50 in 50: Alabama

50 in 50: Alabama

50 states in 50 weeks: U.S. states economic and infrastructure highlights.

Key Economic Indicators

GDP: $243.6 billion
GDP 5-year growth rate (2017-2021): 3.2% (U.S.: 3.9%)
GDP per capita: $48,341 (U.S.: $68,276)
Population: 5 million
Population 5-year growth rate (2017-2021): 0.8% (U.S.: 0.5%)
Unemployment: 3.1% (U.S.: 3.9%)
State’s financial health ranking: 33 out of 50
State’s overall tax climate ranking: 41 out of 50

Key Sectors and Metro Areas

Top five industry sectors by 2021 GDP:

Top three industry sectors by GDP 5-year CAGR (2017-2021):

Top three metro areas by GDP:

• Birmingham-Hoover
• Huntsville
• Mobile

Top three areas by population 5-year CAGR (2016-2020):

• Daphne-Fairhope-Foley
• Huntsville
• Auburn-Opelika

Infrastructure Highlights

Infrastructure: ASCE Infrastructure Grade (2021): C–

Alabama has a high percentage of roads in good condition but is above U.S. average on vehicle operating cost per motorist. It is among the states with most need for improvement in drinking water infrastructure. The Infrastructure Investment and Jobs Act (IIJA) will make the following funds available over the next five years:

Construction spending (Value of Construction Put in Place – CPiP):

• Private Nonresidential CPiP: $5.2 billion; 14.2% 5-year growth rate (2016-2020) above overall U.S. growth rate of 2%
• State & Local CPiP: $3.8 billion in 2020; 3.1% 5-year growth rate (2016-2020) below overall U.S. growth rate of 4.8%

AE Industry

ENR 500 firm headquarters (2021): 5 

M&A activity since 2018:

• 25 deals with AL buyers
• 13 deals with AL sellers

For customized market research, contact Rafael Barbosa at [email protected] or 972.266.4955. Connect with him on LinkedIn.