolute impacts as well.
For further information, a set of county economic and retail profiles for Mississippi can be found at http://muscares.com/crd/county_profiles/.