Hattiesburg, Mississippi is once again on the economic development map as the area recently ranked top in the state for job growth, signaling strong performance for local apartment rentals markets. This new economic data comes on the heels of Hattiesburg recently being named the top place to live in the United States for cost of living.
All of these economic growth indicators point to Hattiesburg as an attractive investment market where assets are set to perform for years to come.
Hattiesburg Ranked No. 1 in Mississippi For Job Growth
Hattiesburg leads the entire state of Mississippi in job growth by posting a 2.7% increase from May 2016 to May 2017. The center of its metropolitan statistical area (MSA), Hattiesburg added over 1,700 new jobs earning it the number 68 spot in the nation.
So why did Hattiesburg MSA job growth outperform all others in the state? Area Development Partnership (ADP) VP of Economic Development Todd Jackson points to business diversity and a strong community attitude.
He tells Hub City Spokes, “This economy is so diverse, that it’s a really good time to be in economic development. There has been growth in everything from healthcare to back office to manufacturing to retail to banking.” Adding, “Hattiesburg is such a business-friendly city…It comes from the counties to the municipalities. Everybody wants to see this community grow, wants to see this community prosper.”
Other notable Mississippi MSA’s were included in the rankings, like Jackson and the Gulf Coast. The Jackson MSA saw positive gains, posting a 0.5% growth adding 1,500 jobs. The Gulfport-Biloxi-Pascagoula MSA didn’t fare as well, experiencing a decrease of .01% losing 200 jobs.
Overall, non-farm payroll employment growth the United States increased across 304 MSA’s, decreased in 77, and went unchanged in six.
Increased Jobs = Increased Resident Incentives = Increased Apartment Rentals Competition
So we now have a city where jobs are being created and where your dollar can stretch further than anywhere else in the entire country? Yes, we would say, “Sign us up!” too, and that is exactly what most in the economic development community also believe.
Increased jobs and a healthy financial environment create two things in a market, an influx of new residents and increased attention from investors. This population influx supports local businesses and encourages further area business development. On one hand this creates high-demand amongst apartment rentals, on the other hand that same demand encourages new commercial real estate development. Both outcomes are a win-win for owners and renters of multifamily properties.
Economic health also brings much-wanted attention from investors who can put money into projects that enhance and build the Hattiesburg market. In the August 2017 issue of Units Magazine, the official publication of the National Aprtment Association (NAA), SVN | Southgate Realty Manaing Director Chamberlan Carothers, CCIM says he is “incredibly bullish” on Mississippi’s 10-year economic proespects.
“With a cost of living 16% lower than the national average, being a ‘right to work’ state and having quick access to the Gulf’s deep water ports, Mississippi stands to see an influx of manufacturing and industrial growth.”
Seeking Apartment Rentals in Hattiesburg?
Apartment rentals in Hattiesburg are already some of the most high-demand in Mississippi. From students at Southern Miss to military families, our rental market supports many high population groups in the area. If you are in need of housing in Hattiesburg, or surrounding markets, then let us use our over 37 years of area experience to your advantage. The team at SVN | Southgate Realty, LLC knows all the quality apartment rentals to meet your exact needs, even those that aren’t on market yet. To get a comprehensive list of the apartment availabilities in your desired neighborhood and budget, contact us at (601) 264-4626.