We all participate in our local economy. So, we all deserve a big round of applause! In recent news, you may have heard that Site Selection Magazine gave kudos to economic development in Decatur, AL. Read on to learn what that means for our hometown.
A Quick Primer on the Governor’s Cup
Site Selection Magazine’s Governor’s Cup award offers a prestigious claim to fame. as well as our entire state. Still, what exactly does that award entail?
Essentially, Site Selection Magazine goes through all the data on qualifying economic projects throughout the states. Then, it tallies up which states boast the most economic investments. As it turns out, economic development in Decatur, AL is strong.
They also have rigorous requirements. In order for possible contributions to count as relevant economic projects per capita, the applicable options must:
- Add on at least 20,000-square-feet of development to its targeted area;
- Represent an investment of at least $1 million; or
- Bring 20 or more additional jobs to the area.
How did our state rank?
Overall, Alabama ranked number nine in the 2020 Governor’s Cup from Site Selection Magazine. It also sits as number six in the per capita competition. That one helps states with lower populations—and therefore fewer opportunities for economic development—to earn a fair spot on the list.
In the past year, Alabama created 121 new projects. Good for us!
How did Decatur rank?
Of Alabama’s 121 projects last year, Decatur, AL made nine of them. That’s about 10.9 percent of the total applicable projects in the state. It’s also more than Auburn-Opelika, which had seven.
Why are economic investments so important?
Investing in our local economy isn’t all about the money! Though, of course, that’s also a plus. It also can improve job prospects, infrastructure, health, and quality of life. So, keeping up a strong schedule of development can impact a town’s present—and its future.
As Site Selection Magazine praises economic development in Decatur, AL, we just have to congratulate our town. Good work, everyone! We can’t wait to see what 2021 brings.