2015 State of the Economy CHAMBER OF COMMERCE OF HUNTSVILLE/MADISON COUNTY

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1 2015 State of the Economy CHAMBER OF COMMERCE OF HUNTSVILLE/MADISON COUNTY

2 Measuring Economic Performance o Population Growth Trends o Federal Reserve Board Metrics o Moody s Economic Forecast o Huntsville Business Confidence Index

3 Population Growth Trends 9,000 new jobs over the past three years announced in the Huntsville community

4 Population Growth Trends Madison Madison County Huntsville Huntsville is the fastest growing major metro area in the state of Alabama 5-Year Projection 9% growth 39,000 new residents -Moody s Will grow to over 500,000 people in the next 7 years

5 Population Growth Trends Population Growth Alabama Huntsville 21,668 63,555 Remainder of Alabama (65 counties) 66% Huntsville (2 counties) 34% Huntsville accounted for 34% of Alabama s Growth US. Census Bureau

6 Population Growth Trends Huntsville is one of the Top 35 fastest growing major metros in the country Southeast Metros #10 HUNTSVILLE, AL #10 in the South Population Growth

7 Population Growth Trends County Commuting Paterns 43,000 people commute into Madison County for work each day

8 Population Growth Trends Housing Units Residential Building Permits Huntsville Metro Area 47% above 2004 levels *2004

9 Population Growth Trends Housing Units Residential Building Permits Alabama * % below 2004 levels

10 The Avenue 386 new residents Belk Hudson Lofts 150 new residents Big Spring Square 400 new residents Twickenham Square 500 new residents Downtown Core 1,400 new residents in Downtown

11 Federal Reserve Board Metrics Economic Performance Indicators Gross Domestic Product Employment Growth Wage & Salary Growth

12 Federal Reserve Board Metrics Gross Domestic Product Growth Bureau of Economic Analysis The Huntsville economy continued to grow during the recession 5% Growth Huntsville 53% $7.5 billion more per year (25% of Alabama s total growth) United States 22% 20% Alabama

13 Federal Reserve Board Metrics Gross Domestic Product Growth US Metros Bureau of Economic Analysis #7 HUNTSVILLE, AL Huntsville GDP growth is among the Top 10 metros in the country #2 in the South

14 Federal Reserve Board Metrics Employment Growth Bureau of Labor Statistics Huntsville added over 31,000 net new jobs (more than the total job growth of Alabama) Decline * Recovery * Huntsville 17% Decline * Recovery * United States 6% Alabama 2%

15 Federal Reserve Board Metrics Employment Growth Southeast Metros Bureau of Labor Statistics #10 HUNTSVILLE, AL Huntsville is one of the Top 10 metros in the South for employment growth #10 in the South

16 Federal Reserve Board Metrics Wage & Salary Growth Adjusted for Inflation Huntsville wage growth was not affected by the recession but was affected by sequestration Recession * Sequestration * Huntsville 25% $1.8 billion more per year (almost half of Alabama s total growth) United States 9% 7% Alabama Bureau of Economic Analysis

17 Federal Reserve Board Metrics Wage & Salary Growth Adjusted for Inflation US Metros Bureau of Economic Analysis #17 HUNTSVILLE, AL Huntsville is one of the Top 20 metros in the country for employment growth #5 in the South

18 Federal Reserve Board Metrics Metro Area Coincident Index Gross Domestic Product + Employment Growth + Wage & Salary Growth = Coincident Index

19 Federal Reserve Board Metrics Metro Area Coincident Index The overall Huntsville economy continued to grow during the recession despite temporary cutbacks in employment Recession Huntsville 31% United States 11% 9% Alabama

20 Federal Reserve Board Metrics Metro Area Coincident Index The Huntsville economy had a net increase almost 3 times as great as the U.S. and Alabama

21 Federal Reserve Board Metrics Metro Area Coincident Index Southeast Metros #4 HUNTSVILLE, AL The Huntsville economy is one of the fastest growing economies in the South #4 in the South

22 Moody s Economic Forecast Huntsville Metro Area Market Report March 2015 The Huntsville market is currently in an expansion cycle Moody s Analytics

23 Moody s Economic Forecast Huntsville Metro Area Market Report March 2015 Both the short term and long term forecasts for the Huntsville market are positive Moody s Analytics

24 Moody s Economic Forecast Huntsville Metro Area Market Report March 2015 Moody s Analytics

25 Huntsville Business Confidence Index Center for Business & Economic Research Center for Business & Economic Research

26 Huntsville Business Confidence Index Center for Business & Economic Research Center for Business & Economic Research

27 Huntsville Business Confidence Index Center for Business & Economic Research The outlook from local Huntsville area businesses has steadily increased over the past two years Center for Business & Economic Research

28 Measuring Economic Performance SUMMARY Population growth is steady and is among the Top 10 Southern metro areas Overall economic performance measures are strong and among the leading metro areas in the country Moody s forecast for the community continues to be positive but is cautious of economic diversity The outlook from local business owners is positive and is trending toward new growth

CHAMBER OF COMMERCE OF HUNTSVILLE/MADISON COUNTY

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