Alabama Economy on Track for Growth in 2012 as Manufacturing, Automotive Sectors Recover

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Researched by Industrial Info Resources (Sugar Land, Texas)--The economy of Alabama is on an upward path in 2012, a big turnaround from 2008, during the global economic slowdown when the manufacturing and automotive sectors were devastated.

In 2008 and 2009, the global manufacturing sector contracted sharply. Thousands of people were laid off and businesses closed down. The reality of little manufacturing occurring in the U.S. quickly became clear. Consumer goods like clothing, household goods, home electronics and other goods are mostly manufactured abroad.

But the manufacturing sector was among the first to begin a recovery. An Institute of Supply Management survey of manufacturers has shown that the sector has expanded for more than 32 straight months.

The auto industry is enjoying a strong rebound in sales and production, boosting its output of tires and parts. Toyota Motor Corporation (NYSE:TM) (Toyota, Aichi, Japan) has increased production capacity at numerous plants in the U.S. and Canada, including in Alabama.

The state has seen its share of economic growth. Strong exports and improvement in the state's automotive and plastics manufacturing sectors are key factors supporting the forecast that the state is experiencing growth. Industrial Info is currently tracking 45 projects totaling $1.5 billion in new construction projects in Alabama. Toyota is currently planning an $80 million expansion of its plant in Huntsville, Alabama, increasing production of V6 engines. In Lincoln, Alabama, Honda Manufacturing of Alabama, a division of Honda Motor Company Limited (NYSE:HMC) (Tokyo, Japan), is undergoing a $275 million expansion to increase production capacity to improve flexibility of vehicle and engine manufacturing.

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Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.