Alabama Economic Outlook Bright

By: Huntsville Real Estate Expert Mike Manosky On February 17, 2007

The Central Alabama Business Journal reports a bright outlook for Alabama’s economy:

→  Real per capita income was 0.7 percent higher than the national rate for the first six months of 2006.

→  The 3.2 percent unemployment rate was more than 1 percent lower than the country’s unemployment rate of 4.5 percent.

→  The state’s overall economy is forecast to grow 2.5 percent in 2007, just ahead of the Global Insight’s 2.4 forecast for the country.

→  The state added 4,570 jobs in the transportation equipment sector last year while motor vehicle manufacturing showed an increase of nearly 1,000 jobs.

→  The motor vehicle sector output jumped 16.5 percent in 2006 to $5.2 billion and the industry is forecast for significant growth in 2007 – 15 percent this year.

→  State exports totaled $10.8 billion in 2005, a nearly 20 percent increase from 2004. But in 2006, exports exceeded $10.5 billion during the first nine months.

→  Nonresidential construction is another strong sector, helped by the surging automotive industry, which also leads to new shopping and commercial construction projects.

→  Real estate is actually undervalued in most Alabama cities, according to Nigel Gault, group managing director for North American Macroeconomic Services for Global Insight. 

Undervalued real estate translates into excellent investment opportunities for Huntsville home buyers. Give me a call, 800-239-4749 $4932,  if you are interested in buying a home in Huntsville or Madison County.

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