Reviewed by: Pat Byington
Birmingham is a magnet for small business success, recent report finds
Reading time: 3 minutes
Two Alabama cities are among the fastest-growing places for small-businesses to thrive, a recent report from BILL.com says. The study found that folks have been flocking to Southern, mid-size cities since the COVID-19 pandemic.
Those cities, Birmingham and Tuscaloosa, displayed some of the largest growth of accounts payable spending, focusing primarily on business-to-business (B2B) payments, from companies with workforces ranging between 2 to 200 employees.
This is great news not only for those cities, but also for Alabama and the entire region.
(Small to medium businesses) bring investment, create jobs, and unlock opportunity. The health of these businesses serves as a barometer of the health of our overall economy.
Fergus McCormick, Chief Economist at BILL.com
Birmingham’s growth is significant
Spending growth among small businesses in Birmingham has continued to rise, BILL.com reports.
Since the beginning of the COVID-19 pandemic in March 2020, Birmingham saw an 84% growth in B2B payments.
That growth has skyrocketed to 131% in the last year. Starting at the onset of the tariffs announced in January this year, there was a 1% jump in B2B spending.
The momentum we’re seeing in Birmingham’s small business community isn’t accidental — it’s the result of intentional support, strong partnerships and a shared commitment to helping entrepreneurs thrive … It’s exciting to see Birmingham recognized as one of the nation’s fastest-growing cities for small business — because the work is paying off, and we’re just getting started. Local business owners are proving that with the right backing and with the support of a connected, aligned ecosystem — they can thrive.
Victor Brown, Small Business Director at the Birmingham Business Alliance
What’s so great about the South?
There’s plenty to love about where we live, and people from other regions are seeing that, too.
For starters, the climate is an attractive factor for residents and businesses, the BILL.com report says.
But on top of that, there is a large amount of sector-specific growth that attracts skilled workers—think healthcare and manufacturing.
Businesses put several factors into where they decide to place their offices, especially when they want to attract great employees. The report says that strong schools, infrastructure, safe neighborhoods and better public services contribute to those decisions. The South also generally has a lower cost of living compared to larger cities across the nation.
Opportunities to work from home have also given employees the freedom to work from wherever they want, giving them reason to flock to the lower costs of living and higher temperatures.
Want your small business to contribute to that growth?
The Birmingham Business Alliance (BBA) is offering a FREE, 12-week Small Business Intensive to help around 15-20 local companies build lasting success.
Last year, 24 Birmingham entrepreneurs graduated from the program, where they developed the tools and strategies to take their business to the next level. Participants will walk away with a three-year strategic growth plan for their small business with the knowledge and confidence to put it into action.
The deadline to apply is Thursday, July 10. Tap here to check out the requirements and the application.
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