There are several aspects that must be considered to achieve Alabama economic development. The individual conditions of the residents will have an impact to the developments in their state. In a nutshell, the key to healthy economy lies in fundamental factors like the human resources, capital formation, technology and natural resources.
The condition of the human resources will have a huge impact to the overall condition of the economy. The per capita income is the index in determining the economic value of any given state. Inadequate dwelling, low literacy levels, meager earnings and poor health are just some of the problems that hamper developments.
As such, the government must focus on empowering the citizens. Improving education, reducing illiteracy, providing competitive salaries, controlling diseases and improving the health and nutrition of the citizens must be among the top priorities.
Enough attention must also be given to the natural resources of the area. This will help determine whether the state turns agricultural or industrial. This will dictate the nature of businesses that will succeed in a given area.
The subsidized fertilizers, farming equipment, cultivable lands and power generation can help increase the economies of the state. The developing population must also be considered to determine the right course of action to take.
Meanwhile, the capital formation must be enticing enough to invite new investors to tread in the local market. This can bring a full load of benefits from providing more opportunities for the citizens, contributing to the funds and paying levies.
More importantly, the technological innovations must be encouraged. This can easily be associated with new and better machinery. In turn, this can attract more investments and add up to the rapid growth of alabama economic development. As the technology in the area gets more advanced, its economy gets stronger.
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