MONTGOMERY, AL (WSFA) - While it is encouraging that sales tax revenue was up over a million dollars in the first month of the new fiscal year in Montgomery, the reality is 2010 fiscal year sales tax revenue was nine million dollars less than the 2008 fiscal year sales tax revenue.
The residential construction building contracts that fueled the Montgomery economy five years ago has dwindled from nearly 30 million dollars to just over five million. Our local economy's growth will be hampered until this metric builds again.
The impact on all of us adjusting to the "new normal" cannot be underestimated. Our belts have been tightened so much that many have us aren't breathing real well.
A big player like Alabama Power lost 25% of its industrial load in just the past two years as businesses have simply shut down throughout the state.
Montgomery is wisely plowing forward with investments in projects to drive further private investment and attract new dollars to the area. At the same time, the city continues to field inquiries at an increasingly rapid pace from businesses looking to come here.
Montgomery is in a position for rapid growth when the slow growth realities of the next few years pass.
Patience is a virtue and we will need every bit of it as we continue to deal with the ongoing economic challenges statewide and nationwide.