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FOR
IMMEDIATE RELEASE
October 10, 2006
Hancock
Bank Gulf Coast Economic Symposium:
Coast recovery picking up steam
GULFPORT, MS (October 10, 2006) - Nearly 1,000 Gulf Coast
business leaders gathered today at the Hancock Bank Gulf Coast
Economic Symposium to assess building and renewal progress
during the past year as well as the opportunities and challenges
of issues critical to the region's recovery from Hurricane
Katrina - municipal money, affordable housing, and the economic
outlook for a revitalized Gulf Coast economy.
While
many indicators point to a rapidly improving rate of recovery
along the Coast, housing continues to be a key factor that
will impact future rebuilding efforts.
"We'll
have a need for 80,000 housing units in the next five years,
and the majority of that will need to be affordable housing,"
said Anthony Topazi, president and CEO of Mississippi Power
Company and one of a trio of speakers at this year's symposium.
"It's an enormous task, but we've got to think differently,
and we must have the discipline to make it happen."
Many programs and incentives are already in place and helping
to boost recovery efforts. Mississippi State Treasurer Tate
Reeves outlined both state and federal programs - including
GoZone
incentives - that are aiding Coast renewal.
"Already
14,000 jobs have returned to the region," he said. "We've
made significant progress as a state, but we need to get our
entire workforce back to get our economy where we want it
to be," Reeves said.
Economist
Loren Scott, an author and Louisiana State University professor,
said while the Coast was devastated by the storm, the numbers
of jobs have begun to climb again over the past six months.
Scott believes economic recovery on the Coast should continue
to accelerate.
"Construction
employment is at record levels," Scott said. "This
sector is leading the way, and this gives hope that we will
see the rate of recovery grow even stronger."
Scott
said manufacturing was currently down only 100 jobs below
pre-Katrina levels, and those job numbers are continually
rising. He pointed to recent news such as new Navy shipbuilding
contracts at Northrop-Grumman and above-average tax collections
as positive indicators.
"Tax
collections are above what was previously projected,"
Scott said. "Our local governments are doing very, very
well. They still have a lot to do, but there are lots of good
things happening."
Topazi
outlined the key issues such as land development, permits,
infrastructure, insurance rates and labor force. Speaking
as chair of the Gulf Coast Business Council, he said the organization
is also looking to address challenges for the tourism and
transportation sectors.
"We
have a very active organization," Topazi said. "We
are speaking with one voice and we are working on these issues."
Topazi
also gave an overview of the proposed Renaissance Corporation,
a private non-profit organization designed to partner with
organizations and developers to leverage private and public
sources of funding. Housing, he said, is the top priority.
"Affordable
housing is the biggest issue we face," Topazi emphasized.
This
year's special edition "Together We Rebuild" program
marked the 40th economic symposium hosted by Hancock Bank.
"Hancock
Bank was founded in 1899 to help communities grow and prosper;
and the Hancock Bank symposium was established 40 years ago
to help folks make well-informed financial and business decisions.
Now, as we rebuild the Coast, access to good information is
even more essential to ensure viable recovery strategies,"
said Hancock Bank President and CEO George A. Schloegel, who,
together with Hancock Bank chairman and 60-year banking veteran
Leo W. Seal, Jr., welcomed symposium guests to the event.
About
Hancock Bank
Hancock
Holding Company (NASDAQ: HBHC) - the parent company of Hancock
Bank of Florida, Hancock Bank (Mississippi), and Hancock Bank
of Louisiana - has assets of $6.26 billion. Hancock Bank stands
among the strongest, safest financial institutions in the
United States and is the only financial services company headquartered
in the Gulf South to rate among the top 20 percent of America's
top performing banks. Additional corporate
information or on-line
banking and bill
pay services is available online
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FOR
MORE INFORMATION
R. Paul Maxwell, VP & Corporate Communications
Manager
228.563.7953 or paul_maxwell@hancockbank.com
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