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Date 5-4-06
Contact Jana Bryant 601.266.4497
WITH PHOTO
Hattiesburg—Optimistic
is the way Mississippi State Treasurer Tate Reeves describes the
outlook for the state’s economy following Hurricane Katrina, the
most devastating natural disaster in modern times to hit Mississippi
and the United States.
“I believe in
our people and I see their resiliency, and that gives me confidence
that we will continue to move forward,” Reeves told an audience
at the Hattiesburg Cultural Center in today’s final installment
in one series of Gulf Opportunity Zone Workshops, sponsored by the
University of Southern Mississippi’s Business Assistance Center
(BAC).
The workshops
have focused on providing information about tax incentives available
through the Gulf Opportunity Zone Act of 2005, a federally funded
initiative designed to aid rebuilding efforts in hurricane-impacted
areas of the Gulf Coast as well as attract new investments.
“We are making
progress every day, but no day passes that we make enough progress.
We’ve got a long way to go, and it’s a process to which we all have
to be committed,” said Reeves.
The GO Zone
legislation provides an unprecedented opportunity for businesses
and individuals looking to expand or start up new ventures, said
Reeves. “For us (Mississippi) to experience a true renaissance,
we must create the environment that encourages the private sector
to reinvest in Mississippi.”
Along with federal
government incentives, the state of Mississippi has been able to
provide a number of resources in the wake of the hurricane, including
a $100 million loan program through the Mississippi Development
Bank and the Disaster Small Business Bridge Loan Program.
“The federal
government has been good to us, but it is imperative that we structure
the rebuilding process to prepare for another storm,” Reeves said.
Several factors
are contributors to the positive condition of the state’s economy,
Reeves said. For example, a reduction in the state’s debt burden
in 2005 by about 10 percent is allowing funds to be invested in
areas like public education.
Noting that
tax collections for fiscal year 2006 “exceed our expectation,” Reeves
said that figures show a 13.3 percent increase – approximately $400
million -- in tax collections over the same time a year ago. “The
fiscal year 2005 was one of the best years for tax receipts in 25
years,” said Reeves. “Growth in personal income has also rebounded
from Hurricane Katrina and now is back above the national average.”
According to
Reeves, the state has managed to control expenditures in the upcoming
2007 budget appropriation to only a 1.7 percent increase, in spite
of the impact of Katrina.
According to
Betsy Rowell, director of the Hattiesburg BAC, the GO Zone series
is scheduled to start again in mid-May. During the month of June,
the Hattiesburg BAC will also present “It’s GO Time in East Hattiesburg.”
This series of programs will focus on women and minority business
certification.
To find out
more about upcoming workshops sponsored by the Southern Miss BAC,
call 601.544.5682.
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