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The five-year forecasts for growth in U.S. and Mississippi real GDP and employment, like the short-term forecasts, are slightly lower than in the second quarter. Figure 3 indicates the average five-year growth in real GDP in Mississippi is forecast at 1.9 percent, a decrease of 0.2 percentage point from the previous quarter. Similarly, U.S. real GDP is forecast to grow an average of 2.4 percent annually over the next five years, a decrease of 0.2 percentage point from the forecast of the previous quarter. Despite the reductions to these long-term forecasts, if realized the increase in average annual real GDP from 2016 to 2020 represents a considerable improvement over 2011to 2015 for the Mississippi economy, while it reflects slightly higher growth for the U.S. The forecasts for average five-year growth in employment in both the U.S. and Mississippi changed slightly from the previous quarter. As Figure 4 indicates average five-year growth in U.S. employment is projected at 1.1 percent, 0.1 percentage point lower than in the forecast of the previous quarter. The forecast for average annual employment growth in Mississippi from 2016 to 2020 is 0.9 percent, also 0.1 percent lower than in the forecast of the previous quarter. If realized this forecast would essentially equal the growth from 2011 to 2015 of 0.8 percent. The U.S. forecast would represent a 0.7 percentage point decline from the 2011 to 2015 period.
(Information from the Simpson County Development Foundation)
