Jones Capital headquarters in Hattiesburg is one step closer to becoming a reality
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White hardhats and shiny new shovels with red bows were part of the groundbreaking for a more than $40 million investment in the city of Hattiesburg that will become the new headquarters of Jones Capital.
Located behind The District at Midtown, Jones Capital's 80,000-square-foot facility will house about 300 employees, but are expected to be added, CEO Jonathan Jones said during the groundbreaking Friday. Seven companies in Jones' portfolio will be located in the new headquarters.
"Our biggest strength at Jones Company is acquiring and retaining more talent," Jones said, which has been a family tradition since his grandfather Lloyd Jones started the company in 1949. "At the same time, we are certainly capitalists and we want to do well. We want to make money and we want to grow. But the vast majority of our free cash flow does go back into job creation."
A groundbreaking ceremony was held Friday, Sept. 16, 2022, at the site of Jones Capital's new headquarters in Midtown Hattiesburg, Miss.
In 2021, Jones Capital said it employed more than 400 people in Mississippi and 800 nationwide. Jones said he expects that number to continue to grow. The new facility is expected to be ready to occupy in early 2024.
"It will be a great luxury if we wound up running out of space again before the building is finished," Jones said.
Midtown HattiesburgJones Capital to build new $40 million headquarters, partner with USM
The decision to locate in Midtown made sense, Jones said, since it would be close to the University of Southern Mississippi and Hattiesburg provides a number of amenities that are attractive to employees. In addition, the company will offer competitive salaries of about $80,000 per year, more than twice the city's median household income, Jones said.
Forrest County Board of Supervisors President David Hogan said the supervisors secured funding through a HUD grant for the Midtown Redevelopment Project in 2011, but he never dreamed he would actually see it come to fruition in his tenure as a supervisor.
Hogan said the project was designed to bring economic development and capital investment back into Forrest County.
"To see it start to come to fruition couldn't be more rewarding," he said. "We're so excited to work with the city, the governor, and our state delegation. To get companies like Jones Capital — it's really unheard of."
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Mayor Toby Barker having a large company like Jones locate in Hattiesburg is a "once in a generation economic development project."
"It's a game-changer for the city of Hattiesburg," he said.
In addition to an economic boost to the city, a large company with professionals earning better-than-average salaries will improve the quality of life in the Hub City.
"There are economic benefits for the city, but there are also societal benefits that are going to pay dividends," Barker said.
Gov. Tate Reeves attended the groundbreaking, where he said Jones Company is a great example of what is needed in the state.
"This is really the kind of project we want to focus on in Mississippi," he said. "It is driving more job creation, which leads to higher per capita incomes. These are not just jobs, these are careers."