Huntsville's Economy (Mobile, Madison, Kansas: sales, real estate, home sales)

[SouthernBoy205]

The country is in recession right now. Everywhere in the nation, the economy is not at its best, although some places are doing well during the recession. Since Huntsville is a job hot spot, how is the recession effecting its economy, jobs, and people?

[SouthernBoy205]

According to the Chamber of Commerce of Huntsville/Madison County, Huntsville is experiencing record economic growth. While the economy is effecting several areas aroung the country, the Huntsville area continues to grow. From 2000-2007, the Huntsville area employment grew by 13.5% compared with the U.S. growth rate of 4.4%. It ranks ahead of Atlanta, Austin, Nashville, Raleigh, and other metros. Huntsville has 33% of all employment growth in Alabama. Also from 2000-2007, Huntsville's labor force grew by 10.2% compared with the U.S. rate of 6.2%. In 2007, Huntsville got over 4,000 new jobs from 55 business employers.

[zenjenn]

My experience is consistent with what the Chamber of Commerce is reporting. I don't personally know anyone around here who has lost a job lately or who have mentioned feeling insecure about keeping their job (my California friends on the other hand - that's a different story.) A new restaurant just opened near where we live and its parking lot is packed every night.

[SouthernBoy205]

When Boeing performed its layoffs/job cuts, was Huntsville effected?

[Charles]

Someone posted (and a neighbor told me the same thing) that unemployment for engineers with degrees is 0.2% (that's two out of one thousand). Even if that number is off by a factor of ten (and unemployment was 2% or two out of a hundred), that's pretty good. However, I think in general aerospace/defense is holding its own in the national economy - even in California. It's good in Huntsville but it isn't that bad elsewhere.

Chamber of Commerce statistics might be created in such a way that they paint a more positive picture than reality.

I think Boeing is the number 2 private employer (Huntsville Hospital) in (the) Huntsville (region), so sure layoffs, would affect Huntsville, but to what degree? How many layoffs were there? Twenty percent? Or 50 people out of 3000? I don't know. Those guys may well have taken their layoff benefits and walked into a job next door with a 20% increase in salary.

[madisonmamma]

Yes, Boeing has been affected. Boeing has laid off jobs in this area, though not like in many other parts such as Kansas and Washington. My husband's group had to cut by 20%, and on Friday they let one person have the ax.

On the other hand, I had a client in the fall who is an engineer who practically named his salary with Boeing. He had 8 job offers here, and really was able to negotiate a terrific package.

Boeing did not meet their yearly goal this year, mainly due not to IDS, but to the strikes in Washington with commercial division. Most of IDS receives their budgets at the beginnning of the year, so we have probably seen the majority of layoffs within Boeing for this year. Who knows what will happen next year. Boeing also posted $54B loss (think that was the number?) Boeing, however, still paid out the yearly profit sharing, although it was about half of what has been the norm the past several years. But still, better than nothing!

Other companies as well have experienced layoffs, some more than others. Intergraph has seen a substantial layoff, with more to come. I have several friends at Intergraph, and from what they are saying, there will be more job loss there. But, many I know at Intergraph has felt their job was unstable for several years now.

[Charles]

"Huntsville is leading the pack in positive statistics alone. U.S. Census numbers show the metro area has seen a 12.5 percent rise in its population since 2000. Meanwhile, home sales have fallen only 9 percent since 2005, while the median selling price has risen 3 percent over the same time, according to the Alabama Center for Real Estate. "

from


Two Alabama cities, Huntsville and Mobile, are doing better than most during the recession - al.com

[SouthernBoy205]

Check this out:

http://blog.al.com/businessnews/2009...ro%20areas.pdf

[madisonmamma]

Originally Posted by KE111691

Check this out:

http://blog.al.com/businessnews/2009...ro%20areas.pdf

Thanks for posting that! Great information!

[SouthernBoy205]

What jobs are hot in Huntsville during the economy?