Area Development, a national publication focused on economic development, has once again ranked Alabama as one of the top states for doing business. The Yellowhammer State ranks sixth overall in the magazine’s 2017 “Top States for Doing Business” analysis. It is the second year in a row the state has been ranked No. 6 and the eighth year it has been included in the top ten.
According to Made in Alabama, the honor highlights a years-long emphasis on economic development throughout the state. Alabama scored in the Top 10 in nine different categories, including improved economic development policies, workforce development programs, and shovel-ready sites initiative.
“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. He continued, “Alabama has the skilled workers, effective training programs, and the low-cost business environment that companies from around the world need to compete and succeed.”
Economic development activity brought $28.5 million in new capital investment and 107,000 new jobs to the state from 2011 to 2016. Last year alone, Alabama saw an increase totaling $4.2 billion in capital investment and 14,700 anticipated new jobs.
Area Development’s top six states did not change from last year’s rankings. All six states are located in the south, with Georgia taking the top spot. Alabama trounced Indiana, North Carolina, Mississippi, and Ohio, which rounded out the top ten. Area Development praised each of the top states for their commitment to economic development.
“They commit to adding value as an economic development leader and problem-solver, even during lean economic times. Any manufacturer will tell you that a big indicator of quality — and sound management — is consistent, repeatable results. This is also true for state government.”
Here’s how Alabama stacked up in the various rankings:
- Leading workforce development programs: No. 3
- Most improved economic development policies: No. 3
- Shovel-Ready Sites program: No. 3
- Speed of Permitting: No. 5
- Favorable Regulatory Environment: No. 6
- Favorable utility rates: No. 7
- Cooperative and responsive state government: No. 7
- Overall Cost of doing business: No. 7
- Competitive Labor environment: No. 8
- Business incentive program: No. 10
The magazine acknowledged two specific Alabama programs that have led to its great economic success. The state’s AdvantageSite Program has brought in more than 20 projects and $1 billion in investment since its inception in 2008. AIDT, Alabama’s primary workforce development agency, has also been a leading contributor to economic development. Earlier this year, Alabama was also awarded with a Silver Shovel Award from Area Development, highlighting the state’s economic success in 2016.
