ECONOMIC Impact of business Closure in Claiborne County, Mississippi Abstract Historically Claiborne and other counties in the region depended on small-scale agriculture and was an attractive location for light manufacturing. Today, many of these advantages have been lost and firms that made up the bulk of the economic activities in the areas are disappearing in large numbers. Hence, per capita income falls and people migrate to more prosperous areas, leaving the region deeply depressed. Using descriptive as well as inferential methods to analyze data, results show interesting trends, especially with regard to business migration.
Socioeconomic variable are largely responsible for business closure that have seriously devastated the economic well-being of the county. This means that every effort should be made to improve social conditions and improve the educational system. ECONOMIC Impact of Business Closure in Claiborne County, Mississippi Introduction: Traditionally, Mississippi is one of the poorest states in the United States with agriculture as the mainstay of the economy. It is the second in the nation in cotton production exceeded only by Texas.
Mississippi is also the world’s largest producer of pond-raised catfish and the leading shrimp producing state in the U. S. A. The comparative underdevelopment of the state has been worsened in recent years by the closure of several manufacturing businesses both during the periods of economic boom and especially so during the economic downturn.
Hypothesis: The general objective of this study is to establish predominant reasons for the closure of major jobs providing industries in Claiborne County. I believe the general cause of business closure is that per capita income dictates the purchasing power of the community which does impact business losure based on information obtained from former business owners. Materials: 1. Listing of former business (Port Gibson Main Street) 2. Former Business Owners 3. Data from local school district 4.
Data from United States Census Bureau 5. Spread sheet Procedure: 1. Interviewed former business owners 2. Obtained data from my local school district 3. Obtained data from Mississippi Unemployment Commission 3.
Obtained data from the United States Census Bureau 4. Complied data Results: Per capital income, unemployment rate, graduation and poverty rate all are significant for Claiborne County.However, while other factors may be instrumental in promoting business development and retention, socioeconomic variable play a crucial role and should not be underestimated in policy decisions geared at attracting and retaining businesses in Claiborne County, Mississippi. Conclusion: In my conclusion, concerns for improvement in quality of rural communities are forced on business development.
Many rural communities are normally classed by weak economies due to their dependency on agro based and externally owned businesses. The survival of businesses, especially small scale business has positive impact on the rural economies.Therefore, business closure is a major constraint to economic growth and should be avoided at all cost. With a better understanding that the main contributing factors to business failure in Claiborne County are of social and economic nature, greater effort can be made to improve these conditions; to not only attract new businesses, but to retain them after they have been established. Map showing location of Claiborne County [pic] Conceptual Model Per Capita Income: Changes in Per Capita Income reflect economic development in a community. Unemployment Rate:Grand Gulf Nuclear Power Plant is one of the largest employers located in this county.
Very few other business entities have come to the area. As with several surrounding cities and neighborhoods, the recent closing and downsizing of businesses have made the unemployment rates increase. Poverty Rate: The rate of poverty is an important social indicator of the well-being of America’s poor. It is also a useful tool to help shape Federal policies aimed at helping the needy. Poverty still remains a problem in many communities especially in rural areas. High School Graduation Rate:Human capital development in terms of formal education is a important tool for community development.
It has become a strategy for community restructuring. Increasing changes in the structure of businesses require that some level of formal education be attained. The levels of education in rural communities are however dismal. ----------------------- Business Closure Business Failure in Claiborne County Lead To: Poverty Rate Unemployment Rate Per Capita Income High School Graduation Rate Poor Housing Infrastructure Low Economic Well-being of Residents Low Labor Force Migration Poor Schools and Other Infrastructure
