Alabama ranks just above the middle of the pack when it comes to economic outlook, according to a recent study.
Rich States, Poor States is an annual report published by the American Legislative Exchange Council Center for State Fiscal Reform, and it rates all 50 states according to 15 different state policy variables. When it comes to the forward-looking forecast, Alabama ranks 21st in the nation for the economic outlook. Contributing variables include lower personal and corporate income rates, no estate or inheritance tax, the state minimum wage, and Alabama’s right to work status. The state’s current economic performance, however, earned lower marks—39th in the country—largely because of lower GDP and job growth.
Entrepreneurs in Dothan, Alabama, however, got some good news: The city was rated in the top 35 best smaller cities to start a small business, according to WalletHub.
The study looked at 1,261 small cities and analyzed them on 16 different metrics, including accessibility of financing, workforce availability, workforce education, labor costs, office space costs, average growth in number of small businesses, most startups per capita, average revenue, industry variety, and length of workweek. Dothan ranked especially well (45th) for its cost of doing business.