It's
no secret that Alabama's Birmingham has improved its economy over the last
decade or that it is proving its existence as one of the largest economic
powerhouses in the southeast. What one might not know is for the last five
years, Birmingham has increased new and expanding business announcements and
jobs by 30%! From 2001-2010, the average growth for new jobs annually was
1,875; from 2011-2015, the growth rate was expanded to 2,890! The city did not
achieve these results easily, however. Subsidizing heavily in technology and
entrepreneurship was the key; in fact, the average annual investment amount for
the largest city of Alabama is $569 million!
The
hungry city is nowhere close to slowing down, though. As it used Blueprint
Birmingham from 2011-2015 to reach its current point of success, the Birmingham
Business Alliance (BBA) has drafted another plan to continue striving for
ultimate perfection: Blueprint 2020. The optimal goal of Blueprint 2020 is to
guide the BBA's work into economic development to increase jobs and capital
investment through workforce development and support programs. Overall, the BBA
plans to market the region to the world in attempt to compete on a global
scale.
As
the 11th largest banking center nationwide and 2nd in the South, Birmingham has
already put itself on the map serving as a home to Regions Financial
Corporation, BBVA Compass and SouthTrust, as well as dozens of other smaller
banks. As of 2015, the Financial Activities sector in Birmingham employed
nearly 43,000! Since 2011, Birmingham has launched almost 20 new or expanding
back-office and data center operations, creating more than 2,700 jobs and $60
million in capital investment!
Still,
banking is only the "tip of the iceberg" when it comes to economic
involvement. The city first gained a leading position through the steel
industry and continues to harvest through that market, through American Cast
Iron Pipe Company (ACIPCO), McWane, CMC Steel, U.S. Steel, Nucor, and several
other large steelmakers! Moreover, those local steel companies have, in recent
years, announced approximately $100 million worth of investments in new plants
and other expansions.
During
the 1970's and 1980's, Birmingham made the crucial decision to invest heavily
into bio-technology and medical research at its own University of Alabama at
Birmingham (UAB). Needless to say, that was very perceptive because UAB is now
the area's largest employer and second largest in Alabama with a workforce of
about 23,000.
Birmingham
is also a powerhouse of construction and engineering companies, headquartering
several corporations routinely included in the Engineering News-Record lists of
top design and international construction firms, including Robins & Morton,
BE&K, Brasfield & Gorrie and B.L. Harbert International. Even still,
more and more companies are headquartered in the Magic City and continue to
prosper even more each year.
Many
tributes are awarded to Birmingham every year. Some of which include "one
of six cities where millennials can afford to pay rent", "the #1 city
for millennial entrepreneurs", "one of the best cities to find a
start-up job" and "one of 11 next great destinations in 2016".
It's no secret that Birmingham is a diamond in the rough, proving its worth
again and again as a land flowing with milk and honey.
