Huntsville, Alabama is the county seat of Madison County. Huntsville not only spans across Madison county, but neighboring counties as well, such as Limestone and Morgan counties. Approximately 1.2 million people live within a 50-mile radius of Huntsville, which makes it ideal for growing businesses and fortune 500 companies, which Huntsville has over 40 of.
Top Industries
It’s no secret that the top industries in Huntsville and surrounding areas are aerospace, military and defense, science and technology. Popular employers include NASA Marshall Space and Flight Center, SCI Technology, SAIC – Aerospace and Defense, Northrop Grumman and so many more. Redstone Arsenal and Cummings Research Park are home to most of the top companies in these industries.
Redstone Arsenal is a United States Army post located in Huntsville and specializes in military defense. They remain the center for developing and testing missiles for the Army. Cummings Research Park is the fourth largest research park in the world, and the second largest in the country. Technology, Aerospace, Science and Engineering companies, plus more, makeup Cummings Research Park employers. There are over 300 companies located in the park, with more than 26,000 employees.
Growth
According to the Huntsville Business Journal, the Huntsville Metropolitan area has seen more than $1 billion in investments for new commercial projects, bringing over 850 new jobs. Facebook’s Data Center and Mazda Toyota are two of the largest new projects in the area. Torch Technologies and Huntsville Hospital also have added new expansions to their locations, including a new Orthopedic & Spine Tower and Torch Technologies $32.3 million investment, Technology Integration and Prototyping Center.
In 2019, Huntsville bypassed Montgomery to become the second largest city in the state of Alabama, with a population recorded of almost 200,000 residents. Also in 2019, the city physically expanded, adding 415.7 acres and 443 more acres in 2020. All aspects of the city are booming, and continue to grow despite the current pandemic.
Living in Huntsville
Just like the business industries, the real estate industry is growing quickly as well. In 2019, the average price for a single-family home was $261,986. Since 2018, that’s a 9.6% increase in the average home price, up for the fourth time in five years. There were 1,300 single-family homes, and over 600 multi-family housing units added in 2019. Residential projects totaled a price of $184 million in new developments, 65.8% higher than 2018. Demand is only going up in the housing market, and Huntsville is on track to becoming the largest city in the state of Alabama by 2023.
While the city continues to grow physically and economically, more and more are starting to see the benefits of calling Huntsville, Alabama home. With the downtown entertainment district, thriving job market, and residential development projects, we can only expect to continue to see growth in the area.