Economic Snapshot Overview by Dr. Reid Cummings - December 2019
Posted on December 17, 2019 by Dr. Reid Cummings
Greetings, and welcome to the December 2019 Mobile Bay Economic Snapshot.
As the end of another year approaches, it seems natural to reflect on what has happened in our lives in recent months and to look ahead to the future with excitement and anticipation. As we continue to develop and expand our regional perspective, we thought it might be interesting to consider the three largest metropolitan regions along the Gulf Coast and to offer some insights into what drives our respective economies. We examine Florida’s Escambia, Santa Rosa, and Okaloosa Counties, Alabama’s Baldwin and Mobile Counties, and Mississippi’s Jackson, Harrison, and Hancock Counties.
When considering the differences between regions, one might think there are many. Yet when comparing select data, one can see that the differences are not as significant as first imagined. For example, as shown in the table below, top industries across all regions include generally the military, federal and local governments, education, and healthcare.
Likewise, the highest ranked occupations across all three regions follow a similar pattern. Occupations associated with casino hotels are obviously central to the Mississippi coast. However, even after excluding this unique category, it is clear there are strong occupational similarities across regions as shown in the table below.
As shown in the table below, all regions have shown population growth over the last five years and all are expected to continue adding population over the next five years. Job growth has been strongest in the Escambia, Santa Rosa, and Okaloosa region over the last five years and this trend is expected to continue over the next five years. Differences in average job earnings across regions is slight, with workers in the Mississippi Coast area leading the way. Finally, education levels are very similar across the coastal area.
We hope our final installment of 2019 has helped you gain a better appreciation of the similarities between our coastal regions. Though we live in slightly different places, all coastal residents enjoy the same incredible geography, climate, and culinary delights. One can easily argue though it is the amazing people who live and work along our beautiful Gulf Coast who make our region what it is. How truly blessed we all are!
Until next time, from everyone at the Center, we wish you and yours all the best during the holiday season.
Data Source: EMSI