As an expert in the field of business, I have had the opportunity to work with numerous companies in various cities across the United States. One city that often comes up in discussions about the cost of doing business is Hattiesburg, MS. Located in the southern state of Mississippi, Hattiesburg is a small but growing city with a population of just over 45,000 people.
The Business Landscape in Hattiesburg
Hattiesburg may not be the first city that comes to mind when thinking about business, but it has a thriving economy with a diverse range of industries. The city is home to several major employers, including the University of Southern Mississippi, Forrest General Hospital, and the Wesley Medical Center.In addition, Hattiesburg has a strong presence in the manufacturing and retail sectors. One of the main advantages of doing business in Hattiesburg is its low cost of living. The city's cost of living index is 85.5, which is significantly lower than the national average of 100. This means that businesses can save on expenses such as rent, utilities, and employee salaries. In fact, according to Forbes, Hattiesburg ranks as one of the most affordable places to live in the United States.
The Cost of Doing Business in Hattiesburg
When it comes to starting or expanding a business in Hattiesburg, one of the first things that entrepreneurs consider is the cost.Compared to other cities in Mississippi and across the country, Hattiesburg offers a competitive business environment with lower costs across the board.
Real Estate:
One of the biggest expenses for businesses is real estate. In Hattiesburg, the average cost of commercial real estate is $12 per square foot, which is significantly lower than the national average of $23 per square foot. This means that businesses can save on rent or property purchases, allowing them to allocate more funds towards other areas of their operations.Taxes:
Another major factor in the cost of doing business is taxes. In Hattiesburg, businesses benefit from a low tax burden.The state of Mississippi has a corporate income tax rate of 5%, which is lower than the national average of 6.5%. In addition, Hattiesburg does not have a local income tax, which can save businesses even more money.
Labor Costs:
Labor costs can also have a significant impact on a business's bottom line. In Hattiesburg, the average hourly wage is $16.50, which is lower than the national average of $24. This means that businesses can save on labor costs while still attracting and retaining top talent.A Comparison to Other Cities
While Hattiesburg may have lower costs compared to the national average, how does it stack up against other cities in Mississippi and across the country? Let's take a look at some key factors.Jackson, MS:
As the capital city of Mississippi, Jackson has a larger population and a more diverse economy compared to Hattiesburg. However, when it comes to costs, Hattiesburg has the advantage.The cost of living index in Jackson is 87.8, slightly higher than Hattiesburg's 85.5.In addition, commercial real estate in Jackson averages $15 per square foot, higher than Hattiesburg's $12 per square foot.
Atlanta, GA:
As a major city in the southeastern United States, Atlanta is often seen as a hub for business and commerce. However, this comes at a cost. The cost of living index in Atlanta is 103.8, significantly higher than Hattiesburg's 85.5.In addition, commercial real estate in Atlanta averages $25 per square foot, more than double the cost in Hattiesburg.New York City, NY:
As one of the most expensive cities in the world, New York City is often seen as the ultimate benchmark for business costs. However, when compared to Hattiesburg, the differences are staggering.The cost of living index in New York City is 187.2, more than double Hattiesburg's 85.5.In addition, commercial real estate in New York City averages $74 per square foot, six times the cost in Hattiesburg.
The Benefits of Doing Business in Hattiesburg
Aside from lower costs, there are other benefits to doing business in Hattiesburg that make it an attractive option for entrepreneurs and companies alike.Supportive Business Community:
Hattiesburg has a strong and supportive business community that is dedicated to helping businesses thrive. Organizations such as the Area Development Partnership and the Small Business Development Center provide resources and support to help businesses succeed.Quality of Life:
In addition to its low cost of living, Hattiesburg offers a high quality of life for its residents and employees. The city has a strong sense of community and offers a variety of recreational activities, cultural events, and dining options.Proximity to Major Markets:
While Hattiesburg may be a small city, it is strategically located near major markets such as New Orleans, Baton Rouge, and Mobile. This makes it an ideal location for businesses looking to expand their reach.Conclusion
In conclusion, the cost of doing business in Hattiesburg, MS is significantly lower compared to other cities in Mississippi and across the country.With a supportive business community, low costs, and a high quality of life, Hattiesburg offers a competitive and attractive environment for businesses of all sizes. As an expert in the field of business, I highly recommend considering Hattiesburg as a location for your next venture.
