Goal II: Strengthen and Diversify the Regional Economy
Greater Montgomery’s relative resiliency during the great recession was not by accident. Hyundai Motor Manufacturing Alabama (HMMA) has been a tremendous asset to the region and sustained jobs in the Montgomery area as manufacturing endured significant drops elsewhere in the country. However, the rise of HMMA has not offset the risk of cuts in state and local government employment and the dramatic decline in the local finance and insurance sector. These highs and lows demonstrate the need for Greater Montgomery to further diversify its local economy, both in terms of business sectors and types of firms – from small startups to large headquarters.
The Montgomery Area Chamber of Commerce has made significant programmatic strides since the adoption of the Imagine a Greater Montgomery strategy. These efforts and programs implemented and led by the Chamber have resulted in the need for more capacity within the organization to support key leadership and other organizations, as well as the need for more strategic staff positions.
This goal focuses on efforts in the development of target sectors identified in the Target Cluster Review and on activities related to the “three legs of the stool” of economic development – business attraction and relocation, existing business retention and expansion, and small business and entrepreneurial development.