Site selection professionals surveyed by national publication Area Development once again ranked Alabama among the top states for doing business, citing a range of factors that underpin a business-friendly environment.
Alabama ranks No. 6 overall in the magazine’s 2020 “Top States for Doing Business” analysis, continuing a long run in the annual survey’s Top 10 that underscores the state’s consistent, high-level emphasis on economic growth and job creation.
In Area Development’s latest survey, Alabama earned Top 10 rankings in 10 out of 13 different individual categories, which span the spectrum of critical economic development issues. The rankings report was released today.
“These high rankings indicate that Alabama offers the advantages that companies are searching for when they are making decisions about opening new facilities or expanding existing operations,” said Greg Canfield, Secretary of the Alabama Department of Commerce.
“Alabama possesses the skilled workers, effective training programs, and the low-cost business environment that companies from around the world need to compete and succeed,” he added.
Between 2012 and 2019, economic development activity brought $44 billion in new capital investment to Alabama, along with 135 ,000 new and future jobs, according to Commerce data.
Last year alone, new capital investment in Alabama totaled $7.1 billion, with nearly 13,500 job commitments. Read a story outlining the results.
HIGH RANKINGS
Secretary Canfield said Alabama’s individual category rankings reflect the state’s comprehensive approach to economic development:
- Speed of Permitting – No. 2
- Workforce Development Programs – No. 3
- Business Incentives – No. 4 (tie)
- Favorable Regulatory Environment – No. 5
- Available Real Estate – No. 5 (tie)
- Competitive Labor Environment – No. 6
- Site Readiness Programs – No. 6
- Energy Availability & Costs – No. 6 (tie)
- Cooperative & Responsive State Government – No. 6 (tie)
- Overall Cost of Doing Business – No. 7 (tie)
Alabama ranked No. 4 in Area Development’s survey last year.
This year’s list was topped by Georgia and filled with other Southern states in the Top 10.
“What we learned is that, even amid the earth-shattering change the current pandemic has wrought, there are important things that have not changed. States across the South continue to have their ducks in a row when it comes to making themselves attractive to businesses,” the magazine notes.
“They remain well-prepared for creating positive business headlines — they’re doing so now and will continue to do so as the economy regains its liveliness.”
In July, Business Facilities, another economic development publication, gave Alabama high marks for its workforce development programs and its “automotive manufacturing strength,” based on the state’s rapidly expanding auto industry.
(Courtesy of Made in Alabama)
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