A national economic development publication reports that site-selection professionals it surveyed have again ranked Alabama among the top states for business, citing a broad range of factors contributing to a fertile growth environment.
Area Development says Alabama ranks No. 6 overall in its 2022 “Top States for Doing Business” analysis, the same as the previous two years. The showing continues a sustained run in the survey’s overall Top 10 that reflects the state’s commitment to facilitating economic growth and job creation.
In addition, Alabama earned Top 10 rankings in 11 out of 13 different individual categories in the new Area Development survey, spanning the spectrum of critical economic development issues.
“Companies from around the world have discovered that our state can offer them a favorable business environment, a motivated workforce, and a support system that helps make success possible,” said Greg Canfield, Secretary of the Alabama Department of Commerce.
“The message is clear: Alabama offers the advantages that growth-minded companies are looking for,” he added.
Area Development’s 2022 “Top States for Doing Business” rankings reflect the results of a recent survey asking leading consultants to industry to provide top state picks in specific categories that impact companies’ location and facility plans.
The publication said it recruits site-selection professionals as judges because they have accumulated deep experience in evaluating the factors that pave the way for business growth.
“They’ve learned through experience which states are the standouts in various important factors for doing business, from costs to taxes and incentives to training to a welcoming and hassle-free government,” it notes.
Here is how Alabama ranked in those categories:
- Speed of Project Permitting: No. 1
- Energy Availability and Costs: No. 3
- Favorable Regulatory Environment: No. 3
- Overall Cost of Doing Business: No. 4
- Workforce Development Programs: No. 4
- Business Incentive Programs: No. 5
- Available Real Estate: No. 7
- Cooperate State Government: No. 8
- Corporate Tax Structure: No. 8
- Competitive Labor Environment: No. 10
- Site Readiness Programs: No. 10
The rankings reflect a strong performance by Alabama’s economic development team in 2021.
Commerce data shows that companies announced new facilities and expansion projects involving $7.7 billion in new capital investment last year, the second highest annual total recorded by the state.
These 2021 projects will create over 10,000 jobs across Alabama and inject economic vitality into many communities located in both urban and rural areas. See a report on the results.
Earlier this year, Area Development selected for a Silver Shovel award for economic development success in 2021.
Alabama has been a frequent winner since the magazine launched the awards in 2006, when it won a Gold Shovel. The state also claimed a Gold Shovel in 2020 for success in economic development projects that advanced the manufacturing sector.
(Courtesy of Made in Alabama)