These Major Companies Are Bringing Business to Alabama

Birmingham, AL.Photo byClark TibbsonUnsplash

The Alabama economy keeps getting good news, even if the national picture isn't as sunny. With the state experiencing record-low unemployment - at 2.8%, to be exact - and a large budget surplus, it seems that the state has gotten its economic situation secured for at least the near future.

Perhaps owing to that stability, it seems more employers are finding the state attractive. Multiple companies have either moved headquarters to the state or slated new, large-scale projects for different regions in Alabama. Two notable entries on that list are Nucor Corporation and Samkee Corp., both of which made large announcements recently regarding their future in the state.

The most recent news came from Nucor, the largest steel manufacturer in the United States and the 15th-largest in the world. The company, which employs a little over 19,000 people in the United States and closer to 27,000 worldwide, announced a new, $125 million facility would be coming to Decatur and gradually ramping up production over the next several years. In a press release touting the development, the Governor's Office cited an average compensation of $75,000 is expected for workers at the facility.

Decatur, AL.Photo byMark VisiononUnsplash

The other employer, Samkee Corp., may be less known to Alabama residents. The company manufactures and sells large automobile equipment and parts like timing chain assemblies, valve bodies, and similar parts. The company historically has done most of its business out of South Korea. The new project planned for Tuskegee represents the company's first foray into plant construction in the United States. The company primarily supplies Hyundai vehicles.

The news follows a slate of similar developments in recent years. California-based company Landing moved its headquarters from San Francisco to Birmingham last year, and a pair of real estate firms set up new headquarters in Hoover during the same time period. Technology companies from California all the way to international operations in Turkey have also relocated to Alabama in the last year. Collectively, nearly every region in the state has seen major economic development during that time period.

The economic growth is a welcome development for Alabama residents, who have long had one of the lower salary averages in the nation. Most recently, the state ranked 46th out of 50 for median household income. That figure, currently sitting just above $56,000 for households, has increased by nearly 33% in the last ten years, however, making Alabama one of the few states with double-digit percentage growth in that category.

Companies taking advantage of favorable tax and regulatory climates is nothing new. For several years, southern states have seen a large influx of corporate headquarters and satellite offices as corporations seek out cheaper real estate with lower tax burdens. Alabama seems to be joining that list of destinations, as of late.

For now, both of the latest projects are in the planning and development stage. Those interested in learning more about the opportunities available at either facility can select the press release link above to get additional details.