FAIRHOPE, Ala. — The Daphne-Fairhope-Foley Micropolitan Statistical Area, which includes all of Baldwin County, was ranked by POLICOM Corp. in the top 4 percent in terms of economic health among areas of similar population in the United States. …
This item is available in full to subscribers.
Please log in to continue |
FAIRHOPE, Ala. — The Daphne-Fairhope-Foley Micropolitan Statistical Area, which includes all of Baldwin County, was ranked by POLICOM Corp. in the top 4 percent in terms of economic health among areas of similar population in the United States. This marks the second year in a row the county has received a ranking in that percentile, and continues a fairly lengthy trend in which the area has been listed by the Palm City, Fla. company in at least the top 10 percent overall.
POLICOM’s Economic Strength Rankings–2009 places the county 21st out of 574 micropolitan areas ranked each year. William H. Fruth, company president, states in his report that “the top rated areas have had rapid, consistent growth in both size and quality for an extended period of time.”
That can be considered good news during these tough economic times. Robert Ingram, president and CEO of the Baldwin County Economic Development Alliance (BCEDA), said, “I think it shows we’re holding up amongst most of our peers. Although we’re not at the level we were during our peak times, it shows we’re more resilient to change than most similar counties in the United States.”
Ingram said POLICOM uses 23 different economic factors to measure progress over a 20-year period. The formulas used determine a micro’s ranking. In the case of Baldwin County, data from 1988-2007 was used for the study.
Growth rates, including what Ingram calls “moving averages” in certain categories are combined with pure numbers and numerical growth in other categories to rank the micro counties in over 100 categories.
Baldwin County placed in the Top 10 in two of the categories, is the No.1 ranked micropolitan area in Alabama and is the highest ranked micro in a six-state region, which includes Mississippi, Louisiana, Tennessee, Georgia, Arkansas and Alabama.
Even so, a bad national economy has negatively affected the region. Ingram said the best economic times in recent memory were during the building boom that occurred earlier this decade.
“Although we suffer like everybody else, we have a stronger economy than our peers around the United States,” he said. “The survey speaks highly of our overall growth in the county and the businesses here.”
Ingram said Baldwin County ranks near the top in economic development among the micros because it is attractive for distribution centers, corporate headquarters and light manufacturing. Among the success stories of late are Segers Aero Corp. in Fairhope and Plus Diagnostics in Daphne.
Such investment in the area is critical, he noted, while crediting the county’s public and private leadership for making it possible.
Tourism continues to provide another economic boost, according to Ingram. He said, “It plays a tremendous role in our economy. It’s a driving force, particularly in the south part of the county.”
He pointed out the Eastern Shore also benefits from tourism, especially because of the many shopping opportunities along Mobile Bay and their proximity to numerous hotels, including the Grand Hotel Marriott Resort, Golf Club & Spa.
Looking in his crystal ball, Ingram said the future appears bright, and economic recovery is at hand.
“We’ve had five or six (economic development) announcements already this year,” he said. “The trend is toward energy and technology related companies. There is a strong interest in the area from companies that need to be near the Interstate for distribution. This will end up another strong year. I think we’ll have some additional announcements.”
He continued, saying, “The economy is not going to turn on a dime or head straight back up, but I’m very optimistic. Barring some unforeseen happening, we’re on the road to recovery and we’re (BCEDA) looking forward to being a part of it.”
In addition to micropolitan areas, POLICOM also analyzes the economic strength of 366 Metropolitan Statistical Areas each year.
The Houston, Texas metropolitan area has the strongest local economy in the nation, according to POLICOM’s economic strength rankings. Hilton Head, S.C. is No. 1 among the micropolitan areas ranked by the company.
“Economic strength is the long-term tendency for an area to consistently grow in both size and quality,” stated Fruth. “The top rated areas have had rapid, consistent growth in both size and quality for an extended period of time. The rankings do not reflect the latest ‘hotspot’ or boom town, but the areas which have the best economic foundation.”
According to Fruth, the economies of micropolitan areas fluctuate much more than the larger metro areas.
For economic strength rankings for all areas, along with POLICOM’s methodology, visit www.policom.com.