Birmingham is a city in the midst of resurgence. The once sleepy city is now gaining national attention as major news outlets across the country are taking notice of the rapid redevelopment of downtown Birmingham.
Recently, The Today Show named Birmingham as one of their six “hot spots” to visit in 2014 and in the same week Southern Living Magazine’s online blog, The Daily South followed up on the story with a full feature on the top things to do in Birmingham.
With more than 3,800 new jobs and $843 million in capital investment announced in 2013, the Birmingham region is realizing its potential as a powerhouse in Alabama and the Southeast. In fact, Birmingham’s 3.8% GDP growth from 2011 to 2012 outpaced not only Alabama’s other metros, but also the nation, which averaged growth of 2.5%. Boasting an excellent transportation infrastructure; low cost of living and doing business; unprecedented collaboration and support among local business leaders; a world-class research institution at the University of Alabama at Birmingham; a thriving technology and innovation ecosystem; and a 21st century workforce, the economic development climate in Birmingham has been the recent focus of media across the country.
This rapid redevelopment has created an ideal environment for real estate investment. Birmingham is drawing in more new residents than ever before and there is not enough high-quality housing to satisfy the demand. Conversely, there are hundreds of older homes in need of renovation that can be purchased at low cost. In short, the market is ripe for real estate investment.