huntsville regional economic development brief

2016-2017 Huntsville Regional Economic Growth Initiative page | 1CHAMBER OF COMMERCE OF HUNTSVILLE/MADISON COUNTY

REGIONAL ECONOMIC DEVELOPMENT

BRIEFC H A M B E R O F C O M M E R C E O F H U N T S V I L L E / M A D I S O N C O U N T Y

2016-2017 Huntsville Regional Economic Growth Initiative CHAMBER OF COMMERCE OF HUNTSVILLE/MADISON COUNTY page | 2

Table of Contents

Huntsville Regional Economic Growth Initiative . . . . . . . . . 3

2016-2017 State of the Economy. . . . . . . . . . . . . . . . . . . . . . . 6

UAH Economic Impact Study. . . . . . . . . . . . . . . . . . . . . . . . 23


Introduction

Why has Huntsville been so successful? Is it that we are just lucky or is it something more? Luck has sometimes been described as the confluence of preparation and opportunity. We would propose that our community has been successful because we have positioned ourselves to be lucky! The resources entrusted to the Chamber by our HREGI investors, coupled with the insightful guidance of our public and private sector leadership has resulted in a series of significant wins in the economic development arena and enhancements to our region’s quality of life.

This document articulates the success made possible through the resources provided by our HREGI investors, and lays out the path forward for the next phase of the program. Our Chamber is a more dynamic and effective organization due to the unique position we have in the community. We enjoy a healthy partnership with our public sector partners, working to navigate through challenges and exploiting opportunities. A culture has developed where we can work with our partners to craft effective solutions to the issues which need to be addressed. We benefit from a wealth of experience and perspectives – all of which bring value to the discussion. Our community provides fertile ground for leveraging HREGI Investments to realize significant gains.

The Chamber engaged the University of Alabama in Huntsville (UAH) to provide an objective analysis of the economic impact of the projects

we announced from 2013-2015. The UAH research team determined the projects announced over the three-year period will result in an increase in the regional GDP of $4.2 billion, the creation of 15,200 operations related jobs, and just under $1 billion a year in additional payroll – a 3,500% return (measured against the increase in GDP) on the $7 million invested in the HREGI program over the last five years.

Investors in the HREGI Program entrusted the Chamber with the additional resources with the belief that they would be utilized in a manner that would enhance the economic vitality of the region. The results speak for themselves. When resources are leveraged properly, they yield positive results for our community and the region. The impact of these efforts is a stronger, more vibrant economy, and a higher quality of life.

We need your support to ensure that we maintain the momentum we have created. Strong private sector leadership will ensure that the business community plays a proactive role in addressing the issues that will shape our community and region for decades to come. We look forward to working with you to grow our economy, enhance the workforce and education systems, and improve the quality of life of the Huntsville Region.

We thank those who have made our success possible and look forward to welcoming new investors!

Joe Newberry2017 Board Chair

Chamber of Commerce of Huntsville/Madison County

Rose AllenHREGI Taskforce Chair

Chamber of Commerce of Huntsville/Madison County


HREGI Investors as of February 20, 2017

DEVELOPMENT COUNCIL

CHAIRMAN’S COUNCIL

ADTRAN, Inc. | The Boeing Company | City of Madison |

Landers McLarty Corporation | Redstone Federal Credit Union | Vertiv

LEADERSHIP FORUM

DEVELOPMENT PARTNER

PRESIDENT’S CIRCLE

Huntsville Hospital | Regions Bank

Madison County Commission

REGIONAL PARTNERS

Port of Huntsville | Tennessee Valley Authority

2016-2017 State of the Economy page | 6RESEARCH & INFORMATION SERVICES ~ CHAMBER OF COMMERCE OF HUNTSVILLE/MADISON COUNTY

2016-2017 STATE OF THE ECONOMY

CHAMBER OF COMMERCE OF HUNTSVILLE/MADISON COUNTY

M E A S U R I N G E C O N O M I C P E R F O R M A N C E


Population Density

10,173 - 14,511 7,487 - 10,172 5,147 - 7,486 3,250 - 5,146 592 - 3,249

RedstoneArsenal

HuntsvilleMadison

Athens

MAD

ISO

N C

OU

NTY

LIM

ESTO

NE

CO

UN

TY

2015 Total Population (Esri) by Census Tracts

More than 9,000 new jobs over the past 3 years

5-year projection: 8.5% growth; 38,000 new residents

Expected to grow beyond 500,000 people by 2023


Population Growth TrendsPopulation Growth 2010-2015 | Southeast Metros

Huntsville is one of the Top 40 fastest growing major metros in the country.

Myrtle Beach, SCFort Myers, FL

Orlando, FLCharleston, SCFayetteville, AR

Sarasota, FLNashville, TNLakeland, FLAtlanta, GA

Miami, FLJacksonville, FL

Port St. Lucie, FLTampa, FL

Huntsville, ALPensacola, FLGreenville, SCLexington, KY

New Orleans, LADaytona Beach, FL

Columbia, SC

14.1% 13.1% 11.6% 11.5% 10.3% 9.3% 9.2% 7.8% 7.7% 7.6% 7.4% 7.0% 6.7% 6.1% 6.0% 5.9% 5.7% 5.6% 5.5%5.2%

#14 in the South


Population Growth TrendsPopulation Growth 2010-2015

Huntsville accounted for 34% of Alabama’s growth.

Alabama 79,243

Huntsville 27,159

Remainderof Alabama (65 counties)

66%

Huntsville (2 counties)

34%


Gross Domestic Product GrowthBureau of Economic Analysis Metrics, 2001-2015

The Huntsville economy continued to grow during the recession.

60%

50%

40%

30%

20%

10%

0%

Huntsville 53%

United States

Alabama

29%

21%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Gross Domestic Product GrowthBureau of Economic Analysis Metrics, 2001-2014 | U.S. Metros

Huntsville GDP growth is among the Top 10 major metros in the country.

Austin, TXPortland, OR

Fayetteville, ARProvo, UT

San Jose, CADurham, NC

Bakersfield, CAMcAllen, TX

Huntsville, ALDallas, TX

Raleigh, NCCorpus Christi, TX

Charleston, SCSan Antonio, TX

Houson, TXDes Moines, IA

Nashville, TNKilleen, TX

Baton Rouge, LACharlotte, NC

78% 76% 74% 71% 64% 59% 57% 57% 54% 52% 50% 49% 46% 46% 45% 44% 43% 42% 42%40%

#5 in the South


Gross Domestic Product GrowthBureau of Economic Analysis Metrics, 2001-2015

Huntsville accounted for 25% of Alabama’s GDP growth.

Huntsville $7.6 Billion

Birmingham $6.5 Billion

Mobile $2.0 Billion

Montgomery $1.3 Billion


Combined Employment, GDP & WagesMetro Area Coincident Index, 2001-2015

The Huntsville economy continues to outpace the state and national economies in overall economic growth.

40%

35%

30%

25%

20%

15%

10%

5%

0%2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Huntsville34%

United States

Alabama

18%

11%


20%

15%

10%

5%

0%

-5%2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Employment GrowthBureau of Labor Statistics Metrics, 2001-2016

Huntsville20%

United States

Alabama

9%

3%

Huntsville added more than 33,700 new net jobs (88% of total Alabama growth).


Employment GrowthBureau of Labor Statistics Metrics, 2001-2016

Alabama

36,342Huntsville

58,258

Huntsville’s employment growth was 62% of the Alabama total.


Wage & Salary GrowthBureau of Economic Analysis Metrics, 2001-2014(adjusted for inflation)

30%

25%

20%

15%

10%

5%

0%

-5%2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Huntsville 28%$1.9 billion

more per year

United States

Alabama

13%9%

Huntsville wage growth was not affected by the recession, but by sequestration.


Huntsville Metro Area Market ReportMoody’s Economic Forecast, November 2016

The Huntsville market is steady and balanced, and is expected to outperform the nation for the remainder of 2017.



Despite its recent troubles, Huntsville will outperform Alabama and the nation over the coming year, though potential trade disputes threaten goods producers. More high-paying jobs in research, engineering and manufacturing will create positive spillover in retail and housing. Potential new federal defense spending adds upside risk in the outlook for military contractors. HUN’s well-built labor force, which includes a high concentration of mid-career professionals and college-educated residents, will help keep it a step ahead of the state and nation in the coming years.

Jeremy Cohn 1-866-275-3266November 2016 [email protected]



New home construction is projected to increase by 10% over the next five years.

2010 2011 2012 20172013 20182014 20192015 20202016 2021

Single-Family permits

Multi-Family permits

Moody’s projection3,000

2,500

2,000

1,500

1,000

500

0


Huntsville Business Confidence IndexBusiness Environment Expectations, Q1 2017 vs. Q4 2016(Huntsville Metro Area)

Business Confidence is up more than 10% over last quarter.


Media Recognition

“800 Hudson Way” coming to Biotech CampusHudsonAlpha Institute for Biotechnology announced that it will break ground on a new building tomorrow. The 100,000-square-foot building will foster job growth of several new and expanding life sciences companies, and also will house components of HudsonAlpha’s research, Educational Outreach, genomic medicine and informatics programs.

BOMA says HSV is TOPSHuntsville tops the Building Owners and Managers Association’s list for hi-tech coolness and southern style--and BOMA says we have the least expensive office space in the U.S. (FYI: New York City has the highest).

GE Aviation announces plans for Huntsville advanced manufacturing facilities-- Adjacent factories to produce raw material for ceramic matrix composites (CMCs) -- GE partnering with USAF Research Lab Title III Office on silicon carbide technology

HDT expands in HuntsvilleHDT Global announced it is expanding its operations in Huntsville (in Limestone County) at an event which featured Governor Robert Bentley, Mayor Tommy Battle, and Limestone County Commission Chairman Mark Yarborough. HDT manufactures rugged and durable products used for expeditionary applications in the most extreme and harsh environments. At the HSV facility, HDT will make the Deployable Rapid Assembly Shelters (DRASH) and AirBeam and Base-X models. This expansion will add roughly 120 new jobs to our area.


Media Recognition

Study ranks Madison among the most affordable cities to buy a home in the U.S.

24/7 Wall St., January 2017

Alabama among top 10 states in business climate rankings

Site Selection magazine, November 2016

Instead of Austin, Texas, Try Huntsville, Alabama

The Wall Street Journal, November 2016

Huntsville is the least expensive U.S. office market

Building Owners and Managers Association (BOMA), October 2016

Huntsville is among The 25 Best-Paying Cities for Software Engineers

Forbes, September 2016

Huntsville is Business Facilities’ top metro in the STEM Growth Leaders category

Business Facilities, August 2016

January 2016 UAH: Economic Impacts – Executive Summary page | 23COMMISSIONED BY THE CHAMBER OF COMMERCE OF HUNTSVILLE/MADISON COUNTY

Economic Impactsof the Economic Development

Announcements 2013-2015

An analysis of the economic development projects announced by the Chamber of Commerce of Huntsville/Madison County for years 2013, 2014, and 2015

EXECUTIVE SUMMARYAnalysis performed by:

Center for Management & Economic Research, College of Business Administration, University of Alabama in Huntsville

Dr. Brinda Mahalingam and Mr. Jeff Thompson

January 2016


Economic Impacts of Economic Development Announcements 2013-2015

IntroductionHuntsville is a technology-rich city, and a major hub in the North Alabama region. The population growth in this city over the past five years has been about 4.4%. The unemployment rate, currently 5%, is typically below the national and state unemployment rates. Nicknamed “Rocket City” be-cause of its long and significant role with the U.S. space and missile programs, the city has been at the forefront in developing space technology. Huntsville/Madison County serves as the economic center of north Alabama, and relies significantly on the surrounding region for workforce, industry suppliers, shoppers, and resources necessary for industry success. The City of Huntsville in Madison County has successfully attracted new industries into the local area for many years. Several com-panies have located to this area for the rich resources as well as the highly educated and technical labor force.

Economic development is an activity focused on growing jobs for residents, customers for busi-nesses, suppliers for industry, and economic activity for the local economies. The diversity of an industrial base can also be managed through targeted development to maintain a more stable and resilient economy. Typically, economic development success is measured in terms of jobs and capital investment. Annual announcements of new and expanding industry are made by economic development organizations to show the level of success for the past year. However, the realization of the impacts from new and expanding industries normally occurs over several years as plants are built, employees are hired, and operations reach the planned levels.

The actual impacts of economic development efforts are multifaceted and may exceed expectations. One of the most important steps in estimating impacts is the selection of the geographic region (coun-ty, state, etc.) to be affected by the new project or activity. Expansions of existing operations tend to be completed in less time than the establishment of new operations, which often require new facility investments. A single project may include multiple phases (construction, workforce training and hiring, etc.) over several years to reach announced levels. Each phase may uniquely impact the region depend-ing on the size, scope, and integration with the existing industrial base.

Economic impacts may be defined in various terms such as jobs, economic activity (output), payroll, and tax generation among other measures. The impacts are typically shown as direct impacts and multiplier impacts. Impacts are spread over the multiple industry sectors in the region and are affected by the extent to which a specific industry sector exists in the region analyzed.

Spending (the direct impact) of a specific industry results in production and spending in other industries. The construction, equipment, and operations of an expansion, will result in the produc-tion of products and services in related spending (indirect impact). The employees working in the new or expanded operations will use their income to make personal purchases, which will increase spending (induced impact) in other industries not related to their employment. The indirect plus induced effects are combined into the multiplier effect.

This impact study was conducted using IMPLAN® software developed by MIG Inc. The Chamber of Commerce of Huntsville/Madison County provided the data and list of announcements from which this study was performed. Multi-Regional Input Output analysis was conducted where appropriate.

The impact region for this analysis is comprised of the Alabama counties of Madison, Limestone, Morgan, Marshall, Jackson and Lincoln County, Tennessee. The major cities for which impact esti-mates are calculated include Huntsville, Madison, Athens, and Decatur. It is important to note that economic estimates are made possible by defining a set of assumptions for the analysis. Results of this and any economic impact analysis should be viewed in light of the assumptions used2.

2 See page 59 for the statement of assumptions in this analysis


Executive SummaryThe Huntsville Metropolitan Statistical Area (MSA), one of the Metropolitan Statistical Areas (MSAs) in United States, had a 2014 population of 441,086. It ranked as the 118th largest MSA in the U.S1. It is arguably the economic center of north Alabama with business activities easily extending be-yond the county of Madison and the state of Alabama. Performing regular analysis of the economic impacts of this community’s economic development announcement activities can provide insight useful to the community, its leaders, and other interested stakeholders. The economic impact of a specified geographic range, which includes the surrounding regions are compiled in this report.

The impact region for this study is defined as Madison County and the contiguous counties of Jackson, Limestone, Marshall, Morgan, in Alabama and Lincoln County, Tennessee. The study also analyses the impact on the major cities of Huntsville, Madison, Athens, and Decatur. Economic de-velopment announcements by the Chamber of Commerce of Huntsville/Madison County for the years 2013, 2014, and 2015 were used for the analysis.

Economic impact can be defined in various terms such as jobs, economic activity (output), payroll, and tax generation among other measures. The impacts are typically shown through components of direct and multiplier impacts over one or more years. Projects announced include sites in Madi-son County inside and outside of the corporate limits of Huntsville City and Madison City as well as the City of Huntsville in Limestone County.

The estimated economic impacts for the combination of economic development projects for 2013-15 in the region include:

• $4.2 billion expansion of the region’s economy

• 15,200 operations-related jobs

• $989 million in additional annual payroll

• $1.46 billion impact from capital investments (building, equipment, etc.)

• 11,300 capital investment related jobs

• $567 million in capital investment-related payroll

• $128 million increase in net annual taxes generated (employment, state, local)

• $52 million in net local taxes (sales, property and other taxes)

∏ $30 million in local sales taxes

∏ $21 million in local property taxes

∏ $1 million in other taxes

1 Data from U.S. Census



The top twenty-five sectors most impacted by the 2013, 2014, and 2015 economic development project announcements are shown in Table 3 and Table 4. Economic output, and employment effects are shown for each sector. Economic output dollars represent the value of all the potential direct plus multiplier transactions in the industry sectors present in the specified region. Note that the estimated economic impact value should be viewed as the size of the opportunity for the industries in the local region to provide products, services, and workforce to the new project(s).

The sector rankings may differ between tables due to the Output-per-Job differences by sector. Note there are additional sectors impacted beyond those listed here.

Table3 Potential Economic Output Impacts for Top 25 Sectors

Economic OpportunityIndustry Sector Description 3 Year Total

Small arms ammunition manufacturing $719,068,455Aircraft manufacturing $589,389,184Construction of new manufacturing structures $563,624,118Construction of new commercial structures, including farm structures $454,414,899Scientific research and development services $175,088,961Wholesale trade $172,666,435Motor vehicle gasoline engine and engine parts manufacturing $122,865,197Owner-occupied dwellings $106,125,025Architectural, engineering, and related services $75,076,408Wired telecommunications carriers $70,836,318Real estate $64,638,337Business support services $56,854,514Guided missile and space vehicle manufacturing $56,552,719


Breweries $48,531,077Telephone apparatus manufacturing $41,191,145All other industrial machinery manufacturing $37,068,091Retail - Motor vehicle and parts dealers $36,846,120Broadcast and wireless communications equipment manufacturing $34,302,519Search, detection, and navigation instruments manufacturing $32,709,956Monetary authorities and depository credit intermediation $29,771,279Offices of physicians $28,583,767Other computer related services, including facilities management $25,518,679Truck transportation $23,371,468Limited-service restaurants $22,158,509Other local government enterprises $21,903,383

Impacts by Major Industry Sector


Table4 Potential Employment Impacts for Top 25 Sectors


Construction of new manufacturing structures 7,325Electroplating, anodizing, and coloring metal 2,025All other transportation equipment manufacturing 1,702Business support services 989Construction of new commercial structures, including farm structures 959Scientific research and development services 814Wholesale trade 788Aircraft manufacturing 595Employment services 536Architectural, engineering, and related services 500Real estate 417Limited-service restaurants 408Full-service restaurants 408


Aircraft engine and engine parts manufacturing 300Retail - Motor vehicle and parts dealers 289Retail - General merchandise stores 243Offices of physicians 207Motor vehicle gasoline engine and engine parts manufacturing 190Services to buildings 184Other computer related services, including facilities management 178Wired telecommunications carriers 161Truck transportation 160Retail - Food and beverage stores 150Monetary authorities and depository credit intermediation 140Guided missile and space vehicle manufacturing 135


REGION Jobs Payroll Output Jobs Payroll Output Jobs Payroll Output Jobs Payroll OutputDirect 1,686 $142,925 $480,161 3,591 $346,159 $1,305,061 2,905 $193,725 $1,461,503 8,182 $682,809 $3,246,725Multiplier 1,628 $73,841 $214,174 2,929 $130,554 $407,694 2,479 $105,206 $366,599 7,036 $309,601 $988,467Total Ops Impact 3,314 $216,766 $694,335 6,520 $476,713 $1,712,755 5,384 $298,931 $1,828,102 15,218 $992,410 $4,235,192Capital Investment 4,073 $206,796 $533,397 3,258 $161,731 $422,836 4,001 $198,595 $505,944 11,332 $567,122 $1,462,177Sales Taxes $6,908 $13,879 $9,569 $30,356Property Taxes $4,864 $9,812 $6,178 $20,854Other Taxes $218 $444 $324 $986

Cumulative 2013-‐152013 2014 2015

MADISON COUNTY Jobs Payroll Output Jobs Payroll Output Jobs Payroll Output Jobs Payroll OutputDirect 1,578 $139,116 $467,135 3,591 $346,159 $1,305,061 509 $37,869 $109,450 5,678 $523,144 $1,881,646Multiplier 1,499 $69,183 $195,474 2,649 $117,953 $353,892 1,899 $77,620 $263,553 6,047 $264,756 $812,919Total Ops Impact 3,077 $208,299 $662,609 6,240 $464,112 $1,658,953 2,408 $115,489 $373,003 11,725 $787,900 $2,694,565Capital Investment 3,049 $154,791 $404,254 3,194 $158,357 $411,015 986 $44,143 $134,728 7,229 $357,291 $949,997Sales Taxes $6,711 $13,569 $9,187 $29,467Property Taxes $4,710 $9,564 $5,944 $20,218Other Taxes $212 $433 $312 $957

Cumulative 2013-‐152013 2014 2015*Shown in 2015 Constant Dollars

Economic Impacts of Announcements 2013-2015(Thousands except Jobs*)

Table5



Economic Development Impacts 2013-2015*

ANNUAL OPERATIONS (Recurring) CAPITAL INVESTMENTS (One time)

JobsLabor Income

($000)Economic

Output ($000) JobsLabor Income

($000)Economic

Output ($000)Madison County 11,725 $787,900 $2,694,565 7,229 $357,291 $949,997Limestone County 3,067 $186,172 $1,460,005 3,958 $203,336 $488,821Morgan County 246 $10,987 $49,740 59 $2,354 $8,304Marshall County 48 $2,087 $9,857 21 $1,545 $4,233Jackson County 68 $2,776 $12,985 34 $1,439 $6,645Lincoln County 64 $2,488 $8,040 31 $1,157 $4,177

Region Total 15,218 $992,410 $4,235,192 11,332 $567,122 $1,462,177

Huntsville City 9,766 $662,139 $3,074,418 8,592 $425,632 $1,092,159Madison City 942 $42,329 $131,420 390 $18,874 $53,248Athens City 300 $14,113 $50,540 211 $10,840 $20,669Decatur City 118 $5,249 $23,763 28 $1,125 $3,967

*Shown in 2015 Constant Dollars

Table1

The economic impacts will be realized over the period of years required to complete the announced projects. The impact estimates in this report are stated in 2015 constant dollars. Tax abatements have been used in the calculations to determine the net tax impacts. The cumulative impact estimates by county and major city are shown in Table 1.

Local taxes collected as a result of new and expanding industries are important considerations in economic development. Recruiting projects is costly. Tax impacts are important measures of the return on investment. Local taxes include sales tax-es, property taxes, and other business taxes and fees. Table 2 shows the annual impacts on local taxes for each year’s economic development announcements.

Annual Local Tax Impacts*

2013 Projects ($000)



TOTAL ($000)

Sales Taxes $6,908 $13,879 $9,569 $30,356Property Taxes $4,864 $9,812 $6,178 $20,854Other Taxes $218 $444 $324 $986Regional Total $11,990 $24,135 $16,071 $52,196

*In the year all projects are fully realized

Table2


The economic impacts on the North Alabama region from the economic development project announcements in 2013, 2014, and 2015 are tremendous. This economic development pro-duction has created opportunities in the region for 15,200 new jobs, a $4.2 billion annual expansion of the regional economy, and $52 million in additional annual local taxes. These charts show estimated impacts for a ten-year period starting with the year project construction begins.

Cumulative Impacts of Economic

Development Announcement

2013-2015

Figure1

*Shown in Current Dollars


Impacts of Economic

Development 2015

Announcements

Figure4


The impacts from 2015 announcements are depicted in the Figure 4 graphs. The total job creation from capital investment is about 4,000 jobs. The total operating jobs grow from about 2,460 jobs in 2016 to over 5,300 jobs in 2025. The total economic output due to capital investment in 2015 is approximately $506 million, and the total economic output impact rises from $840 million to $2 billion in 2025. The total impact of taxes ranges from $7 million in 2016 to more than $15 million by 2025.


Impacts of Economic

Development 2014

Announcements

Figure3


The impacts for the announcements made in 2014 are shown in the Figure 3 graphs. The capital investment employment impacts total 3,258 capital investment jobs. The total job creation increased to more than 6,500 jobs by 2023. The economic output impact in terms of capital investment was $423 million. Operations related economic output grows from about $580 million in 2015 to approximately $1.9 billion over ten years. Total local tax impacts rose from roughly $8 million in 2015 to $24 million in ten year period.


Impacts of Economic

Development 2013

Announcements

Figure2


The graphs for 2013 shown in Figure 2 depict the impact assessments for employment, output, labor income, and local tax for the announcements made in 2013. The employment impacts of the announcements made in 2013 indicate an impact of 4,073 capital investment related jobs in 2014. The operations related jobs impact is estimated at 1,537 in 2014, and growing to 3,314 by 2015, and would continue at this level over the 10-year period shown. The economic output impact for the announcements made in 2013 indicate a total impact of over $533 million from capital expenditures, and a total output impact from about $322 million in 2014 growing to about $787 million by 2023. The Labor income impact from the 2013 announce-ments totals $100 million in 2014 growing to about $246 million by 2023. The impact on local taxes from the 2013 announcements is expected to be about $5.6 million in 2014, and grow to about $12 million after 2015.


Chamber of Commerce of Huntsville/Madison County225 Church Street NW, Huntsville, AL 35801256-535-2000 • hsvchamber.org

256-824-5326 • uahcmer.com

Researchers

Brinda Mahalingam, Ph.D., Economist

Jeff Thompson, Project Director

Karen Yarbrough, Editor

Questions regarding the analysis and report should be directed to:

Jeff Thompson, Project Director

256.361.9065 | [email protected]

huntsville regional economic development brief

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