Economy
In the last two generations, the South has changed dramatically. In recent decades it has seen a boom in its service economy, manufacturing base, high technology industries, and the financial sector. Examples of this include the surge in tourism in Florida and along the Gulf Coast; numerous new automobile production plants such as Mercedes-Benz in Tuscaloosa, Alabama; Hyundai in Montgomery, Alabama; Toyota Motors in Blue Springs, Mississippi; Kia in West Point, Georgia; the BMW production plant in Spartanburg, South Carolina; Volkswagen in Chattanooga, Tennessee; the GM manufacturing plant in Spring Hill, Tennessee; and the Nissan North American headquarters in Franklin, Tennessee; the two largest research parks in the country: Research Triangle Park in the Triangle area of North Carolina (the world's largest) and the Cummings Research Park in Huntsville, Alabama (the world's fourth largest); and the corporate headquarters of major banking corporations Bank of America in Charlotte, North Carolina; Regions Financial Corporation, AmSouth Bancorporation, and BBVA Compass in Birmingham; SunTrust Banks and the district headquarters of the Federal Reserve Bank of Atlanta; and BB&T in Winston-Salem, North Carolina. The region is home many Fortune 500 companies including 20 in Virginia, 16 in Florida, 15 in North Carolina, and 14 in Georgia. This economic expansion has enabled parts of the South to boast of some of the lowest unemployment rates in the United States. The many automotive manufacturing plants in Alabama, primarily those owned by automakers Mercedes-Benz, Hyundai, and Honda, in coordination with countless automotive supplier corporations, have made the state of Alabama the number one center for automotive manufacturing and production, having surpassed Detroit in recent years. Alabama is also home to a large-scale manufacturing project owned by the German steel megacorporation Thyssen-Krupp, which operates a massive, state-of-the-art facility in the Alabama port city of Mobile.
Read more about this topic: Southeastern United States
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)