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With over 2.9 million people, Mississippi ranks 31st in population among the United States. The
largest cities in Mississippi are Jackson,
with a population well over 180,000 in the city proper; Gulfport; Biloxi; Hattiesburg;
Greenville; Meridian; Tupelo; Southaven; Vicksburg; and Pascagoula.
Historically, cotton reigned supreme in Mississippi’s economy for many years. The Magnolia State
has since diversified its economy. Agriculture remains essential, however, and cotton still
contributes to the economy. Soybeans, corn, peanuts, pecans, rice, sugar cane, and sweet potatoes
comprise the top crops. Other important agricultural commodities include poultry- especially boiler
chickens, eggs, meat, dairy products, and feed crops. Additionally, Mississippi leads the world in
pond-raised catfish. The Gulf Coast region boasts a successful fishing and seafood processing
industry.
Mississippi now relies on other important industries to bolster its economy. The state’s mineral
wealth is represented by petroleum and natural gas. Other important products include apparel,
electrical machinery, transportation equipment, chemicals, plastics, foods, furniture, and wood
products. Military establishments also aid the Magnolia State. Additionally, gambling and tourism
provide valuable revenue.
With regards to Mississippi’s cost of living, in 2005, the Magnolia State had a median household
income of $32,938 and a per capita personal income (PCPI) of $25,051. The average annual growth rate
of PCPI between 1995 and 2005 was 4.0 percent, compared to the average annual rate of 4.1 percent for
the nation. Mississippi boasts a home ownership rate of 78.8 percent. The unemployment rate is 6.8
percent. Mississippi levies a sales tax of 7 percent with some exemptions, and maintains a rate of 5
percent for the highest bracket of personal income tax. Mississippi offers a lower cost of living
than the national average.
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