Alabama is the nation’s eighth best state for doing business, according to a ranking from Area Development.
The national publication also rated the state highly in several other categories, including top marks for its property tax environment.
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Alabama was one of six Southern states to place in the top 10 for business climate.
“Alabama continues to be recognized as a premier destination for businesses looking to grow and succeed,” Alabama Commerce Secretary Ellen McNair said.
“Our consistent presence in the Top 10 underscores the strength of our workforce, the business-friendly policies we’ve implemented, and the critical partnerships we’ve cultivated between the public and private sectors. These rankings affirm that Alabama is a state where companies can thrive.”
In particular, Area Development praised Alabama for the passage of HB73, which caps annual property tax assessment increases at 7% after reappraisals.
“This legislative move, signed into law by Governor Kay Ivey, aims to provide greater predictability and stability in property tax expenses for businesses. The cap helps protect businesses from sudden spikes in property taxes, making long-term planning more feasible and secure,” the publication stated.
The state also placed third among states in workforce training programs, with the Alabama Industrial Development Training (AIDT) program.
“AIDT’s focus on continuous improvement and innovation in training has made it a valuable asset for businesses in Alabama, helping to attract new investments and support existing industries,” it wrote.
Alabama also placed third in overall cost of doing business, and favorable regulatory environment.
Other rankings included:
No. 5 — Business Incentives Programs
No. 6 — Energy Availability and Cost
No. 6 — Site Readiness Programs
No. 10 — Access to Qualified Labor
