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Editorial: Economic Impact

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MONTGOMERY, AL (WSFA) -

If you've had the opportunity to tour the Montgomery Hyundai Motor Manufacturing plant you've participated in the following chant directed towards team members led by an enthusiastic tour guide – 1, 2, 3 Hyundai!

Following the results of a study released on Wednesday that chant might soon be changed to 3 point 8 Hyundai!   That's $3.8 billion to be exact – which is the total economic impact for our state in 2010.  To be clear – that's not $3.8 billion since the plant opened but $3.8 billion last year.  A very impressive number indeed and well ahead of economic impact expectations when this deal was announced back in April of 2002.

In 2010 HMMA employed approximately 2,760 employees with a payroll of over $188 million dollars which works out to an average of over $68,000 per employee. Compare that to the 2009 HUDD data showing the Montgomery Metro's average take home pay at $22,449 and you can see why so many wanted this plant in our backyard.  

Our hope for the future is that state and local government officials continue to aggressively seek out these high profile companies and make a strong and compelling case for Alabama.  We also hope that Alabama taxpayers will continue to support and understand the significant investments needed on the front end of these deals and weigh them against the significant benefits on the backend as we are seeing now.

We as always appreciate and encourage your feedback.

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