Economic, Spending Growth Expected in 2006; UA to Present Economic Outlook Conference Jan. 24

TUSCALOOSA, Ala. – The coming year looks to be a good one for the state’s economy, according to analysts at the Center for Business and Economic Research at The University of Alabama.

“We think the Alabama gross state product will rise 3.2 percent in 2006 after growing 3.4 percent in 2005,” said Ahmad Ijaz, an economic analyst at the Center.

And if there is an upside to hurricane-heavy 2005, it’s that an expected cutback in consumer spending will be offset by strong growth in capital spending, including hurricane-related construction activities.

Those predictions, along with other need-to-know information, will be presented at the 2006 Economic Outlook Conference scheduled for Tuesday, Jan. 24, at the Embassy Suites Hotel in Montgomery.

Tim Alford, director of Alabama’s Office of Workforce Development, will be the luncheon speaker at the conference, presented by The University of Alabama’s Center for Business and Economic Research.

The Office of Workforce Development has been charged with improving coordination and the achieving of four objectives under the Workforce Investment Act: increasing accountability, streamlining services, providing universal access to services, and empowering individuals in training and career choices. Alford has been assigned by Gov. Bob Riley to consolidate state workforce development programs into a single office. Before Alford was hired, there were seven different state agencies administering more than $100 million in federal workforce security and development funds.

Following a welcome by Dr. J. Barry Mason, dean of the Culverhouse College of Commerce, Nigel Gault, managing director, North American Macroeconomic Service, Global Insight, will present the United State economic outlook.

Dr. Carl Ferguson, director of the Center for Business and Economic Research, will address the Alabama outlook.

Conference sponsors this year include Alabama Power Co.; BlueCross/BlueShield of Alabama; Boeing Co.; Business Council of Alabama; Compass Bank; Hyundai Motor Manufacturing Alabama; Sterne, Agee & Leach Inc.; United Parcel Service; and Vulcan Materials Co.

The conference registration fee is $95, which includes the Alabama Economic Outlook2006, conference materials and lunch. For more information call 205/348-6191 or e-mail uacber@cba.ua.edu.

CBER is Alabama’s central reservoir for business, economic and demographic data. Since its creation in 1930, CBER has engaged in research programs to promote economic development in the state, while continuously expanding and refining its broad base of socioeconomic information. To forecast the level of activity in Alabama, CBER developed an econometric model of the state. Beginning in 1980, output from the model has been published in the annual Alabama Economic Outlook series.

Visit CBER on the web at: http://cber.cba.ua.edu