Mississippi Coast Foreign Trade Zone an Economic Driver
Gulfport, Mississippi — The Harrison County Development Commission, administrator/grantee, for the Mississippi Coast Foreign Trade Zone (MCFTZ) announces the 2017 economic summary.
The MCFTZ designated as U.S. FTZ No. 92, serves as an important tool for businesses that contribute significantly to the Mississippi Coast’s economy. In 2017, the total Zone-related output of MCFTZ users was approximately $8.3 billion, of which $1 billion was value-added activity. Employment for Zone-related activities exceeded 6,200 with overall employment within activated Zone facilities at approximately 17,000. Exports from Zone users exceeded $2.9 billion in value.
FTZ procedures enable companies to streamline their Customs-related activities, reduce Customs duty costs on imported raw materials, and successfully compete for capital investment and international contracts. FTZ No. 92 was established in 1983. Harrison County sites include the Bernard Bayou Industrial District, Port of Gulfport, Gulfport-Biloxi International Airport, and Long Beach Industrial Park; other locations are in Hancock and Jackson counties.
Major Zone and subzone users include Channel Control Merchants, Chevron, Gulf Ship, Ingalls, and VT Halter Marine.
According to MCFTZ consultant Greg Jones, co-founder of the Foreign-Trade Zone Corporation, “In 2017, users of the Mississippi Coast FTZ and the Greater Mississippi Foreign-Trade Zone collectively produced $18 billion in manufactured goods. This represents about 15% of all economic activity in the State during 2017.” Jones added, “The State of Mississippi ranked 13th among all states in the value of manufactured goods produced by FTZ users and 7th among all states in the value of exports of manufactured goods produced by FTZ users.”