The state of Alabama is the 6th best state to do business, according to the national economic publication Area Development.
Based on a survey of business/industry site-selection professionals, the Yellowhammer State earned top 10 rankings in 11 out of 13 different individual categories. Overall, the state placed 6th nationally.
Alabama’s Favorable Business Environment
“Companies from around the world have discovered that our state can offer them a favorable business environment, a motivated workforce, and a support system that helps make success possible,” said Greg Canfield, Secretary of the Alabama Department of Commerce in the agency’s news release about the 2022 Area Development ranking.
“The message is clear: Alabama offers the advantages that growth-minded companies are looking for,” he added.
Here is a breakdown of the categories Alabama ranked in the top 10:
- Speed of Project Permitting: No. 1
- Energy Availability and Costs: No. 3
- Favorable Regulatory Environment: No. 3
- Overall Cost of Doing Business: No. 4
- Workforce Development Programs: No. 4
- Business Incentive Programs: No. 5
- Available Real Estate: No. 7
- Cooperate State Government: No. 8
- Corporate Tax Structure: No. 8
- Competitive Labor Environment: No. 10
- Site Readiness Programs: No. 10
5 Southern States in Front
In the cumulative Area Development ranking, Georgia took the top spot, followed by Tennessee,South Carolina, Texas and North Carolina.
According to the Department of Commerce, this year’s rankings reflect a strong performance by Alabama’s economic development team in 2021. Commerce data shows that companies announced new facilities and expansion projects involving $7.7 billion in new capital investment last year, the second highest annual total recorded by the state.
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