About the Gulfport Mississippi Market
Mega-Expansion of the Port of Gulfport, MS
~ Mississippi Governor Haley Barbour
(Quoted in the Mississippi Business Journal, July 20, 2009).
July 2009 kicked off a $1.6 billion expansion project that will transform the Port of Gulfport into the largest container port in the United States -- able to handle more container cargo than the port of Los Angeles. The Port expansion will create 6,500 direct jobs and 10,000 indirect jobs and have an annual payroll of $10 billion and an overall economic impact that extends into the tens of billions. More info here: www.portofthefuture.com
This economic driver is only poised to grow. The Panama Canal is currently undergoing an ambitious project to greatly widen it. The new super-canal will be complete in 2014. Port leaders in Mississippi say the expansion of their port coupled with the increase in freight traffic through Panama's new super-canal will create economic synergy on a massive scale.
through this next decade, but we're looking out 20, 30, 40, 50 years."
~ Don Allee, Executive Director of Mississippi State Port Authority
Thriving Casino Tourism
The casino tourism industry is fully reconstructed and thriving, plus about five new casinos are planned to complete construction over the next 5 years.
Last summer, after staying in a 4 star hotel on the Las Vegas Strip for $49 a night, we called down to Gulfport, Mississippi to make a reservation at a similar quality hotel. We called the Island View hotel, and they told us they were sold out, not a single room available at any price. We then called the Hard Rock Hotel and Casino, also sold out, no rooms at any price. Then we called the Beau Rivage (the MGM-Mirage Hotel/Casino) and they had a few standard rooms left, but they were all $300 / night. We inquired as to whether there was a major festival or event in town. "No", they all said. "We have just been this busy all summer".
The national economy is not homogenous. While the tourism industry in Las Vegas is severely struggling, the Gulfport / Biloxi tourism industry is thriving. Forbes.com ranked it one of the top 10 fastest growing small metro areas, and HousingPredictor.com ranked it in the top 5 buyers markets.
Growth in Aerospace and Defense Industry
Aerospace and defense industry jobs abound and are continually expanding in the Gulfport market area. While the national job market is struggling, the Gulfport market is already stabilizing and growing. The area is now home to major aerospace players like Lockheed Martin, Pratt & Whitney and Northrop Grumman, among others. The aerospace infrastructure also includes federal and university funded research units, aerospace parks, military aviation bases, technology transfer offices and test ranges.
The numerous military bases in the area employ tens of thousands of people and produce good tenants who need rentals in the Tarabrooke price range.
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BAE Systems
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Lockheed Martin
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Northrop Grumman
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Pratt & Whitney
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Rolls-Royce
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Center of Higher Learning
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Enterprise for Innovative Geospatial Solutions
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Joint Airborne Lidar Bathymetry Technical Center of Expertise
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SSC Engineering and Science Directorate, Science and Technology Division
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SSC Engineering and Science Directorate, Propulsion Testing
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Aerospace Technology Park
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Aviation Technology Park
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General Aviation Office and Light Industrial Park
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Mississippi Army Ammunition Plant Complex
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Stennis International Airport
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Stennis Technology Park
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Sunplex Light Industrial Park
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Gulfport / Biloxi Ranked #1 Risk Adjusted Market by Moody's
Perhaps the most important statistic for investors is that MoodysEconomy.com ranked Gulfport / Biloxi the "#1 Risk-Adjusted Market for 2009".
One of the most important market fundamentals is the ratio of median income to median home price. In Gulfport, people can actually afford the homes they are purchasing with their income. This is one of the most important measures for real estate investors to consider in today's economy.