State's economic growth wins magazine's honors

Alabama Gov. Bob Riley was in Huntsville today to announce that the state has received the "2004 State of the Year" award from Southern Business and Development magazine.

The state was recognized for the creation of more than 19,000 new jobs with more than 500 firms since January 2003. The companies either located new plants in the state or expanded existing industries.

This is the second consecutive year Alabama's economic growth record has resulted in the honor, which covers states in the Southeast.

"Our ranking as No. 1 is a monumental accomplishment recognizing that Alabama is the place where there are more jobs, more prosperity and more opportunity," Riley said during a news conference today at Huntsville International Airport. Alabama Development Office director Neal Wade was also present.

The magazine article, which will be published next week, notes that Alabama has developed "an economic model that should be the envy" of other states, Riley said.

He said Alabama's growing automotive industry was responsible for the state receiving the award in 2003, but other industries are also responsible for the new jobs and economic growth that the state has experienced recently.

Jim Bolte, vice president of Toyota Motor Manufacturing Alabama Inc., said he's been pleased with the work force here; the automaker plans to break ground on a $20 million expansion to its Huntsville engine plant in July. The company will add 150 new jobs with the project.

Riley noted that, 10 years ago, no vehicles were produced in Alabama.

"In 2005, we'll produce 800,000 automobiles," he said. "That is a remarkable accomplishment."