Here Are the Cities Where Your Money Goes the Farthest

Boston Business Journal

By G. Scott Thomas

October 12, 2015

The trend seems clear: Residents of Northern California earn the most impressive salaries in America.

Average annual pay is higher in San Jose ($75,770) and San Francisco-Oakland ($64,990) than in any other major metropolitan area. Both are far ahead of the national average of $47,230, according to the latest figures from the U.S. Bureau of Labor Statistics.

But raw numbers don’t tell the whole story.

Workers are saddled with an extra burden in Northern California, where the cost of living is especially steep. An employee in San Jose, for instance, would need to earn more than $68,000 to equal the purchasing power of a $50,000 salary in Cleveland or St. Louis. That’s a markup of 36 percent.

The Business Journals, a division of American City Business Journals, has adjusted the average salaries of all 106 major metros to reflect this reality. Modified figures are based on “regional price parities,” special cost-of-living multipliers developed by the U.S. Bureau of Economic Analysis.

San Jose remains No. 1 in the adjusted salary standings, but its lead is greatly diminished. Its average annual pay of $75,770 carries the reduced buying power of just $62,110 on a national scale.

San Francisco-Oakland plummets from second place on the raw list to ninth place after adjustment. Other expensive metros drop even farther: New York City from seventh place to 40th, San Diego from 14th to 81st, Los Angeles from 15th to 73rd, and Honolulu all the way from 32nd to 106th (and last) place.

Replacing them at the top of the adjusted standings are several markets blessed with lower costs of living. The new runner-up to San Jose is Durham, North Carolina, where the average annual pay of $55,840 packs the upgraded purchasing power of $58,780. Huntsville, Alabama, soars from 20th place before adjustment to third place afterward. And St. Louis shoots up from 46th place to 10th.

The general rule, it seems, is that smaller markets can offer better economic opportunities for millions of workers. Yet there are a few exceptions.

The cost of living is fairly manageable in most parts of Florida and Texas. An employee in Orlando, for example, needs to earn only $40,000 to equal the buying power of $50,000 in San Jose.

But Orlando has a limited number of high-paying jobs. Its average salary of $40,200 is $7,000 below the U.S. average. The number rises to $41,020 after adjustment, not enough to climb in the national rankings. Orlando is mired in 101st place — just five slots above last — in average pay adjusted for purchasing power.

The situation is similar in four other markets that are mired in the bottom 10 in both the raw and adjusted standings: Bradenton-Sarasota and Cape Coral-Fort Myers, Fla., and El Paso and McAllen-Edinburg, Texas.

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Ryan Phillips
Birmingham Business Journal
August 21, 2015

A major development on the vacant former downtown Holiday Inn site in Huntsville should be under construction early next spring.

The contract says developers of the hotel, apartment and dining development hope to have the necessary building permits by Jan. 11, 2016, and start construction on March 11, 2016, according to a report from AL.com.

The developers of the $70 million CityCentre at Big Spring project plans to begin construction on the hotel and retail phases first.

The new hotel, shops and restaurants at CityCentre are situated around the Williams Avenue-Monroe Street intersection and are scheduled to open in January 2017. The hotel and retail space will occupy 2.82 acres on the west side of the property.

Plans call for about 230 apartments, plus 40,000 square feet of professional office space on the remaining 4.9 acres.

RCP Companies will lead the development team and plans to build a boutique-style hotel with about 150 rooms and 25,000-plus square feet of retail space overlooking the Von Braun Center and Big Spring Park.

The name of the hotel is expected to be announced in the next few days.

The Huntsville City Council last week approved a measure to subdivide the former Holiday Inn tract into two pieces.

RCP Companies requested the subdivision because the hotel and apartments will be operated as separate joint ventures with other firms.

Apartment construction at CityCentre is expected to begin Aug. 10, 2016, with a planned completion date of Oct. 4, 2017.

The second phase of CityCentre calls for another hotel with at least 100 rooms near the downtown public library.

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Ryan Phillips is the Online Editor and Digital Producer for the Birmingham Business Journal

 

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Nick Lough

WAFF48 News

HUNTSVILLE, AL (WAFF) – The public is getting the newest look at a $70 million downtown Huntsville development.

City Centre at Big Spring, which will be at the former downtown Holiday Inn location, will feature a hotel, apartments, retail and restaurant space. The developer released this rendering on their twitter account, @CityCentreHSV.
News of the development is exactly what Huntsville resident Nicholas Tate has been looking forward to. Tate enjoys singing for people in downtown Huntsville. He stays mainly around the courthouse square.

“You can just get your guitar out and play and people will bless you,” said Tate.

But come next year, Tate plans to expand from his normal playing spot when City Centre at Big Spring opens.

“It will bring a lot of people here to Huntsville, a lot of tourists. And then you’ve got plenty of things to do. At one point in time there was not a lot of things to do.”

Those same thoughts are echoed by Downtown Huntsville, Inc.’s Chad Emerson. Emerson said City Centre at Big Spring is one of several new things popping up in the downtown corridor that will overhaul the area. According to Emerson, more than $50 million dollars is being invested in downtown construction in 2015 alone.

“I think what people are starting to realize is what a beautiful downtown we have with the parks, buildings, and the businesses,” said Emerson. “It’s just a great place to come visit and to more importantly now come live and to work.”

Tate said he’s been waiting years for the development and can’t wait for it to come to fruition.

“The city of Huntsville needs to get on the map and that’s what we’re doing. We’re getting on the map,” said Tate.

The project is tentatively scheduled to open in 2016.

from the City of Huntsville
Department of Urban Development

VIEW THE FULL ARTICLE WITH ALL THE NUMBERS

REGIONAL EMPLOYMENT CENTER

The City of Huntsville is the Regional Employment Center of North Alabama. Not only does Huntsville provide employment options for the 550,000 citizens within the MSA area, but the overall workforce is comprised of 14 Counties in Alabama and 4 in Southern Tennessee.

Due to the great transportation infrastructure within the Huntsville MSA, 110,000 regional commuters travel into the City each day for employment from these surrounding areas. Because of Huntsville’s presence as the Regional Employment Center, the day time population of the Huntsville MSA averages 750,000 daily.

BY THE NUMBERS

Huntsville enjoys several major employment centers throughout the City. Some of the largest employment centers within Huntsville include: Redstone Arsenal, NASA, Cummings Research Park, Jetplex Industrial Park, Chase Industrial Park, and the Downtown Business District.

CUMMINGS RESEARCH PARK

Cummings Research Park (CRP) is the second largest R&D Park in the United States, and the 4th largest in the world. CRP is a leading model for transforming research into business success. With a vibrant mixture of Fortune 500 companies, local and international high-tech enterprises, U.S. space and defense agencies, a thriving business incubator and competitive higher-education institutions, Cummings Research Park is the center of attention for research and technology.

Quick Facts:

• 370 Companies
• 3,843 Acres
• 9,000,000 sq. ft. – Corporate office space
• 35,000 employees
• 500 acres still to be developed

REDSTONE ARSENAL

Redstone Arsenal is a 38,000 acre federal research, development, test, and engineering center and is home to the Army’s missile, aviation, and missile defense programs, the Missile Defense Agency, the Defense Intelligence Agency, and NATO’s MEADS program. Redstone is the principal location for Army materiel management, logistics, and foreign military sales. NASA’s Marshall Space Flight Center is also headquartered at Redstone.

Redstone Arsenal agencies and program offices currently employ more than 38,000 people who manage more than $50 Billion in annual federal budgets. Redstone is home to more than 60 different federal organizations and contractor operations.

ALABAMA’S GROWTH ENGINE

Huntsville is leading Alabama in shaping the future. From its continued growth in research and development, engineering, and bio-science sectors; to becoming one of the fastest growing locations in advanced manufacturing – Huntsville charters the path to success. New business sectors are also emerging within Huntsville’s economy in cyber-security, green energy, and geospatial.

Over the past 5 years, Huntsville has become one of the most diverse economies in the Southeast creating over 10,000 new jobs and $1.3 billion in new private investments. From creating new Research & Development Parks like Redstone Gateway, to new companies locating like Remington, Polaris, Curse, and General Electric – Huntsville is Alabama’s Growth Engine.

A REGIONAL DESTINATION

Huntsville, Alabama is the destination center for North Alabama in regards to shopping, dining, and family activities. The City of Huntsville is home to 3 of the top 10 attractions for the State of Alabama – Space and Rocket Center, Huntsville Botanical Gardens, and the Early Works Children’s Museum. The Space and Rocket Center is the State’s largest visitor attraction with an annual attendance of over 630,000 visitors.

The Von Braun Center (VBC) is the area’s only full-service civic center hosting concerts, plays, and numerous national conferences. Additionally, the Huntsville Museum of Art is the premier showcase for experiencing cultural arts. Lowe Mill, located in the heart of the City, is the largest Arts Center in the Southeastern United States boasting 120 studios and over 200 artists.

When it comes to shopping and dining, Huntsville leads the area with shopping options. Shopping destinations like Bridge Street Town Center, Parkway Place Mall, and Madison Square Mall provide consumers shopping opportunities unmatched anywhere else in Northern Alabama.

National Retailers find consumer confidence in Huntsville. For instance, Cabela’s choosing Huntsville for its first Alabama location, Whole Foods opening their 2nd Alabama store, and Belk constructing one of their first flagship stores.

QUALITY OF LIFE

Huntsville residents enjoy a favorable cost of living and vibrant quality of life options. The Huntsville community provides a strong atmosphere for social and recreational enjoyment for the entire family. Nestled in the rolling foothills of the Appalachian Mountains, the natural beauty of the area contains unlimited opportunities for hiking, biking, golfing, outdoor exploration and water sports on the Tennessee River.

From major concerts, Broadway and symphony performances, to Food Trucks and open-air markets – the Huntsville community provides a wonderful way of life.

Huntsville Hospital is a regional center for excellence in medical technology, providing state-of-the-art facilities for residents in North Alabama and south central Tennessee.

Home to minor league professional sporting teams, strong college athletics with the University of Alabama-Huntsville and Alabama A&M University, and youth sports, Huntsville continually plays hosts to the regions athletic events.

As with any growing metro area, diverse quality of life options are essential. Huntsville continues to see massive growth and redevelopment in the downtown core and has quickly become one of the nation’s fasting growing craft beer markets.