Economy
The economic engine of the region ranges from the diversified economy of Greater Birmingham, to the college town of Tuscaloosa, to the heavily industrialized economy of Anniston and Gadsden.
The primary economic center of the region is Greater Birmingham because of its size and diversified economy. It is home to the state's most diversified employer, the University of Alabama at Birmingham (UAB). UAB is not only the state's largest single employer with some 20,000 employees on its payroll, but also one of the largest medical districts in the Southeast. In addition, most of the state-based corporations such as Alabama Power, AmSouth Bancorporation, Compass Bancshares, Energen Corporation, HealthSouth Corporation, Regions Financial Corporation, Saks Incorporated, and Southern Research Institute have their world headquarters located in the area. Though the Mercedes-Benz and Honda automotive production facilities are not technically located in any of the Greater Birmingham metropolitan counties, they are both considered as substantial contributors to its economy.
Tuscaloosa is the retail business center of a several-county area in Alabama and nearby Mississippi, and is chiefly a university town. The city hosts the University of Alabama's main campus as well as Stillman College and Shelton State Community College. Other major components of the economy include government, health, and industry. The city's largest industrial employer is the Mercedes-Benz production facility located ten miles from the main part of the city next to Vance.
Anniston and Gadsden are very similar in their heavily industrialized economies. Gadsden, however, is a river town so it has helped in building and creating a tourist industry to slight the blow of its declining primary industry. Gadsden is now home to many riverfront-based festivals that goes on throughout the year to boost its economy. Anniston, on the other hand, has also suffered a major blow on two fronts with the closings of Fort McClellan and many iron smelting facilities in the 1990s. However, it has turned more towards military production at the Anniston Army Depot with several government production contracts issued to this facility.
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Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“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)
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—Ralph Waldo Emerson (1803–1882)