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Mississippians seeing $8,700 increase in personal income since 2019: report

Photo courtesy of the Federal Reserve Bank of St. Louis/website

The per capita personal income for residents throughout Mississippi has risen by nearly $9,000 since 2019, according to the U.S. Bureau of Economic Analysis and Federal Reserve Bank of St. Louis.

The increase represents an over 22 percent pay raise for Mississippians, which is more than double the growth in per capita personal income seen in the previous four years.

“Mississippians are learning more and earning more,” Governor Tate Reeves said. “We made it a priority to increase wages, expand job opportunities, and improve education in Mississippi and that’s what we’ve done. It seems like every week there is more good news coming out about Mississippi. This is just one more example of the incredible momentum our state has.”

The $8,696 rise in per capita personal income is yet another major economic milestone for the state, as Mississippi revenue collections for Fiscal Year 2023 have exceeded expectations by nearly $700 million.

In total, Mississippi collected an excess of approximately $699,647,493 in revenue, representing an increase of 4.11 percent over the previous year.

Reeves has attributed the recent accomplishments to over $6 billion in new economic development projects that were finalized in 2022.

The private capital investments included the largest economic development project in Mississippi’s history, a $2.5 billion facility that is expected to create 1,000 jobs with an average annual salary of almost $100,000.

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