Economy
Despite its image as a college town, Tuscaloosa boasts a diversified economy based on all sectors of manufacturing and service. Twenty-five percent of the labor force in the Tuscaloosa Metropolitan Statistical Area is employed by the federal, state, and local government agencies. 16.7% is employed in manufacturing; 16.4% in retail trade and transportation; 11.6% in finance, information, and private enterprise; 10.3% in mining and construction; and 9.2% in hospitality. Education and healthcare account for only 7.2% of the area workforce with the remainder employed in other services.
Tuscaloosa was ranked in the November 2009 issue of Fortune Small Business as one of the "50 Best Places to Launch a Small Business" (ranked #11 among metro areas with populations of 250,000 or less).
The city's industrial and manufacturing base includes BFGoodrich Tire Manufacturing, GAF Materials Corporation, Hunt Refining Company, JVC America, Nucor Steel and Phifer Wire among numerous other operations.
Another significant contributor to the manufacturing segment of the city's economy is the Mercedes-Benz U.S. International assembly plant located on a site in Tuscaloosa County located near Vance approximately 20 miles (32 km) east of downtown. The plant began assembling the Mercedes-Benz M-Class in 1997 and the R-Class Grand Sport Tourer in 2005 and just recently began production with the GL-Class. Plants that supply components to Mercedes-Benz also make their home in Tuscaloosa and add to the economic strength of the city.
The Westervelt Company, a land resources and wildlife management company has its headquarters in Tuscaloosa. The company was formerly the Gulf State Paper Corporation, with headquarters in Tuscaloosa from 1927 until 2005 when it sold its pulp and paperboard operations to the Rock-Tenn Company of Norcross, Georgia. Gulf States then restructured to form Westervelt.
Health-care and education serve as the cornerstone of Tuscaloosa's service sector, which includes the University of Alabama, DCH Regional Medical Center, Bryce Hospital, the William D. Partlow Developmental Center, and the Tuscaloosa VA Medical Center.
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Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“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)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)