Economic experts say things are starting to look up in Alabama. Economists say Alabama is bouncing back from the recession and 2014 will be a good year. The information was announced at Wednesday's economic conference in Montgomery.
"2014 is going to be better. It's going to be better economically. if you don't have a job, you will likely find one or if you have a job, you will likely find a better job," said Dr. Sam Addy, Associate Dean for Research and Outreach at the University of Alabama.
According to the Center for Business and Economic research at the University of Alabama looking at future numbers for 2014, in Alabama it's believed the number of jobs will grow by 1.3 percent, which equates to about 25,000 jobs and the gross domestic product, which is the value of all goods and services we produce, is projected to increase about 2.5 percent.
"Those are good numbers, especially when you compare to recent past," Addy said.
In fact, it's good numbers for the nation as a whole. Financial experts predict this will be the best year yet since the end of the recession with the economy improving roughly 3 percent and possibly even better than that.
"The things that required adjustments we have really gone a long way in the process. Reducing levels of debt, resolving overhang and housing markets, housing prices have now basically recovered from the dire decline from the recession itself. Many of the elements that we needed to put the recovery together have passed," said Dave Altig, Executive Vice President and Director of Research for the Federal Reserve Bank of Atlanta.
"It paints a good picture," Addy said. "It means finally we will start feeling the recovery in our pocket books rather than just for investors."
Although things are looking good for Alabama. One area that experts say needs particular improvement to help the economy even more is education. They say more people graduating from high school along with receiving a higher education typically results in more income and a more striving economy.
Alabama economists say two areas that are helping the state are the aerospace and automobile industries with automotive manufacturing and supply nearly replacing the revenues that have been lost in the textile industry.
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