There is a reason folks keep using the words “Mississippi” and “momentum” in the same sentence. Our state is on an upward trajectory. We find this to be true when looking at the state as a whole and when zooming in on Mississippians’ personal finances. Between the summer and the fall of last year, only one other state in the country had a higher rate of GDP growth than Mississippi. And in that same period, workers in the Magnolia State experienced the nation’s highest percent increase in pre-tax earnings.
Mississippi is a Magnet for Business
Our state has become a destination for businesses big and small, old and new. Last year, Amazon kicked off the largest-ever private project in state history, and it was a sure sign that more technology companies would follow suit. In January, we were delighted but not surprised when Compass Datacenters announced an investment that will rival Amazon’s gigantic development project. For its part, Amazon chose our state again this year, adding an additional facility that will create 1,000 jobs. The Gulf Coast continues attracting cutting-edge startups and producing world-class ships. In North Mississippi, world-class construction and tool manufacturers have made investments the past year.
As companies move in, they increase the likelihood that others will join. This cycle of growth creates exciting job opportunities for Mississippians, helps keep the best and brightest in our state, and sends ripples of economic development to surrounding local establishments.
Helping Every Mississippi Town Attract Growth
In Congress, I have been working to help Mississippi’s cities and towns attract more of this growth. Businesses are drawn to areas with efficient roadways, quality public utilities, high-speed internet, and vibrant town centers. This amounts to a challenge for our economic development professionals. Unfortunately, many communities are weighed down by a backlog of infrastructure projects that they struggle to fund.
I believe we can help connect the vast resources of private investors with the practical needs of city governments. Many local officials choose to pay for city improvement by issuing bonds. This option allows individuals, businesses, or other groups to lend money toward public projects and then earn interest as the loan is repaid.
I regularly meet with leaders from all over Mississippi. They are eager to build and improve roads, schools, water and utility systems, and broadband equipment – exactly the kinds of projects that improve quality of life and attract businesses. They are open to financing these public works by issuing bonds, but persistently high interest rates often stand in the way. These costs are especially burdensome on rural communities.
This year, I introduced two bills that would help defray those costs and allow cities to make progress on public works projects. The first would create a new type of bond, called American Infrastructure Bonds (AIB), which can be used to finance these initiatives. In an AIB, the federal government shares some of the interest costs paid to lenders. By making bonds more affordable for local taxpayers, cities can issue more bonds and attract a wider set of investors. The second bill, the LOCAL Infrastructure Act, would reduce borrowing costs by allowing cities to refinance their loans when interest rates fall, rather than waiting until the end of the bond’s term.
These bills can help sustain the momentum Mississippi is experiencing. Even better, they can make it easier for every city and town to share in our state’s upward trajectory.
This article is the weekly Wicker Report, written by U.S. Sen. Roger Wicker (R-Miss.) and provided by the Senator’s office. Opinions expressed are those solely of the author.
