Birmingham is a beautiful city loved by many people for its numerous business and investment opportunities. As the most populous in the state, the city presents several employment opportunities for both Alabama residents as well as the citizens of the U.S. Birmingham’s MSA area has a population of close to 1.2 million people (2017 census). These are also several schools, colleges, universities, and other higher learning institutions in the city, making it a great place to work and live in. It is also equipped with modern banking facilities and state-of-the-art recreation amenities guaranteed to impress everyone new to Birmingham.
Industry Overview
According to the latest report by the Birmingham Alabama Business Association, Birmingham, Alabama employs about 91, 227 individuals who work diligently to build the city, the state, and the nation as a whole. These people mostly work in the utilities sector, which includes accommodation &food service. Apparently, these sectors employ more people than you would ordinarily expect in an area of this size. The Healthcare & Social Assistance industry is the largest employer in the city, with 16, 042 employees in the sector. Retail and Accommodation &Food Service industries follow closely, as they employ 9, 896 and 9, 433 people, respectively.
Businesses
The U.S. census estimated that there were 20, 738 firms operating in Birmingham city in 2012. Of these, 10, 318 were men-owned whereas 8, 286 were women-owned. On the other hand, minority- and nonminority-owned firms were 10, 605 and 8, 770, respectively. Similarly, veteran- and nonveteran-owned firms were 17, 113. Clearly, there seem to be great investment opportunities in the city, as many Birmingham residents resort to entrepreneurship to get an additional source of income to be able to provide for their families. Several others resort to home-based businesses to supplement their income be in a position to take care of their bills and other expenses.
Business Growth and Decline
According to the Birmingham Alabama Business Association’s latest report, there are about 25, 000 businesses in Birmingham city. About 9, 000 new businesses are started every year. However, only one in four of these businesses succeeds or makes it to a decade and beyond, as 30 percent fail within the first 24 months of operating, 50 percent in the first five years, while 75 percent don’t make it past the tenth year. These businesses fail for various reasons including lack of capital, lack of persistence/ perseverance, and poor business management skills.
Regardless, Birmingham city has experienced rapid business growth in the recent past. The rate of growth of new businesses is about 9 percent per year. In this regard, about 2, 250 businesses will survive beyond ten years while the remaining 6, 750 fail to make it past the tenth year because of various reasons. However, the business association is concerned that the human capital might not match the labor market demands, creating a skills gap. The current labor force may be having skills that might not necessarily be needed in the current workplace or job market. In this regard, there is a need to train employees to equip them with the right skills that Birmingham employers are looking for so that they can be more productive.
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