Scott Waller, President & CEO, Mississippi Economic Council (MEC), spoke to the Rotary Club of North Jackson at the Club’s August 11, 2020, meeting. The title of his talk was “Securing Mississippi’s Future; Relief, Recovery, Reimagine. The MEC is Mississippi’s Chamber of Commerce. The link to the meeting and to Waller's presentation is as follows: https://vimeo.com/447195630.
More detailed information on the three points in Mr. Waller’s presentation is as follows:
“Relief – Continually assess and address immediate impacts of the COVID-19 crisis on businesses’ operations and employees, advancing best practices
to help stabilize operations in uncertain times, while seeking economic stability and continuity.Recovery – The first phase of recovery focuses on restarting our economy. Restoring confidence in economic activity will be of utmost importance once health concerns are addressed. Recovery truly begins as we work to return economic activity to the pre-crisis levels.
Reimagine – Reshaping and transforming Mississippi’s economy requires putting Mississippi in a position to optimize opportunities in a post-pandemic economy. Rethinking our sector strategies will lead to steady, long-term growth.”
Waller further elaborated on these three phases of securing Mississippi’s Future:
Areas to explore during the Relief phase include:
Economic Continuity
Business Liquidity
Regulatory Relief
Business Liability Protection
Transportation and Logistics
Technology Infrastructure
Areas to explore during the Recovery phase include:
Creating Economic Stability
Workforce Availability
Educational Assessments
Tourism & Retail
Infrastructure’s Importance
Technology Advancement
Supply Chain Continuity
Areas to explore during the Reimagine phase include:
Talent Retention and Attraction
Workforce & Educational Attainment
Educational Innovation
Economic Development Realignment
Waller reported the results of a Covid-19 Business Survey Conducted by MEC, Mississippi Economic Development Council, and Mississippi Manufacturers Association. The results were as follow:
Essential vs Non-Essential
58% reported that their business was designated essential
26% reported that their business was designated non-essential
12 % reported that some parts of their business was designated essential and some parts were designated non-essential.
4% reported that they were unsure or did not know.
COVID-19 impact on their business
7 % reported no impact.
88% reported a negative impact.
6% reported a positive impact.
Reducing Staff or hours
7% reported having reduced or planning to reduce staff
17% reported that the hours worked were reduced or they were planning to reduce the no. of hours worked
34% reported that they had reduced or were planning to reduce the number of staff or the hours staff worked
42% had no plans for any reductions.
Impact on Revenues
12 % reported no impact of CUVID-19 on revenues.
31% reported a 20 - 40% reduction in revenues.
37% reported a 60-80% reduction in revenues.
21% reported a 100% reduction in revenues.
Top Concerns going forward
45% Business Financial, Market Concerns
22% COVID-19 concerns
14% Workforce concerns
12% Consumer related concerns
6% Global business concerns
We thank Waller for his presentation and for his work on behalf of Mississippians and Mississippi businesses. He is shown in the following photo during his presentation.
