Mississippi, The Next Tech Hotspot? Plus What This Means For The Local Economy

By Clinton Courier | September 19, 2022 |

Technology accounts for around 3.5% of the Mississippi state economy, at an estimated $3.5 billion. Mississippi is taking steps to support the tech industry’s growth and could be the next tech hotspot in the US.

Tech employment is strongest in states like New York and Texas, but you should keep a weather eye on the horizon because Mississippi’s tech sector is set to boom in the coming years. Keep reading to learn about Mississippi’s rising tech sector and what this means for the local economy.

Mississippi Bridges The Public And Private Gap

In the past, Mississippi’s tech sector has suffered and fallen victim to the public and private division. The competition between public and private tech companies wasn’t conducive to industry growth. In recent years, Mississippi has introduced a “together as one” approach to the public and private sectors of the tech industry. Mississippi has taken significant steps toward building a tech base in the state by promoting collaboration in the tech sector and encouraging progress.

Mississippi Supports Tech Startups

Mississippi has four successful research universities offering entrepreneurial development programs to help create more startups. More successful startups in Mississippi mean that tech companies will be drawn to Mississippi, and those who already operate in Mississippi will be drawn to stay. The Mississippi Delta University is also a leader in agricultural technology, producing tech entrepreneurs of a high caliber.

In 2020, Mississippi managed to add over 5,000 jobs to the tech industry and continues to stimulate growth in the tech industry. They have also donated over $40 million to tech startups in the last three years. Tech startups and entrepreneurs bring the kind of innovation that will help create tech giants in Mississippi, and we are likely to see Mississippi become a hot tech industry hotspot in the coming years.

Effects Of The Pandemic

The pandemic introduced a wave of hybrid and remote jobs, which is proving beneficial for the tech sector in Mississippi. In existing tech hotspots like New York and San Francisco, house prices are rising, making valuable tech employees less likely to seek office-based work in these cities.

With remote working, Mississippi tech businesses can recruit highly skilled employees across the US. The hiring pool for Mississippi tech companies has become significantly more prominent, and tech job seekers can explore the tech job offerings in Mississippi no matter where they are based.

What Does This Mean For The Economy And Housing Market?

When Mississippi becomes a tech hotspot, you can expect to see the housing market change drastically. When Amazon moved its headquarters to Northern Virginia, house prices rose by over 17%. And this was before the company had made any significant changes.

Darren Robertson of Northern Virginia Home Pro commented on the effects of tech giants on the Northern Virginia housing market:

“When Amazon announced its relocation to Northern Virginia in November, we saw an instantaneous spike in the number of calls, inquiries, and leads from prospective buyers and homeowners. This increased interest focused on housing in the Washington area, particularly suburbs like Crystal City and Arlington.”

When the tech industry in Mississippi starts booming, this will draw in many homebuyers and job seekers in the tech industry. So, the housing market will become more competitive. For buyers in Mississippi, this means they can expect to pay more for a home in the state. For sellers, this means that your Mississippi home is about to increase in value. Pay attention to any changes in the tech industry that affect your area, and choose the right time to sell.

The Mississippi economy will see a considerable spike in tech job offerings, allowing tech employees access to more options. The change will also increase the number of tech employees moving into Mississippi, offering a broader range of choices for tech companies in the hiring process.

Summary

Whether you’re a tech company, employee, or homeowner, you should keep an eye on the tech industry in Mississippi. The state is set to become a tech hotspot. When it reaches this status, you can expect more competitiveness in the housing market and more jobs in the tech sector. Mississippi will be among New York and Texas as one of the biggest tech industries in the US.