February 1st, 2008 Categories: Pensacola Real Estate News
If you haven’t been keeping up with the news in Mobile Alabama, our next door neighbor is about to have a major economic boom. Here in Pensacola, nothing seems to be happening economically, and even less in the real estate market.
Shift focus west to Mobile. What do we see?
- German steel mill in Northern Mobile County – $3.7 Billion dollars
- Continued growth in ship building industry
- Possible airplane assembly plant
According to a forecast by Moody’s Economy.com, the Mobile Alabama economy is projected to grow over 34% in the next 5 years. This would make Mobile’s economy the fastest growing economy among all 363 American metropolitan areas.
The biggest economic stimulus is the steel mill. ThyssenKrupp, owners of the new steel mill, has said the mill will mean 29,000 jobs during construction, and 2,700 jobs paying an average of $50,000 to $65,000 annually once the plant is operational in 2010. In addition, it is estimated that the ripple effect over 20 years of operation would yield as many as 52,000 indirect jobs.
The plant will produce steel slabs, carbon steel and rolled stainless steel for the auto, appliance and construction industries. The 150-acre factory will have a roof more than 15 times the size of the Superdome’s lid. That’s big! Speaking of the Superdome, will the Saints ever make it … ummmm… Oh, nevermind.
Much of this information was taken from an article published today entitled “Mobile no. 1“. Check it out for more information on the growth in Mobile.
Click on Pensacola Real Estate News for a list of articles.