Meridian, Mississippi - Economy

Economy

Early on, the economy depended greatly upon the railroads in the area. The city was the largest in Mississippi around the start of the 20th century, with five major rail lines and 44 trains coming in and out daily. The city's economy not only depended on the rails but the goods, such as timber and cotton, transported on them. With these rail-based industries, the city was a great economic power in the state and region from about 1890 through 1930. Though its economy slowed with the decline of the railroading industry in the 1950s, the city has adapted, moving from a largely rail-based economy to a more diversified one, with healthcare, military, and manufacturing employing the most people.

Along with Lauderdale County and the city of Marion, Meridian is served by the East Mississippi Business Development Corporation, which was formed in 1996 by a group of business leaders from the area. While as of April 2010, the city's civilian labor force was only 15,420 people, there is a population of 232,900 in a 45-mile (72 km) radius and 526,500 in a 65-mile (105 km) radius, of which 104,600 and 234,200 people respectively are in the labor force. The city thus serves as a hub of employment, retail, health care, and culture activities. Eighty percent of Lauderdale County's workers reside in the county while 90% live within 45 miles.

In April 2010, there were 6,260 people employed in the healthcare field in Lauderdale County. Rush Hospital is the largest healthcare organization in the region, employing 2,610 people, followed by East Mississippi State Hospital with 1,500 and Anderson Hospital with 1,475. There are three hospitals in Meridian, as well as many other healthcare-related facilities. Jeff Anderson Regional Medical Center provides cardiovascular surgery, a Level II newborn intensive-care unit, and a health and fitness center. Rush Foundation Hospital and the related Rush Health Systems operate a Specialty Hospital of Meridian, which offers long-term care for non-permanent patients who require more recovery time in a hospital setting. Riley Hospital has two centers for stroke treatment and rehabilitation services. Other healthcare facilities in Meridian include the Alliance Health Center and East Mississippi State Hospital, the latter of which has been in operation since 1882.

Retail is another major employer in the county, with 5,280 people employed in April 2010. Nearly $2 billion annually is spent on retail purchases in the city. The 633,685-square-foot (58,871 m2) Bonita Lakes Mall offers over one hundred shopping venues, including department stores, specialty shops, restaurants, eateries, and United Artists Theatres. Phase I of the construction of Meridian Crossroads, a 375,000-square-foot (34,800 m2) shopping center in the Bonita Lakes area, was completed in November 2007, providing a major boost to retail in the area. Also, the shopping district on North Hills Street has continued to expand, and in March 2007, additional retail and office space was opened near the Highway 19 Super Walmart.

The area is also served by two military facilities, Naval Air Station Meridian and Key Field, which supply over 4,000 jobs to residents of the surrounding area. NAS Meridian provides training for naval carrier pilots and other enlisted personnel. Also housed at the base is the Regional Counter-Drug Training Academy (RCTA), which provides training for law enforcement in many southeastern states for the war on drugs. Containing the first local Department of Homeland Security in the state, the city is the leader in a nine county regional response team and a twenty-nine county regional response task force. Key Field is the site of the famous flight by brothers Fred and Al Key, who set a world endurance flight record in 1935. Key Field is now home to the 186th Air Refueling Wing of the Air National Guard and a support facility for the 185th Aviation Brigade of the Army National Guard. The site also contains an exhibit reviewing the history of aviation, and is the home of Meridian's Aviation Museum.

The total manufacturing employment of Lauderdale County in April 2010 was 2,850 people. Peavey Electronics Corporation, which has manufactured guitars, amplifiers, and sound equipment since 1965, operates its headquarters in the city. Other businesses in the area include Avery Dennison, Structural Steel Services, Sara Lee, Tower Automotive, and Teikuro Corporation. The city is also home to four industrial parks.

In downtown, the MSU Riley Center provides revenue from tourism, arts, and entertainment sales. The Riley Center attracts more than 60,000 visitors to downtown Meridian annually for conferences, meetings, and performances. Loeb's Department Store on Front St has remained a Mississippi clothing landmark, having passed through four generations of family ownership. The store has been selling fine men's and women's clothing since 1887, when the store was first opened by Alex Loeb.