Editor's Note: Copy supplied by the Mississippi Development Authority
Companies seeking locations for new and/or expanded facilities look for places that can provide a skilled workforce, low taxes and operating costs, and incentives to sweeten the deal. When it comes to these location advantages, Mississippi has perfected the formula for success for companies large and small. From a skilled and productive workforce to the state’s low corporate tax rate, Mississippi’s pro-business environment fosters growth and attracts new investment. State and local leaders work hand-in-hand with Mississippi’s corporate partners to create new career opportunities for generations.
Thanks to the state’s highly efficient economic environment, industries thrive, especially those in the state’s automotive sector. In April, Toyota announced plans to invest in new production lines at its automotive manufacturing plant in Blue Springs. The expansion represents a $170 million investment and creates 400 jobs over the next 12 months, bringing total employment to 1,900.
Since 2007, Toyota has invested more than $1 billion in the Mississippi facility. The latest investment supports production of the 12th-generation Corolla using Toyota New Global Architecture. TNGA improves performance of all models, including providing more responsive handling and a more enjoyable feel while driving. It also shortens the development cycle for vehicle improvements and new vehicles. The plant currently employs 1,500 direct workers with 2,000 workers total on site. Production of the 12th-generation Corolla is slated to begin the first quarter of 2019.
Another automotive company experiencing success in Mississippi is German automotive supplier, hago Automotive. Hago is doubling its footprint in Iuka, Miss., to accommodate a new contract with BMW. The project represents a $4 million corporate investment in new equipment and creates 60 jobs over the next four years.
Mississippi is able to help these and other manufacturers meet and exceed their production goals by enhancing its workforce. The Mississippi Works Fund commits $50 million to train the next generation of skilled workers. The fund supports training through the state’s network of 15 community colleges and workforce partners. The initiative enhances the already strong collaborative efforts between postsecondary education institutions and companies. It also joins a long list of state incentives to create a skilled workforce and thriving business climate.
With strong incentives, a business-friendly environment, low operating costs, robust infrastructure, and a skilled workforce, Mississippi doesn’t take the foot off the gas when it comes to maintaining its reputation of a powerhouse automotive manufacturer.