present state of the economy in Birmingham (Detroit: unemployment rate, transfer)

[greytercel]

What is the current unemployment rate? What is your overall assessment of the situation? Any and all comments are appreciated.

[greytercel]

86 people looked at my thread and no one answered....hey!!! what's going on down there....(!)

[bluebeard]

I think you need more specific questions. Are you looking in a certain industry or location?
My overall long-term assessment is that its improving, but very slowly (as things tend to do here). This can be good and bad (less boom and bust). The metro unemployment rate is around 9%
Unemployment Rates for Metropolitan Areas

[cpg35223]

When things are good in Birmingham over the past 30 years, they tend to be very good. In 08, Birmingham had the country's second lowest unemployment rate, .1% higher than Orlando's. There are has also been, over the past 25 years, a huge increase in household income. That's the result of a city working hard to diversify its economic base away from heavy manufacturing.

The bad is that unemployment right now sits at roughly 9%. This is pretty much due to several factors, including the consolidation and acquisition of two superregional banks in the area. Before 2005, Birmingham was the country's third-largest banking center with four superregionals. Now that number is down to two. Add the ravages in the construction and publishing industry, and Birmingham was hit pretty hard. Lots of bankers, contractors, and graphic designers sitting around on their hands right now.

That being said, I think there are some positives. The city's various economic development authorities have united and seem to be doing some effective things. The automotive industry, non-existent 15 years ago, seems to be expanding despite economic headwinds. The intermodal rail transfer facility and the imminent completion of I-22 mean Birmingham is becoming a more attractive distribution point. And while two large banks evaporated into thin air, there are some smaller ones that are beginning to expand.

Overall, a good long-term outlook for stable and diversified growth. We're not Dallas or Raleigh or Austin by any stretch of the imagination but, then again, we're not Detroit or Youngstown, Ohio, either.

[ducdx89]

Originally Posted by cpg35223

When things are good in Birmingham over the past 30 years, they tend to be very good. In 08, Birmingham had the country's second lowest unemployment rate, .1% higher than Orlando's. There are has also been, over the past 25 years, a huge increase in household income. That's the result of a city working hard to diversify its economic base away from heavy manufacturing.

The bad is that unemployment right now sits at roughly 9%. This is pretty much due to several factors, including the consolidation and acquisition of two superregional banks in the area. Before 2005, Birmingham was the country's third-largest banking center with four superregionals. Now that number is down to two. Add the ravages in the construction and publishing industry, and Birmingham was hit pretty hard. Lots of bankers, contractors, and graphic designers sitting around on their hands right now.

That being said, I think there are some positives. The city's various economic development authorities have united and seem to be doing some effective things. The automotive industry, non-existent 15 years ago, seems to be expanding despite economic headwinds. The intermodal rail transfer facility and the imminent completion of I-22 mean Birmingham is becoming a more attractive distribution point. And while two large banks evaporated into thin air, there are some smaller ones that are beginning to expand.

Overall, a good long-term outlook for stable and diversified growth. We're not Dallas or Raleigh or Austin by any stretch of the imagination but, then again, we're not Detroit or Youngstown, Ohio, either.

Thanks you very much...great post..
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[ducdx89]

Originally Posted by cpg35223

When things are good in Birmingham over the past 30 years, they tend to be very good. In 08, Birmingham had the country's second lowest unemployment rate, .1% higher than Orlando's. There are has also been, over the past 25 years, a huge increase in household income. That's the result of a city working hard to diversify its economic base away from heavy manufacturing.

The bad is that unemployment right now sits at roughly 9%. This is pretty much due to several factors, including the consolidation and acquisition of two superregional banks in the area. Before 2005, Birmingham was the country's third-largest banking center with four superregionals. Now that number is down to two. Add the ravages in the construction and publishing industry, and Birmingham was hit pretty hard. Lots of bankers, contractors, and graphic designers sitting around on their hands right now.

That being said, I think there are some positives. The city's various economic development authorities have united and seem to be doing some effective things. The automotive industry, non-existent 15 years ago, seems to be expanding despite economic headwinds. The intermodal rail transfer facility and the imminent completion of I-22 mean Birmingham is becoming a more attractive distribution point. And while two large banks evaporated into thin air, there are some smaller ones that are beginning to expand.

Overall, a good long-term outlook for stable and diversified growth. We're not Dallas or Raleigh or Austin by any stretch of the imagination but, then again, we're not Detroit or Youngstown, Ohio, either.

Thanks you very much...great post..

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[greytercel]

thank you for the info and taking the time to answer....what one also has to keep in mind is the latest unemp figures available are for the winter, which is always slower....but now we are into spring and things are probably beginning to improve....

[tom.nicholsom9]

The city's various economic development authorities have united and seem to be doing some effective. things Overall, a good long-term outlook for stable and diversified growth.
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[tom.nicholsom9]

This city is various economic development authorities have united and seem to be doing for effective things.
Thanks
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