Birmingham AL Metro Area Economic Update Q3 2024

This technical report provides an economic update for the Birmingham, Alabama metro area for the third quarter of 2024. It outlines the area's recovery from the pandemic, noting that while Birmingham initially outpaced the national average, its momentum has diminished over the past two years. The report highlights that Birmingham's job growth is expected to settle below the U.S. average, trailing behind neighboring cities like Atlanta and Nashville. It details the labor market dynamics, indicating that Birmingham experienced a relatively small decline in employment during the pandemic due to its workforce composition. The report also discusses the housing market, noting that population growth and household formation have lagged behind national averages, impacting residential development. Additionally, it mentions the role of the University of Alabama at Birmingham in supporting local employment and the anticipated job creation from new healthcare initiatives. Overall, the report presents a comprehensive view of the economic indicators affecting the Birmingham metro area.