Economy
In the last two generations, the South has changed dramatically. In recent decades it has seen a boom in its service economy, manufacturing base, high technology industries, and the financial sector. Examples of this include the surge in tourism in Florida and along the Gulf Coast; numerous new automobile production plants such as Mercedes-Benz in Tuscaloosa, Alabama; Hyundai in Montgomery, Alabama; Toyota Motors in Blue Springs, Mississippi; Kia in West Point, Georgia; the BMW production plant in Spartanburg, South Carolina; Volkswagen in Chattanooga, Tennessee; the GM manufacturing plant in Spring Hill, Tennessee; and the Nissan North American headquarters in Franklin, Tennessee; the two largest research parks in the country: Research Triangle Park in the Triangle area of North Carolina (the world's largest) and the Cummings Research Park in Huntsville, Alabama (the world's fourth largest); and the corporate headquarters of major banking corporations Bank of America in Charlotte, North Carolina; Regions Financial Corporation, AmSouth Bancorporation, and BBVA Compass in Birmingham; SunTrust Banks and the district headquarters of the Federal Reserve Bank of Atlanta; and BB&T in Winston-Salem, North Carolina. The region is home many Fortune 500 companies including 20 in Virginia, 16 in Florida, 15 in North Carolina, and 14 in Georgia. This economic expansion has enabled parts of the South to boast of some of the lowest unemployment rates in the United States. The many automotive manufacturing plants in Alabama, primarily those owned by automakers Mercedes-Benz, Hyundai, and Honda, in coordination with countless automotive supplier corporations, have made the state of Alabama the number one center for automotive manufacturing and production, having surpassed Detroit in recent years. Alabama is also home to a large-scale manufacturing project owned by the German steel megacorporation Thyssen-Krupp, which operates a massive, state-of-the-art facility in the Alabama port city of Mobile.
Read more about this topic: Southeastern United States
Famous quotes containing the word economy:
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)