The Annual Small Business Report from Secretary of State Delbert Hosemann’s office shows that small businesses–particularly LLCs– are increasing greatly across the state.
Numbers from the first quarter of 2017 show that 6,068 new LLCs were developed, which is up more than 800 from two years ago.
The industry with the biggest growth is Real Estate Rental and Leasing.
Secretary of State Delbert Hosemann said this shows Mississippi will continue to thrive with the advent of more small-to-medium businesses.
“We have made it a priority to make it as easy and efficient as possible to meet statutory requirements necessary to registering in the state,” said Hosemann.
Secretary Hosemann added that Mississippi is on track to add 20,000 new businesses this year.
According to data released by the American Legislative Exchange Council, Mississippi is ranked 22nd in the nation in economic outlook and competitiveness.
Jonathan Williams, ALEC Chief Economist and Vice President of the ALEC Center for State Fiscal Reform said growth is what will continue to drive the economy.
“In this fast-moving environment, standing still is enough to get left behind,” said Williams. “States that have adopted pro-growth policies have enjoyed robust economic expansion, with greater wage growth and more opportunities for citizens.”
Secretary Hosemann said small business growth will be the driver in Mississippi.
“Over 50 percent of the workforce in Mississippi is in small business, with less than 200 employees,” said Hosemann. “So that is our wheelhouse.”
Hosemann said there will be a few obstacles to see more growth.
“The overall growth will be in small to medium businesses, and to get that we’ll need an educated workforce, access to capital, and communities that want them to thrive.”