Economy
Montgomery's central location in Alabama's Black Belt makes it a processing hub for crops such as cotton, peanuts, and soybeans. In 1840 Montgomery County led the state in cotton production, and by 1911, the city processed 160,000–200,000 bales of cotton annually. Montgomery has long had large metal fabrication and lumber production sectors. Due to its location along the Alabama River and extensive rail connections, Montgomery has and continues to be a regional distribution hub for a wide range of industries. Today, the city's Gross Metropolitan Product is $12.15 billion, representing 8.7% of the Gross State Product of Alabama.
According to Bureau of Labor Statistics data from October 2008, the largest sectors of non-agricultural employment were: Government, 24.3%; Trade, Transportation, and Utilities, 17.3% (including 11.0% in retail trade); Professional and Business Services, 11.9%; Manufacturing, 10.9%; Education and Health Services, 10.0% (including 8.5% in Health Care & Social Assistance); Leisure and Hospitality, 9.2%; Financial Activities, 6.0%, Natural Resources, Mining and Construction, 5.1%; Information, 1.4%; and Other services 4.0%. Unemployment for the same period was 5.7%, 2.5% higher than October 2007. The city also draws in workers from the surrounding area; Montgomery's daytime population rises 17.4% to 239,101.
As of January 2011, Montgomery's largest employers were Maxwell-Gunter Air Force Base (12,280 employees), the State of Alabama (9,500), Montgomery Public Schools (4,524), Baptist Health (4,300), Hyundai Motor Manufacturing Alabama (2,700), Alfa Insurance (2,568), the City of Montgomery (2,500), Jackson Hospital & Clinic (1,300), Rheem Water Heaters (1,147), and Regions (977).
According to Pennsylvania State University's "Living Wage Calculator", the living wage for the city is US$8.02 per hour (or $16,691 per year) for an individual and $25.80 per hour ($53,662 per year) for a family of four. These are slightly higher than the state averages of $7.45 per hour for an individual and $25.36 for a family of four.
Read more about this topic: Montgomery, Alabama
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)