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Economy of Birmingham AL


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From Birmingham's early days onward, the steel industry has always played a crucial role in the local economy. Though the steel industry no longer has the same prominence it once held in Birmingham, steel production and processing continue to play a key role in the economy. Steel products manufacturers American Cast Iron Pipe Company (ACIPCO) and McWane are based in the city. Several of the nation's largest steelmakers, including CMC Steel, U.S. Steel, and Nucor, also have a major presence in Birmingham. In recent years, local steel companies have announced about $100 million worth of investment in expansions and new plants in and around the city. Vulcan Materials Company, a major provider of crushed stone, sand, and gravel used in construction, is also based in Birmingham.

In the 1970s and 1980s, Birmingham's economy was transformed by investments in bio-technology and medical research at the University of Alabama at Birmingham (UAB) and its adjacent hospital. The UAB Hospital is a Level I trauma center providing health care and breakthrough medical research. UAB is now the area's largest employer and the second largest in Alabama with a workforce of about 18,750 as of 2011. Health care services provider HealthSouth, Surgical Care Affiliates and Diagnostic Health Corporation are also headquartered in the city.Caremark Rx was also founded in the city.

Birmingham is also a leading banking center, serving as home to two major banks: Regions Financial Corporation and BBVA Compass. SouthTrust, another large bank headquartered in Birmingham, was acquired by Wachovia in 2004. The city still has major operations as one of the regional headquarters of Wachovia, which itself is now part of Wells Fargo Bank. In November 2006, Regions Financial merged with AmSouth Bancorporation, which was also headquartered in Birmingham. They formed the 8th largest U.S. bank (by total assets). Nearly a dozen smaller banks are also headquartered in the Magic City, such as
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