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Economy of Alabama
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Agriculture is the primary backbone of the economy of Alabama. The Alabama river basin is the most fertile area is Alabama and produces different types of crops. Principal crops include peanuts, soybeans, corn, cotton, potatoes and hay. Owing to modern facilities and techniques, Alabama has witnessed an agricultural boom. Dairy farming, livestock farming and poultry are also important contributers to the economy of Alabama.
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River commerce is another very important feature of the economy of Alabama. In spite of the fact that successive droughts have affected the water transport and commerce in Alabama, the river channels still remain as primary mode of commercial transportation in Alabama. Most wood pulp and forest products are transported via waterway.
The major industries that contribute to the economy of Alabama are as follows:
- Paper and Pulp
- Primary metals and metal ores
- Chemical industries
- Food processing
- Automobile tyres
- Electronics
- Textiles and apparels
- Gas and oil exploration
- Wood and lumber products
- Fabricated metals
- Cast iron
- Steel industry
The economy of Alabama has witnessed a remarkable growth in the past few years. However, Alabama still needs to increase its per capita production. One of the main reason behind Alabama's declining production is the gradual decrease in the investments by foreign investors.
The present year has witnessed a growth in the Alabama automobile industry. The Hyundai company has opened a new plant in Montgomery. The tourism industry is another very significant contributer to the economy of Alabama. Alabama is blessed with both natural beauty and beautiful historical monuments. Thousands of tourists visit Alabama every year. Hence, tourism is an important source of revenue for Alabama.
Mining is another very important contributer of economy of Alabama. Alabama is recognized as the largest bauxite and marble producing country in the world. Huntsville and Birmingham have large stores of limestone. Coal, natural gas and salt are other other important minerals produced in Alabama.
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