Written by Helena Duncan
In a highly competitive business environment where states compete for investment, Alabama has quietly but steadily moved up the rankings, with the most favorable regulatory environment in the nation and the 6th best overall ranking for doing business. It was approved.
In contrast to cynics like CNBC who earlier this year labeled Alabama one of the worst places to live and work, a closer look reveals why so many businesses, industries, It becomes clear why they chose to invest and locate here.
Each year, Area Development Magazine consults with a panel of experts on siting and economic development to ask which states are excelling in these vital categories.
When the latest results were released just a few months ago, the Alabama we know ranked in the top 10 in nearly every category.
Alabama residents and business owners have long recognized the state's distinct advantages of a business-friendly environment defined by low taxes and minimal regulation, as well as a highly skilled workforce. These elements distinguish us from competing nations and create an atmosphere conducive to growth and prosperity.
Now the world is beginning to realize what companies like Airbus, Mazda, Toyota, Mercedes, Hyundai, Honda, Boeing, and many others discovered long ago about Alabama.
Alabama's rankings are not an isolated event, but reflect the concerted efforts of policymakers, businesses, and communities large and small across the state.
Our success story is supported by long-term strategic planning implemented through the Alabama Legislature, including the economic incentives known as the “Game Plan” passed in a special legislative session earlier this year. The Game Plan's comprehensive incentives enable Alabama businesses to thrive, grow, and expand while ensuring the interests of Alabama taxpayers are protected.
Here's what we know:
Alabama's status as having the most favorable regulatory environment is the result of our efforts to eliminate red tape and reduce state government intervention in commerce and business. By eliminating unnecessary regulations, companies can benefit from cost savings through streamlined processes, reduced paperwork, and reduced compliance costs.
Beyond regulatory efficiency, Alabama stands out for energy availability and cost (4th place) and business incentive programs (7th place), further enriching strategies for potential investors. Masu.
These canny policies, combined with competitive tax rates, individualized tax breaks, and the strategic introduction of Opportunity Zones, demonstrate the state's commitment to efficiency and lead the state in the category of total cost of doing business. It was rated as the second best state.
In Alabama, businesses don't have to jump through hoops or wait endlessly for permits to start or expand operations. This fact earned him the second best ranking in the ranking of project permitting speed.
The state's push to get shovels ready reflects the state's proactive efforts to help companies minimize delays in getting projects started.
Time and time again, Gov. Kay Ivey, Lt. Gov. Will Ainsworth, the Department of Commerce, state legislators, and countless others have committed resources to site development, workforce training, incentive programs, and other pro-business efforts. We have prioritized economic development by investing in .
As companies flock to our state to take advantage of our business-friendly environment, we need to ensure they have a presence so they can put down strong roots and call Alabama home. Recognizing the impact of its success, Alabama invested in site preparation, ranking 8th in site preparation programs and 9th in available real estate.
Despite facing national workforce challenges, Alabama remains in the top 10 for fostering a competitive work environment. Our skilled and competitive workforce is a key element of Alabama's success. Companies know that we can provide them with the trained, talented, dedicated and reliable employees they need to run their businesses.
Long known as the home of a national champion football program, Alabama now enjoys an equal reputation as a national champion in economic development and industrial talent recruitment.
The closets and hallways of the Alabama Department of Commerce are filled with national awards and honors for business development, and a recent ranking by Area Development Magazine shows that our winning dynasty will continue for many years to come. I am.
Helena Duncan is president and CEO of the Business Council of Alabama.