Personal income grew in Alabama by nearly 5 percent last year, according to the U.S. Department of Commerce. The department’s Bureau of Economic Analysis reported that in 2008, personal income in the state increased 4.6 percent from 2007 to 2008. That figure ranked the state No. 13 in the nation – and second highest in the Southeast behind West Virginia, which ranked ninth.
2. Forbes Names 11 Alabama Cities Best Places for Business & Careers
Forbes Magazine has named 11 Alabama cities on their list of the best places in the country for businesses and careers. In the Best Metros category were the following: Huntsville #15; Montgomery # 49; Mobile #60; and Birmingham #85. In the category of Best Small Places for Business were: Auburn #10; Tuscaloosa #26; Florence #63; Anniston #108; Dothan # 113; Decatur #130; and Gadsden #170.
The rankings were based on the cost of doing business, crime rate, educational attainment, cost of living, projected income growth and projected job growth.
For more of this story: http://online.wsj.com/article/SB123837422461168013.html#printMode
3. More Than Half of Birmingham Business Plan to Expand
More than half of businesses in the Birmingham area said they plan to expand in the next three years, according to survey results released by the Birmingham Regional Chamber of Commerce. The chamber’s Existing Business Team said it visited 128 local owners and executives last year and found 53 percent said they planned to expand in that time period despite current economic conditions, said a news release.
4. Alabama Ranks High for Manufacturing
A recent study showed that Alabama received high marks for manufacturing and logistics. According to the 2009 Manufacturing and Logistics Report Card, published by Ball State University, Alabama – along with Utah, Indiana, Missouri and Kansas – is considered one of the best states for those industries.
5. Tallassee Firm Breaks Ground for New Engineering Center
Neptune Technology Group, Inc., located in Tallassee, has broken ground on a new $3.7 million, 19,000-square-foot research and development center. This new state-of-the-art center will be located adjacent to the current engineering facility and will house up to 90 engineering personnel.
6. UAHuntsville Research Ranks in National Science Foundation Top 20
The University of Alabama in Huntsville (UAHuntsville) research programs in atmospheric science and business each ranked among the top 20 of such programs in the nation, according to data released by the National Science Foundation (NSF). Based on research funding during the 2007 fiscal year, the university’s atmospheric science program was the 13th largest in the U.S., while the business school’s research program ranked 19th overall and fourth in federally-funded research in business and management.
UAHuntsville had the only business school in Alabama ranked in the top 50 in the U.S. in research funding, according to the NSF's annual survey of research expenditures. Other business schools in the top 20 include the University of Michigan, MIT, Penn State, UCLA, Texas A&M and the University of Tennessee.
7. UAB Ranks in Top 50 for Research & Development
The University of Alabama at Birmingham was one of the nation’s top 50 financed research and development institutions in 2007. UAB received $351.4 million for research and development, according to a National Science Foundation report, which used the most recent data available. UAB’s R&D total ranked 48th nationally and was up from $233.4 million in 2000.
8. Wall Street Journal Highlights Huntsville’s Strong Lending System
The Wall Street Journal highlighted Huntsville’s strong local lending system in its March 30th edition. “As banks pull back on risk taking across the nation, consumer-loan balances in places like Huntsville, Ala., are rising. In Huntsville, a metropolitan area of 376,000 that is home to many government contractors, borrowing increased 13.2% per household in last year's fourth quarter, compared with the year-earlier period,” according to data provided to The Wall Street Journal by Moody's Economy.com and Equifax Inc.
For more of this story: http://online.wsj.com/article/SB123837422461168013.html#printMode
9. Birmingham’s Innovation Depot Pumps $340 Million into City
Innovation Depot, a downtown Birmingham business incubator that's home to a growing roster of high-tech and life sciences firms, continued to pump money into the city's economy last year, with a sales and earnings impact that topped $340 million.
In addition, the facility's latest year-end report shows that sales, grants and investment dollars tied to its companies, as well as graduates that have been on their own for less than five years, totaled $141 million in 2008, according to new estimates.
More than 350 people now work at the facility, which opened nearly two years ago following the merger of downtown's Entrepreneurial Center and the University of Alabama at Birmingham's Office for the Advancement of Developing Industries. The concept within the incubator is that companies move around the building as they grow, and the smallest spaces are already full, she said. Once the unfinished space is complete, Matlock expects Innovation Depot to have up to 75 companies and more than 500 employees working within its walls.
10. 100,000 Ford Mustang Fans Expected at Barber Motorsports Event
The organizers of a 45th anniversary tribute to the Ford Mustang at the Barber Motorsports Park expect the event to draw more than 100,000 people - and Barber officials hope to land an even bigger party for the sport car's 50th birthday.
The road track and museum will host the Mustang celebration during a four-day event starting April 16. Ford Motor Co. and the Mustang Club of America are sponsors.