Industrial growth fuels economic development
By Staff
Leada Gore, Hartselle Enquirer
More than $560 million was invested in Morgan County by new and expanding industries last year, a figure economic development officials said brought with it some 397 new jobs.
Nails released the economic development figures at the quarterly MCEDA board meeting.
Twenty-eight county industries announced expansion plans last year. The largest investment was made by Toray Carbon Fibers with a $210 million expansion. Other businesses announcing expansion plans were Nucor Steel, 3M Company, Wayne Farms, Solutia, Micor Industries, Summit Tree Stands, The Boeing Company, Lakeland Industries, JIT Industries and J&M Signs.
A new company, Modern Muzzleloading, brought in a $650,000 investment and 35 new jobs.
The county also received an economic development boost last year from Mallard Fox Creek Industrial Park. Nails said the industrial park provides some 3,870 direct and indirect jobs with an annual payroll of more than $195 million.
MCEDA commissioned the University of Alabama at Huntsville Department of Economic Development to conduct a study on the park’s impact. The study showed cumulative corporate investment of some $1.2 billion generated by the park’s 11 tenants.
Two more facilities are currently under construction at the park.
The park was built in 1987 through a local bond issue funded by TVA in-lie of tax dollars from all municipalities in Morgan County and the County Commission.
Nails said the debt service will be paid in full at the end of 2007.
Annual tax revenues are some $6.6 million with $4.1 million paid in education taxes.
Companies within the park are: Bailey PVS Oxides, Feralloy, Hexcel, Independent Tube Company Inc., Mi-Tech Steel, Monarch Steel, Neo Industries, Nucor Steel Decatur, OCI Chemicals, United Launch Alliance and Worthington Steel. Friedman Industries and Nucor Steel’s new galvanizing line are currently under construction.
