CITY-COUNTY PARTNERSHIP PROSPERS PAGE 16
SPOTLIGHT ON TRAINING PAGE 10
ECONOMIC EXPERTS PREDICT ANOTHER GOOD YEAR PAGE 24
FAMILY BUSINESS
THE FOSHEE BROTHERS ARE CHANGING THE FACE OF MONTGOMERY
CONTENTS
MARCH 2015
COVER STORY:
40
MEMBER NEWS 22 Member Profile: Concierge Services 58 Member Profile: Stamp Idea Group
CHAMBER NEWS 06 Calendar 53 Reporter’s Notebook 60 Business Buzz
Golson and John Foshee are changing the face of Montgomery.
FEATURES 10 Q&A WITH ROGER FORTNER Workforce Development Division provides paths for training 16 STATE OF THE CITY AND COUNTY Montgomery County Commission Chairman Elton N. Dean Sr. and Montgomery Mayor Todd Strange deliver update assessments
24 HERE COMES THE JOBS Alabama employment rate expected to rebound 50 TRUSTMARK MAKES ITS WAY DOWNTOWN Bank opens new offices
66 Members on the Move 71 New Members 72 Ribbon Cuttings & Ground Breakings 73 Economic Intel
March 2015 Montgomery Business Journal
3
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Tina McManama David Zaslawsky Lashanda Gaines Melissa Bowman DESIGN
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Golson M. Foshee (left) and John H. Foshee operate the Foshee Companies. ADVERTISING
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Montgomery Business Journal c/o Montgomery Area Chamber of Commerce Post Office Box 79 41 Commerce Street Montgomery, Alabama 36101 Telephone: 334-834-5200 Fax: 334-265-4745 Email: mbj@montgomerychamber.com www.montgomerychamber.com/mbj The Montgomery Business Journal (USPS NO. 025553) is published monthly except for the combined issues of June/July/August and November/December, by the Montgomery Area Chamber of Commerce, 41 Commerce Street, Montgomery AL 36104, (334) 834-5200, www.montgomerychamber.com. Subscription rate is $30 annually. Periodicals Postage Paid at Montgomery Alabama, 36119+9998, USPS NO. 025553. Volume 7, Issue 3. POSTMASTER send address changes to Montgomery Business Journal, c/o Montgomery Area Chamber of Commerce, P.O. Box 79, 41 Commerce Street, Montgomery AL 36101, or email mbj@montgomerychamber.com. The Montgomery Business Journal welcomes story ideas from its readers. Email to: editor@montgomerychamber.com. Subscriptions are a part of the Montgomery Area Chamber of Commerce dues structure. Subscriptions can also be purchased for $30 per year at www.montgomerychamber.com/mbjsub.
6 > BUSINESS PLANNING SEMINAR Sponsored by BWS Technologies 4 PM @ Montgomery Chamber Business Development Center 600 South Court Street, Montgomery $10 at the door
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16 > PUBLIC SPEAKING & CRITICAL THINKING SKILLS Training by AIDT 8:30 AM @ Montgomery Chamber Business Development Center 600 South Court Street, Montgomery Registration: montgomerychamber.com/ AIDT-Mar16
16 > BUSINESS PLANNING SEMINAR Sponsored by BWS Technologies 4 PM @ Montgomery Chamber Business Development Center 600 South Court Street, Montgomery $10 at the door
18 > PUBLIC SPEAKING & CRITICAL THINKING SKILLS Training by AIDT 8:30 AM @ Montgomery Chamber Business Development Center 600 South Court Street, Montgomery Registration: montgomerychamber.com/ AIDT-Mar18
26 > BUSINESS AFTER HOURS Sponsored by Alabama Ag Credit and Goodwyn, Mills & Cawood 5 PM @ Lakeview Office Building 2660 Eastchase Drive, Montgomery Free event, exclusively for Chamber Members
APRIL 1 > CHAMBER ORIENTATION Sponsored by Charter HR 8 AM @ Montgomery Area Chamber of Commerce 41 Commerce Street, Montgomery Free event, reservations are required
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Montgomery Business Journal March 2015
Sponsored by AALOS 8 AM @ Montgomery Antiques & Interiors 1955 Eastern Boulevard, Montgomery Free event, exclusively for Chamber Members
13 > MANUFACTURING FUNDAMENTALS: MATH Training by AIDT 8:30 AM @ Montgomery Chamber Business Development Center 600 South Court Street, Montgomery Registration: montgomerychamber.com/ AIDT-Apr13
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CHAMBER NEWS
WORKFORCE DEVELOPMENT TR AINING The Workforce Pipeline Last fall, the Montgomery Chamber unveiled an unprecedented partnership linking the Alabama Community College System, Trenholm State, Montgomery Public Schools, the Alabama Region 7 Workforce Development Council and AIDT as part of a new workforce development pipeline for Montgomery and the River Region.
AIDT’s plan is for the Regional Workforce Development Center to be strategically housed as part of the new Career & Tech Center Complex at the former Montgomery Mall site. AIDT is already teaching classes at the Chamber’s Business Development Center. Training for existing industries and the local workforce is an important part of the workforce pipeline. Montgomery Regional Workforce Training Center class topics are based on feedback the Montgomery Chamber received from local industries on workforce development needs. Soft skills and essential workforce skills training were at the top of the list.
MARCH 16 & 18 > PUBLIC SPEAKING AND CRITICAL THINKING SKILLS 8:30 AM - 5:00 PM Participants will learn how to make effective presentations, remain calm under pressure and use critical thinking skills to solve problems during meetings. Classroom activities include practicing techniques that are key to successful small group facilitation. Participants will better understand the processes of following directions, critical thinking, problem solving and continuous improvement.
These classes are held at the Montgomery Chamber Business Development Center, 600 South Court Street, Montgomery.
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Registration, details and monthly calendar are at montgomerychamber.com/AIDTtraining
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20 > OSHA 10 21 > ARC FLASH
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Montgomery Business Journal March 2015
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Roger Fortner is director of the Workforce Development Division of the Department of Postsecondary Education. He was recently interviewed by Montgomery Business Journal’s David Zaslawsky
Q&A
DEVELOPING SKILLED EMPLOYEES interview by David Zaslawsky
Montgomery Business Journal: What are your responsibilities as director of the Workforce Development Division? n Fortner: I am responsible for managing the day-to-day activities of the Department of Postsecondary Education’s Workforce Development Division. This entails the management and oversight of the various workforce development grants across the state to our 25 community and technical colleges and the Alabama Community College System’s existing industry training entity that is called Alabama Technology Network (ATN). Even before the funds are granted to our community colleges, there is a lot of preliminary work done upfront – namely by our partner network called Workforce Development Councils of Alabama.
What do those councils do? n These councils ensure that the monies that are awarded go to programs that are actually needed by business and industry. We average 100 workforce development grants each year and it touches the lives of tens of thousands of Alabamians. What is the combined amount of those grants and what is the range of the grants? n The last complete fiscal year was last year and we awarded $8.1 million. They ranged anywhere from $5,000 to probably $250,000. How many grant requests does the department receive from the 25 community colleges and ATN? n I think last year we received 150 grant requests to the tune of about $15 million. We have a limited amount of resources. How is it determined that some grants are awarded and others rejected? n Our regional Workforce Development Councils are the core element of our workforce development system in Alabama. There are 10 regions in the state. These councils are coordinated by my office, but are actually business-
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Montgomery Business Journal March 2015
led and industry-driven. They (council members) are volunteers that are business and industry folks. They have a strategic plan. Each council annually has to do a strategic plan and identify what’s important to that region. The grant applications that we discussed flow through those councils and the councils prioritize them and send them to us. The councils make recommendations. n They do. We figured out that rather than us sitting here in Montgomery and telling them what they need (the councils tell us). How many members are on a council? n Twenty-five or 30. Some of the regions are more populated than the others. Montgomery is in Region 7. How many people do you have on staff? n There are seven in my division. Is the Governor’s Office of Workforce Development a different entity than the Workforce Development Division of the Department of Postsecondary Education? n Not actually. The Governor’s Office of Workforce Development is our little division. The two terms are pretty much synonymous. Often times there are silos within a large organization, but I know that your division partners with the Department of Postsecondary Education and of course the Alabama Community College System. n The Workforce Councils of Alabama that we just talked about ensure that we’re not a silo. The 25 community colleges and ATN all attend those regional council meetings, but they are not voting members. Only the business-type folks and economic developers and those types of folks are your voting membership. We have staff that attends every regional council meeting. That’s where open discussions take place at the table. That must give your department a great understanding of what the needs are in a specific region. n It does and the strategic plans I mentioned, they send those to us each year. We put those out on our website so anybody can see what the priority is in Region 7. We ask (the councils) to identify the top five industries in the region and the top 10 occupations that they feel are important. And that’s just a minimum.
That sounds like a highly focused, need-based approach. n That’s right. We even ask the regional councils to ask the community college and say, ‘Send me applications this year for grants for welding training.’ They can target the occupations that are important. What workforce training programs are available for existing business and industry and aren’t those delivered through the community colleges and ATN? n That’s correct. The training available for existing business and industry is whatever they need. It’s customized and tailored to meet whatever their specific need is. Sometimes they don’t even know what their need is. They’ll call one of our service providers and say, ‘Come out and talk to us.’ We will go out and conduct a basic needs assessment and make recommendations on what we think will help them. Are you saying the community colleges will conduct the basic needs assessment? n Yes, the community colleges. What are some of the popular training programs? n Lean manufacturing. We get a lot of requests for environmental and safety and health; continuous improvement; and then a whole host of continuing education for employees. Let’s say (a company) feels they need leadership training for their leaders or future leaders. Or let’s say they get a new computer application and they need some help (teaching) their employees how to use it. Or let’s say they see a need to help develop customer service – just anything that they need. Continued on page 12
“We get a lot of requests for environmental and safety and health; continuous improvement; and then a whole host of continuing education for employees.” -Roger Fortner
March 2015 Montgomery Business Journal
11
Continued from page 11
Businesses and industries may not be aware that those training programs exist through the community colleges and ATN. Does it matter what size the company is? n No, it does not. Where is the training held? n There are essentially two different kinds of training: Open enrollment, which is what it sounds like. We have a room and we’re having a class and employees from different companies sign up. If it is targeted to a single company – a corporate client – then oftentimes they go to the business and conduct it (the class) right there. How much do the training programs cost? n That varies as you can imagine there are a lot of factors like what kind of training the customer wants and the amount; the number of days changes the equation; the level of complexity of the course. Sometimes we get in a position where we’re unable with one of our employees in the community college system to deliver the training so we end up hiring a third-party provider and that will change the dollar amount. Please talk about the existing industry training program in such sectors as aviation, construction, health care, IT and manufacturing? n The existing industry training program is administered by my office and again, it’s the community colleges and ATN that do the training, but this is where an Alabama company can request funding assistance from our office for up to $15,000. It’s a grant they get from our office to cover the cost of training. All they have to do is contact their local community college or ATN center. It’s a simple application and our community college and ATN folks will complete the application for them. All they have to do is sign it. There is one final requirement that’s important to know. The company that is receiving the training must provide a 100 percent match of the funds that are awarded. This is what we refer to as a soft match, which is typically satisfied by having the company employees on the company payroll while the training is being conducted and their salary and benefits offsets (to meet that match).
Is that existing industry training program for all sectors or targeted sectors? n It’s for all. That’s a great program. n It is, and believe it or not, we don’t get a whole lot of applications for that. What is the incumbent worker training program? n The incumbent worker training program is much like the existing industry training program I just described. This is a program managed by our friends down the road at the Alabama Department of Economic and Community Affairs or ADECA. There are some differences naturally, but the primary differences are: No. 1, it’s federally funded; No. 2, the cap amount for ADECA’s incumbent worker training program is $30,000 per company, where ours is $15,000. Does the incumbent worker training program also have that soft match? n Yes, it’s a soft match. There is a lifetime cap amount of $60,000 per company for training. Isn’t there an on-the-job training program? n That is another program managed by ADECA. It is a really neat program. There are two OTJ (on-the-job) programs: new hire and performance-based. It’s another federally funded program by the U.S. Department of Labor. In the new hire program, employers can receive up to 50 percent of reimbursement for hourly wages that are paid to people they hire. For how long? n I’m not familiar with the exact time. There are also some retention requirements. The other OTJ performance-based program is designed for a large number (of employees) that you need for just a short period of time. I would direct anybody that is interested in either the incumbent worker program or OTJ programs to ADECA’s website and hit the workforce development tab. Continued on page 14
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Montgomery Business Journal March 2015
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Let’s talk about career and technical education programs. n Career and technical education (CTE) is the bread-and-butter of workforce development in Alabama and in the nation as a whole. CTE supports the manufacturing industry and there is a neat partnership between business and industry and our community college system. The business folks help our community college system by helping us develop and modify the curriculum that is instructed in our programs. They have input into what is being taught in our college classrooms and labs. It helps keep the education we’re offering current and relevant so we’re not teaching outdated and antiquated methodology. I know that Mercedes-Benz has worked closely with Shelton State Community College in creating a curriculum. Is that widespread in the community college system? n The program that Shelton State has with Mercedes is called their mechatronics program. It’s a seven-term program with instruction at Shelton State Community College and then an additional 18 months of training with Mercedes-Benz. During the seven terms, students work eight hours a week right on the plant floor at Mercedes.
“The students are really learning real-life situations and they are experiencing real-life situations.” -Roger Fortner
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Montgomery Business Journal March 2015
Is that program in a class by itself? n There are others. There’s another great program that is similar over at Southern Union State Community College in AuburnOpelika. It’s a six-term curriculum and it’s conducted between Southern Union and instead of the Mercedes model of just one company – this one is between Southern Union and 12 different manufacturing companies in that area. The students learn at the college campus and they work 24 hours a week at these different plants and work right on the plant floor. The students are really learning real-life situations and they are experiencing real-life situations. They have an assigned mentor at these industries, which are like a journeymen-level mentor, and they’re learning from the old pro. They learn on the classroom side. They learn the real plant floor side. They come out very well trained. It would be great to see that on a widespread basis. Is that a few years away? n There are not as many as we would like yet, but there are more and more. Mercedes is a unique situation. They are a huge corporation. A lot of these (companies) over in Auburn-Opelika are more of the tier suppliers to Hyundai and Kia. Talk about how companies benefit by participating in the scholarship program for dual enrollment students. n It’s not just businesses affected. (As of) January 1 of this year, companies and individual taxpayers can donate to the program – it’s called Alabama Future Workforce Initiative. The initiative will provide eligible high school students an opportunity to concurrently enroll in college-level career technical education courses while they are still in high school. Think about that. The students are in high school learning these high-skill, high-wage occupations. When they come right out of high school it’s not unusual for them to get a job making pretty serious dollars. Maybe they want to do an academic transfer and continue at a fouryear university somewhere, but they’ll have two years under their belt with the community college, which they got out of the way while they were in high school. Sometimes these students will graduate high school and receive their diploma and then they’ll take 10 more steps down the way and receive an associate degree on the same day.
Fantastic. n It is fantastic. The contributions we discussed are made right to the Department of Postsecondary. The donors are eligible to receive a state income tax credit. A tax credit is a lot better than a deduction. Up to 50 percent of their contribution can qualify for a tax credit. The tax credit is limited to 50 percent of their state income tax liability. It’s quite a great deal. In no case can a donor receive more than $500,000 for a tax credit for those really big corporate donors or would-be individuals. What is the goal for contributions to the dual enrollment scholarship program? n The state has capped the amount that is tax creditable to $5 million. At max, we could receive $10 million dollars for our community college system and the state Legislature is giving the tax credit. We’re getting a state appropriation – this is our first year – for career tech dual enrollment and it’s a $5 million appropriation. If we were to get that $10 million and this $5 million, we could (handle) 10,000 students a year. n
“Sometimes these students will graduate high school and receive their diploma and then they’ll take 10 more steps down the way and receive an associate degree on the same day.” -Roger Fortner
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March 2015 Montgomery Business Journal
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County Commission Invests in Children Dean stresses support for Montgomery Public Schools by David Zaslawsky photography by Robert Fouts
After talking about existing and new businesses and industries injecting capital expenditures and adding hundreds of people, County Commission Chairman Elton N. Dean Sr. talked about the county’s most important investment: children. “We must deliver to them a county of opportunity,” Dean said at the annual State of the County/State of the City event at the RSA Activity Center. “We must give them a quality education; state-of-the-art libraries and parks; safe environments; and inspiring activities all for the opportunity to live up to their God-given potential. “In order to meet this goal, the county supports the Montgomery school board and Superintendent Margaret Allen.”
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Montgomery Business Journal March 2015
Montgomery County Commission Chairman Elton N. Dean Sr. talked about Montgomery County’s emphasis on children in his State of the County address.
The county as well as the city support the Montgomery Public Schools with much, much more than just words of encouragement. The county levied an additional 1-cent sales tax back in July 2001. One cent may not sound like much, but those pennies add up quickly – very quickly. The school district received $27.2 million from the county last year and that 1-cent sales tax has generated $310 million-plus since its inception. There’s more. The county has pledged nearly $1.1 million to help fund the relocation of Loveless Academic Magnet Program high school to the old Montgomery Mall site and the new home for the district’s Montgomery Technical Education Center. “We are very excited about the opportunities this relocation will bring to the students and to the business community in the area,” Dean said. “Our economy, our quality of life and our opportunities cannot be separated from the quality of education that our schools offer.” To complement the classrooms, the county provides children with adult-supervised tutoring programs; summer and after-school activities; and athletics.
“All of these programs are aimed at providing our children with role models and constructive, meaningful opportunities to learn and to grow,” Dean said. There literally is a new sheriff in town – Derrick Cunningham, who “has a lot of progressive ideas, and we are already seeing them being put into action,” Dean said. The Sheriff’s Department secured a grant for dashboard cameras in every deputy’s patrol vehicle. Montgomery County is the only county in the state with that latest technology, Dean said. The department has reached out to residents to suggest effective ways to stay safe and protect their property, Dean said. A new phone app will be available shortly to enable residents to receive news alerts and current information from the Sheriff’s office. The county’s property crime rate has declined 20 percent from 2013, Dean said. Let’s get back to those capital expenditures and hundreds of new jobs. Dean said that 25 existing businesses and industries added a combined 311 jobs and $149 million-plus in capital investment. Six new companies combined to create 218 jobs and $37 million-plus in capital spending. “As we enter 2015, we renew our promise to partner with the City Council and the Chamber and the state to continue to bring additional, good-paying jobs and business expansions in our community,” Dean said. The county’s annual budget of $101.9 million reflects a return to pre-recession levels. That is the largest budget in six years and the first time to top $100 million since 2009. Sales tax revenue topped $40 million last year for the first time since 2008. And 2015 is off to an even better start with sales tax revenue jumping 6 percent from 2014 after the first two months of the fiscal year. It’s a difference of nearly $380,000. “We will continue to look for ways to save and ways to improve service,” Dean said. Two of the ways the county saves money are refinancing bond issues and securing grants.
The county saved $800,000 refinancing bonds in 2013 – an impressive figure, but one that pales next to the savings last year of $1.9 million. Speaking of bonds, the two major bond-rating agencies reaffirmed previous ratings. Moody’s reaffirmed the Aa1 rating on the county’s general obligation funds and S&P reaffirmed its AA long-term rating for both the general obligation bonds and earlier appropriation debt. The county also secured four grants that brought $500,000-plus to the coffers. The County Commission is now upgrading facilities, including the following: > A $3.2 million renovation for the County District Attorney’s offices. > A $1.4 million renovation of the Probate Office. > A three-phase, $8.5 million renovation of the Youth Facility, which has not had a renovation project for 25 years. Dean said the county has a new Public Defender’s Office “thanks to the dedication” of recently retired Circuit Court Judge Charles Price. The office, located in the Greil Building on South Lawrence Street, is funded by the state. “Montgomery is better now than I’ve ever seen it in my life,” said the 65-year-old Dean, who has lived his entire life in Montgomery. “We are all Montgomery County. This is a county, where everyone matters and we will not rest until the opportunities offered by this great county extend to everyone. Together, we can do better – we must do better.” n
“All of these programs are aimed at providing our children with role models and constructive, meaningful opportunities to learn and to grow.” - Montgomery County Commission Chairman Elton N. Dean Sr.
March 2015 Montgomery Business Journal
17
Montgomery Mayor Todd Strange spoke about all the progress in Montgomery in his State of the City speech.
‘City of Success’ Strange brags about Montgomery’s achievements by David Zaslawsky photography by Robert Fouts
Montgomery Mayor Todd Strange will be the first to say that two months is not a trend, but even after that caveat, the city’s sales tax revenue is on pace for an all-time high of $100 million this year. Those numbers have come a long way from sales tax revenue falling to $83.7 million during the Great Recession. The trend has actually been quite positive after that low in 2009. Every year since the sales tax revenue has increased and last year topped the forecast of $94.8 million by hitting $96 million. Expect the sales tax revenue to continue its trend as more and more retail outlets and restaurants open this year. At the State of the City address, Strange mentioned a $60 million research facility on Maxwell Boulevard; a new hotel in East Montgomery; and a new downtown motel.
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The city will be investing in renovations at Paterson Field and is requesting bids for a new Municipal Court building. With its additional resources, Strange said the city may add police officers and he did hire retired Circuit Court Judge Charles Price as a senior adviser working on minority development. “Job creation makes the world go around,” said Strange, who noted that Montgomery added 9,300 jobs since 2010 when the unemployment rate was 12.6 percent and now is 5.6 percent. “We will be focusing on aerospace – we have to,” Strange said. “We have Airbus just south of us (in Mobile). We’re the first labor market outside Mobile, Alabama.” Information technology and cyberspace are two other key areas. “We have a jewel out at Gunter (Annex),” Strange said, referring to the region’s IT hub. “Nobody knows about it – it’s top secret.” There are projects under way throughout the city, Strange said. All of the city from West Montgomery to East Montgomery, but the core is the most critical. “You can’t have a great community, a great city, a great county without having a great downtown,” he said. Ten years ago, “there wasn’t a downtown.”
The accolades were numerous last year. In online contests, the Montgomery Biscuits won for best name in minor league baseball; and Montgomery was named the Best Historic City, which “has produced huge results for us,” Strange said. Montgomery was also named an All-America City, but this was not a popularity contest. The award was given for addressing the issue of obesity. The fire department’s ISO rating of Class 1 is the highest in the state and only one of 62 cities in the country. It means that commercial businesses save about 5 percent on insurance costs.
“You can’t have a great community, a great city, a great county without having a great downtown.
[Ten years ago]
there wasn’t a downtown.” -Montgomery Mayor Todd Strange
Although Montgomery is the state’s second-largest city to Birmingham, it was not on the state’s Top 10 cities with the highest crime rates. Former Atlanta Deputy Police Chief Ernest Finley became Montgomery’s chief of police last year and the city is now looking at code enforcement through the police department.
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Continued from page 19
“We’re the happiest city in the State of Alabama,” Strange proclaimed. “We’re the 30th happiest city in the entire United States of America. We’re the sixth safest city (in Alabama). We’re the third-best value city behind Macon (Georgia) and Branson (Missouri) because of all of us working together.” Borrowing a word from the military – jointness – Strange said that jointness promotes efficiency. The city and county have: > joint risk-management organization. > joint IT organization. > joint personnel organization. > joint library. > joint communications system. He said the city and county will continue “to look for those opportunities that we can do jointness.” Strange said that when he and Montgomery County Commission Chairman Elton N. Dean Sr. talk about partnership and cooperation, “those are not just words.” He said, “One of the hallmarks that we see repeatedly is that we come together to get things done.” He gave credit to the County Commission, City Council, Montgomery Area Chamber of Commerce; business community and legislative delegation. The city and county have partnered along with the Montgomery County Board of Education to finance a new Loveless Academy Magnet Program high school and Montgomery Technical Education Center at the
“We have no authority in public education, but we have all the responsibility. We need to do what we can.” -Montgomery Mayor Todd Strange
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Montgomery Business Journal March 2015
former site of Montgomery Mall. The city and county are funding $27 million of the $33 million project, which also includes adding a third hub at Park Crossing High School. “We have no authority in public education, but we have all the responsibility,” Strange said. “We need to do what we can.” He cited the school district’s 20 percent improvement in the high school graduation rate while noting a lag in preparing students for college. Strange praised the Central Alabama Sports Commission, working with the Montgomery Chamber Convention & Visitor Bureau in bringing athletic events to the city and the resulting surge in room demand, hotel occupancy rates and tourism-related spending. Montgomery’s hotel occupancy rate of 60.1 percent in 2014 topped Birmingham, Mobile and Huntsville. It also was a 6.1 percent increase from 2013. Montgomery’s 12.5 percent spike in revenue per available room exceeded the other state metro areas. The city’s room demand last year was up 5 percent over 2013. The inaugural Raycom Media Camellia Bowl was held last December at the renovated Cramton Bowl and the new Multiplex at Cramton Bowl was also used. “It was a great success,” Strange said about the game. “You know how I measure success? ESPN was happy as a lark and if ESPN was happy – we’re happy.” Montgomery was expected to be back on the national stage in March with the 50th anniversary of the Selma-to-Montgomery March. Strange said it was an “opportunity to showcase the world of the progress that we’ve made. We’re not there yet – the bridge is not totally built yet – but we want to continue to put down strong planks. We don’t want to tear up any progress that we’ve made.” The city will have another opportunity on the big stage for the 60th anniversary of the Montgomery Bus Boycott later this year. “Montgomery is the capital of dreams,” Strange said, “and as important, it is the City of Success.” n
PRESENTING SPONSOR
Member Profile
DRIVING FOR DOLLARS
Concierge Services expands lunchtime service by David Zaslawsky photography by Robert Fouts
David Sadler is the founder of Concierge Services Inc. and U-Go Montgomery.
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Montgomery Business Journal March 2015
Once the firm adds carts, Sadler will be able to designate some vehicles for tours and others for the lunch service. Although the overwhelming majority of revenue for Concierge Services Inc. comes from driving people to the airport, David Sadler’s face lights up when he talks about his downtown Montgomery trolley service. After launching U-Go Montgomery, the free lunch trolley service last year, Sadler has been working with downtown restaurants on a free delivery service at lunchtime. He hoped to have five restaurants participating, and on specific days, he would deliver lunches from a designated restaurant that would offer a special to-go menu on their websites. He said that Dreamland Bar-B-Que, Sa Za Serious Italian Food and Scott Street Deli were expected to be three of the participating restaurants. “We’re real excited about that and they (restaurant owners) are real excited about it,” Sadler said. “Now, when people don’t come out, they can still do business.” He hoped to start the free delivery service in February with his electric cart. The service is in response to the colder weather when fewer people were riding his free lunch trolley service. As the weather warms up, Sadler will be picking up more and more downtown lunch diners. The lunchtime service is offered from 11:30 a.m.-1:30 p.m. The only thing holding Sadler back is having multiple electric carts. He is looking for corporate sponsors for the carts and hoped to have a second one before March. “We’re just a moving billboard,” he said, referring to a company’s name plastered on the cart. His long-term goal is five or six electric carts. “The goal was to have these carts move people around downtown absolutely free because parking is always an issue,” Sadler said. “It’s literally going to be a service for anybody that comes downtown.” Sadler said that Montgomery Mayor Todd Strange asked about using the electric carts for downtown events. During the Montgomery Biscuits’ season, the cart was used to shuttle fans to Riverwalk Stadium from various parking lots. “It’s basically a free taxi service,” Sadler said. “People may tip. We’re going to provide the service – it’s needed.” There is another use for the electric cart and that is historical tours around downtown that was launched late last year. Visitors are taken on a 13-mile, 75-minute tour of Civil War and Civil Rights Movement sites. The service, called “Meet Montgomery,” has replaced the trolley. It is by reservation only and costs $20 to $25.
What pays the bills for Sadler is the black-car service to the airport. Sadler started the company in 2007 with one vehicle – a Cadillac Sedan – and he was the only driver. He now has four part-time drivers and four vehicles: Equus, Genesis, Suburban and Escalade. He said some Montgomery visitors “are used to seeing a certain type of vehicle. We are trying to bring that mentality or that image to Montgomery,” he said. “It’s a little more upscale and reservations only and a little more personable.” That division of the company is called CSI Ground and the phone number is (334) 538-6383. This year, Sadler is trying to expand his corporate clientele. His company did transport some Alabama Power employees during Alabama Gov. Robert Bentley’s inauguration in January. The large corporations “don’t really realize that we are actually here and there is a black-car service available at an affordable rate,” he said. Airport service is between $20 and $40 and there is also an hourly rate of $45 to $75 depending on the vehicle. The firm used four vehicles to drive the Alabama Power employees to the various inaugural events. Developing a relationship with Alabama Power was important, Sadler said. Some of his passengers that day said they did not know there was a black-car service available in Montgomery. “Because of the demand, we now have elderly clients that we’ll take to get their hair done – to give them independence,” Sadler said. “It’s literally a door-todoor service. The only difference between us and a taxi is that you have to make a reservation with us. We do everything. We’ll take you to the grocery store.”
“IT’S LITERALLY GOING TO BE A SERVICE FOR ANYBODY THAT COMES DOWNTOWN.” -David Sadler, Founder of Concierge Services and U-Go Montgomery
Other services offered on the firm’s website include transportation to business meetings and events and weddings. With an Equus in his fleet as well as a Genesis, Sadler hopes that will help with driving Hyundai executives. “I’m hoping it will expand the market,” Sadler said. He does use a van to transport groups of Hyundai employees to the airport. The license plate on the Equus, the top-of-the-line Hyundai vehicle, says: “Mr. CEO.” It’s a reminder for Sadler who told himself years ago that he did not want to work for anybody again. “That’s my vision board.” n
March 2015 Montgomery Business Journal
23
HERE COME THE JOBS ALABAMA EMPLOYMENT RATE EXPECTED TO REBOUND
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Montgomery Business Journal March 2015
by David Zaslawsky photography by Robert Fouts
March 2015 Montgomery Business Journal
25
Ahmad Ijaz is the associate director and director of economic forecasting for the Center for Business and Economic Research in The University of Alabama’s Culverhouse College of Commerce.
The Montgomery region has been somewhat resilient to the ups and downs of the economy because of a strong public sector foundation with Maxwell Air Force Base and Gunter Annex and the benefits of being a state capital. Yet, widespread layoffs in federal and state government have hindered the region’s recovery. Government employment accounts for fully one-quarter of the region’s workforce. The No. 2 sector behind government – trade, transportation, warehousing and utilities – is 17.8 percent of the workforce. Government employment is so key to the Montgomery region that the area’s largest employers are: > Federal government (12,280 employees). > State government (11,830 employees). > Montgomery Public Schools (4,524 employees). > The City of Montgomery is seventh on the list with about 2,500 employees. There are still layoffs at the federal level, but it is slowing from 2,000 (November 2012 to November 2013) to 800 (November 2013 to November 2014).
State government jobs have been increasing during the same time periods. The state added 1,900 jobs from November 2012 to November 2013 and added another 1,400 jobs from November 2013 to November 2014. Meanwhile, local governments added 700 jobs from November 2013 to November 2014 after losing 1,300 from November 2012 to November 2013. Employment growth in Alabama has been muted with a 0.8 percent increase in 2012; 1.0 percent increase in 2013; and a 0.7 percent increase in 2014. This is different – very different. This year employment in Alabama is forecast to grow 1.8 percent, according to the Center for Business and Economic Research in the University of Alabama’s Culverhouse College of Commerce. The 1.8 percent increase is close to the center’s high range of 2.0 percent. The low mark is 0.8 percent growth. The center is expecting employment growth of 1.1 percent in 2016, including a 0.2 percent increase in federal government jobs, which would break five straight years of job losses. The state is finally adding 30,000-plus jobs a year, according to Ahmad Ijaz, associate director and director of economic forecasting for the Center for Business and Economic Research. Ijaz, speaking at the 27th annual Economic Outlook Conference at the Renaissance Montgomery Hotel & Spa at the Convention Center, said that 31,600 jobs were created from September 2013 to September 2014. Nearly 34,000 jobs were added from November
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Montgomery Business Journal March 2015
2013 to November 2014, including highpaying ones in manufacturing, construction and professional and business services. This year, Alabama will add between 30,000 and 35,000 jobs, Ijaz said. And Montgomery, which had a job growth increase of only 0.1 percent last year or 100 jobs, will pick up the pace this year with a 0.9 percent increase. The center is also forecasting Montgomery’s gross domestic product (GDP) to increase 1.4 percent in 2015. That’s a significant increase considering GDP grew 0.3 percent in 2013. The state’s GDP will increase 2.3 percent this year and 2.3 percent in 2016, according to the Center for Business and Economic Research. That forecast is on the low side of the center’s range of 2.0 percent to 3.5 percent. Ijaz said that the center may revise its GDP forecast to 3.0 percent this year. Alabama has still not regained the approximately 200,000 jobs lost during the Great Recession, which started in December 2007 and ended in June 2009. The state was still about 50,000 jobs shy of the pre-recession level through last
November, Ijaz said, and almost 42,000 of those jobs are in the metro areas. Only four of the state’s metro areas have topped pre-recession levels. Montgomery is 8,300 jobs shy of its prerecession level while Mobile is 11,200 behind and Birmingham-Hoover is 17,300 behind. During previous recessions from 1980-2001, the state regained lost jobs within 41 months, but now it’s been about 70 months since the Great Recession ended. The move to low-paying services jobs “takes longer and longer for us to get back to the previous recession level,” Ijaz said. The construction industry is beginning to rebound after six straight years of declining, employment in the sector rose 4.0 percent last year and is forecast to increase 1.2 percent in 2015. It’s the automotive industry that powers the economy, producing a record number of vehicles last year – almost 1 million. The Hyundai Motor Manufacturing Alabama facility in Montgomery accounted for nearly 400,000 of those vehicles
MONTGOMERY REGION AREA’S LARGEST EMPLOYERS > Federal government 12,280 employees > State government (11,830 employees) > Montgomery Public Schools (4,524 employees) > The City of Montgomery is seventh on the list with about 2,500 employees.
Continued on page 28
March 2015 Montgomery Business Journal
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Continued from page 27
(398,851). The three manufacturers – Hyundai, Honda and Mercedes-Benz – combined to produce 997,270 vehicles last year, breaking the previous record set in 2013 by about 80,000 units. Honda was second in production with 363,419 vehicles and Mercedes manufactured 235,000plus vehicles. An exact figure was not available. The state is ranked fifth nationally in automotive production, but fourth in vehicle exports with $6.5 billion shipped in 2013. The state’s automotive exports per capita are twice as much as the U.S. Montgomery’s exports, sparked by Hyundai, were $1.7 billion in 2013, which was ranked No. 2 state behind Birmingham-Hoover ($1.9 billion) and $200 million more than Huntsville and Mobile. The state’s exports were $19.3 billion in 2013. The center is forecasting a healthy increase in total tax revenue – 2.4 percent growth (about $200 million) after an increase of just 1.3 percent in 2014. The range of the tax revenue forecast is 1.5 percent to 4.0 percent. n Participants at the 27th Economic Outlook Conference listened to five speakers.
www.jackingram.com
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Montgomery Business Journal March 2015
NATIONAL ECONOMY HEATS UP
The U.S. economy is “expected to expand at a significantly faster pace in 2015,” according to one of the country’s top forecasting firms. IHS Global Insight is forecasting real gross domestic product (GDP) growth of 2.7 percent this year and 2.5 percent in 2016. At the beginning of 2014, IHS Global Insight did forecast a GDP increase of 2.6 percent and it ended up being 2.2 percent. The firm anticipates the consumer coming back this year – a 3.0 percent increase to $11 trillion in spending compared with a 2.3 percent increase in 2014. IHS Global Insight is forecasting consumer spending to increase another 2.9 percent in 2016. Consumer spending could get a $100 billion jolt from lower gasoline prices, according to IHS Global Insight, and that would add 0.3 percent to 0.4 percent to GDP. The firm’s forecast is based on Brent crude averaging $66 a barrel this year. The January average was less than $50 a barrel. This could be a banner year for the automotive sector. Consumers are expected to spend some of their money on new vehicles, which are forecast to rise 7.7 percent for automobiles and 1.9 percent for light trucks. Meanwhile, the National Automobile Dealers Association expects new-vehicle sales in 2015 to reach nearly 17 million, an increase of about 500,000 from 2014. A Ford executive told CNBC that his forecast has a range of 16.8 million to 17.5 million. New vehicle sales have not reached 17 million since 2006 and 17.5 million units were last sold in 2001.
by David Zaslawsky
An auto analyst with Bank of America Merrill Lynch told Automotive News that new vehicle sales will be 17.3 million this year and will reach 20 million in 2018 before a sharp downturn. Employment is forecast to rise 1.9 percent this year with a 5.6 percent unemployment rate and 1.4 percent increase in 2016 with a 5.4 percent jobless rate. The construction sector is forecast to increase employment by 5 percent. The housing market is expected to rebound some more this year. Residential investment is forecast to jump 10.2 percent this year after increasing just 1.6 percent in 2014. Even with a 10.2 percent expected increase to $546 billion, that still is more than 30 percent less the housing peak of $800 billion. IHS Global Insight is forecasting a 17 percent surge in construction spending for single-family homes. Single-family housing starts are expected to rise 131,000 from 2014. n
THE US ECONOMY IS EXPECTED TO EXPAND AT A SIGNIFICANTLY FASTER PACE IN 2015.
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David Altig is the executive vice president and director of research for the Federal Reserve Bank of Atlanta.
“The good news is that we’re getting pretty good GDP growth even with that restraint,” he said at the 27th annual Economic Outlook Conference. “This is going to be another good year …” This year could also mark a reversal of business investment leading the recovery. Consumer spending “has been creeping up slowly,” Altig said and will be boosted by low energy prices. Consumer spending surged 4.3 percent in the fourth quarter last year, which is the sharpest rise since the first quarter of 2006.
ANOTHER GOOD YEAR
by David Zaslawsky photo by Robert Fouts
After a year “of positive surprises” in 2014, the Federal Reserve is optimistic about this year and its forecast of the economy growing 3 percent this year may be on the conservative side. Energy prices will have a lot to say in the matter. If the prices at the pump continue to stay low, it could add a full 1 percent to the Fed’s forecast of gross domestic product (GDP) growth of 3.0 percent this year, according to David Altig, executive vice president and director of research for the Federal Reserve Bank of Atlanta. The Fed is also looking for GDP to grow 2.9 percent in 2016. Low energy prices will hamper the economy during the first half of the year, Altig said, but the additional consumer spending from saving money on reduced gas prices will overcome it. The Fed does expect a 20 percent reduction in energy-related investments and that spending accounts for nearly one-third of all structure investment.
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Montgomery Business Journal March 2015
The economy has been heating up, growing more than 4 percent during the last three quarters in 2014, after a negative, weather-driven first quarter. “The economy performed much better than we expected,” Altig said about 2014. Although final numbers have not been released, the Fed had forecast fourth-quarter growth in 2014 at 2.0 percent, but later revised that earlier forecast to 3.0 percent. The preliminary figure for fourth-quarter GDP growth was 2.6 percent. The economy grew 5.0 percent in the third quarter. “ … (W)e always felt that every year something would come along that would kick us into a growth trajectory that would basically start in the recovery in earnest” and that happened last year, Altig said. The unemployment rate in 2014 “has consistently surprised us,” Altig said. He said that when the Fed stopped its bond-buying program last year, its forecast for unemployment in 2016 was higher than it is today. The Fed’s unemployment forecast “is always wrong on the pessimistic side in our recent record,” Altig acknowledged. Continued on page 32
M
orris Capouano’s career in mortgage lending pre-dates the Internet, 15-minute approvals, and even cell phones. The Montgomery native built a foundation on the industry term “sweat equity,” meaning good oldfashioned handshakes, telephone calls, and door knocks. “In 1985, I had to put myself in front of the realtors, face to face and explain why they should refer customers to our new company. I first had to sell what we stood for,” says Capouano, owner of Equisouth Mortgage of Montgomery. Qualities like integrity, honesty, and a passion and dedication to do the job right the very first time were engrained in Capouano at a very early age by his parents and are an integral part of his teams success. “We’re not bank-owned and do not have the luxury of internal referrals therefore, we have to work that much harder for every new customer. We must and do have a passion to see people accomplish their goals in life and, more importantly, help them figure out the best way to achieve those goals,” says Capouano, adding he’s even been known to ask for business in the grocery line. Equisouth Mortgage prides itself on customer service and a longer initial conversation with potential prospects in order to determine their best interest. “We’ve had customers who, due to negative credit conditions, were not able to obtain a mortgage at that particular time, but we still felt we could help them. Our team here at Equisouth Mortgage is always happy to work with customers who are willing to work with us and as an example, recently, a customer called back to let us know she had improved her credit situation, and as a result we were able to help her obtain a mortgage to finance her home,” he says. “There are some individuals in our industry who are order takers, but not us. We pride ourselves on spending more time with the customer initially to determine what
mortgage options are available to best meet their needs.” The Equisouth team puts 100+ years of combined experience to work for every single customer. Brenda Washington and Zandra Pettway have been with Equisouth Mortgage and Capouano for a combined 25 years. Bert Barrow brings over 20 years of a background in banking. “Our many years experience in this industry allow us to navigate the challenges we often encounter in the mortgage process.” Being locally owned, we are more flexible in our fees and pass these savings on to our customers. Our long-term relationships with underwriters allow us to pick up the phone and discuss the loan. “From the initial contact until closing, we are there, answering questions and providing the progress of the loan the entire time.” We attend every closing if at all possible.” The company once had branches in eight states, but has since combined all services to the Montgomery location. According to Capouano, “Concentrating on one location gives us the ability to offer the level of personal service that sets us apart from the competition and at the same time provides a level of service we hope will exceed our customers expectations every time.” Married for 28 years to wife Carol, the father of two emphasizes that while a paycheck helps put their son through medical school and provides for their daughter’s upcoming college education, earnings are not what drive his passion. “From the time I started in the business, making cold calls and knocking on doors, I have loved meeting people. It was important then, and it’s important now, for people to know what I stand for. Integrity and honesty will always drive our customer service and fuel Equisouth Mortgage’s and my passion for helping someone else’s dream come true.”
Morris A. Capouano President NMLS # 88697
(L-R) Bert Barrow, Brenda Washington, Zandra Pettway, Morris Capouano
8415 Crossland Loop • Montgomery, AL 36117-8485 334-409-9300 • email: mtgmanext@equisouthmortgage.com
equisouthmortgage.com
Co NMLS # 76672
March 2015 Montgomery Business Journal
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“The economy performed much better than we expected.” - David Altig, executive vice president and director of research for the Federal Reserve Bank of Atlanta
Continued from page 30
The Fed expects the unemployment rate will be 5.2 percent this year and in 2016, “which means we will reach normal in U.S. labor markets,” Altig said. He said the unemployment rate could be less, “but almost certainly doesn’t seem like it would be higher at this point.” Employment is forecast to rise 3.2 percent this year and 2.9 percent in 2016. Expect the economy to add 200,000 jobs a month this year, Altig said. The economy needs between 130,000 and 140,000 jobs a month to sustain the current unemployment rate. Yet, those rosy unemployment and employment numbers hide some unsettling concerns that the Fed is closely monitoring. Wage growth “has been extraordinarily tepid over the course of the recovery,” Altig said. Some of that weakness is attributed to a growth in part-time workers. Labor markets “are not fully back to normal,” Altig said.
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Montgomery Business Journal March 2015
He also said that the official unemployment rate “has not been the appropriate indicator for the condition of labor markets in this environment,” referring to a broader unemployment rate (U-6), which includes discouraged workers, marginally attached workers and part-time workers for economic reasons. Earlier in his presentation – the beginning of it to be exact – Altig talked about when the Fed will increase its funds rate, which has been at near zero for years. He said to expect an increase mid-year and we’ll end the year at 1 percent. That’s not his forecast. It came from his boss, Dennis Lockhart, president and CEO of the Federal Reserve Bank of Atlanta. Of course that forecast depends if conditions mimic the Fed economic forecast. n
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March 2015 Montgomery Business Journal
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FUNDING RESOURCES PLAGUE ALABAMA by David Zaslawsky photography by Robert Fouts
Nearly a dozen years ago, when Alabama Gov. Bob Riley was facing a $675 million shortfall, he proposed a $1.2 billion tax increase. His proposal, which was rejected by about two-thirds of the voters in 2003, would have dramatically shifted the tax burden from the state’s poor; supported education; and raised income taxes on corporate and individuals, property taxes, sales tax, and cigarette taxes.
“We don’t like tax and we don’t like debt, but we like a good system of education in our state.” -Ira Harvey, executive assistant to the vice president for financial affairs for The University of Alabama
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“We have a problem on our hands and we have to solve it,” said Sam Addy, director of the University of Alabama’s Center for Business and Economic Research and associate dean for research and outreach for the Culverhouse College of Commerce at the University of Alabama. He noted that Riley tried to solve the annual funding issues that have haunted Alabama for decades, stemming from an antiquated tax structure. “Our tax structure is such that our revenues are not adequate,” Addy said at the 27th annual Economic Outlook Conference at the Renaissance Montgomery Hotel & Spa at the Convention Center. “Our tax structure is such that it is not efficient in collection and use; it is not fair and we’ve known this for decades. At some point we have to solve the problem. The earlier we solve it, the better for us.”
“The bottom line is, there is no economic development without education.” -Sam Addy, director of The University of Alabama’s Center for Business and Economic Research and associate dean for research and outreach for the Culverhouse College of Commerce at The University of Alabama.
Once again an Alabama governor – Robert Bentley – is facing a shortfall that has an estimated range of $275 million to $700 million, depending on how much the state pays back of the money borrowed from various funds. That tax structure was born out of Reconstruction, said Ira Harvey, executive assistant to the vice president for financial affairs for the University of Alabama. He noted that restrictions on property and income taxes hamper any talk of tax reform and force the state to emphasize sales and use taxes. The reliance on sales and use taxes “explains the unfairness of our tax structure,” Addy said. The state’s poor pay 10 percent to 11 percent of their income for taxes while the rich pay 3.7 percent of theirs. “We can correct that,” he said. The state ranked last in 2011 in total taxes per person of about $2,900, according to Harvey. The state ranks last in property tax; 43rd in motor vehicle license fees; 42nd in corporate income tax; 40th in tobacco tax; and 38th in individual income tax.
“There simply are not the resources to afford to maintain the infrastructure that we have created in this state at the present time,” said Harvey, who also spoke at the Economic Outlook Conference. He suggests removing tax exemptions, credits and abatements, but acknowledges it will be challenging to accomplish that. Harvey said that the state does not have a spending problem – it has a revenue problem. “We don’t like tax and we don’t like debt, but we like a good system of education in our state,” Harvey said. “That’s the same battle we’re fighting with the Legislature; with the governor.” He said the state is struggling to find ways “to adequately fund education.” Addy said that some complain they cannot trust government to spend money, but the funding exists regardless of the trust level. Continued on page 36
March 2015 Montgomery Business Journal
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Continued from page 34
“Our safety valve has always been increasing our transaction (sales and use) taxes. We may have run out of our ability to do that.” -Ira Harvey, executive assistant to the vice president for financial affairs for The University of Alabama
“The bottom line is, there is no economic development without education,” Addy said. He lamented the defeat of Amendment One. “Our taste at the time did not match our actions and we continue to have that mismatch. If we want to achieve – being the best we can be – we have to remember it also takes the best investment we can make. We have to be willing this time around … because the harvest is good.” Harvey said there are no simple solutions – there is no silver bullet in the political process. “It’s a very difficult problem facing us,” Harvey said. “There are some real limitations that go back to the post-Civil War period and they are embedded in our Constitution. Our safety valve has always been increasing our transaction (sales and use) taxes. We may have run out of our ability to do that.” n
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Montgomery Business Journal March 2015
OUR BEST DAYS ARE AHEAD by David Zaslawsky photography by Robert Fouts Jo Bonner is vice chancellor for government relations and economic development for The University of Alabama System.
In four years, Alabama will join an exclusive club of states that are 200 years old, prompting former six-term U.S. Rep. Jo Bonner to ask: “The question is, where do we want to be for the next century?” Bonner, who was the luncheon speaker at the 27th annual Economic Outlook Conference, said, “As we approach the bicentennial of our great state … what are we going to do to get where we want to go?” He implored his audience to get involved and talked about “paying your civic rent.” He chastised the state for just 41 percent of the registered voters turning out last November. He said the state Legislature cannot solve all of Alabama’s problems – citizens need to step up and play a role. “Our best days are in front of us,” said Bonner, who represented Mobile and currently is vice chancellor for government relations and economic development for the University of Alabama System. He talked about the research taking place “all across the state in our academic centers of excellence.” Some of that cutting-edge research is being conducted at the University of Alabama-Birmingham on Parkinson’s Disease and cancer research. There are large biotech firms in the Birmingham area and 800 technologyrelated companies.
Bonner recalled a dinner with former Treasury Secretary Larry Summers, who was also the ex-chief economic adviser to President Obama and former president of Harvard University. It was Summers’ first visit to Alabama and his impressions were the 1963 Sixteenth Street Baptist Church bombing and Birmingham having a large steel industry. Bonner and others talked to Summers about Alabama’s role in the space program; its automotive sector; and graduates who are the CEOs at Apple and defense contractor at Lockheed Martin. Summers told his guests that Alabama did not do a good job of telling its story. A lot has changed in the state and one of the most dramatic changes started with Mercedes-Benz building a manufacturing plant in the 1990s. About 480 companies from 30 countries now call Alabama home. “They saw something in us that perhaps we didn’t see in ourselves,” Bonner said. “They believed that we could be a better state and that they could be successful with their company and their investment. The vast majority have been successful and have continued to grow and prosper and bring other companies along the way.” n
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MONTGOMERY BUSINESS EXECUTIVES ARE MOST UPBEAT IN THE STATE by David Zaslawsky
The Montgomery participants in the survey are bullish on first-quarter sales, which surged 6.0 points from the 2014 fourth-quarter to 64.1 points. That index was the highest of the six individual components: > National economy: 57.7. > Alabama economy: 60.9.
Montgomery business leaders have maintained their grip on being the most optimistic of the state’s metro areas.
> Industry profits: 60.3.
The Capital City was ranked No. 1 for the fourth straight time in the quarterly Alabama Business Confidence Index (ABCI), conducted by The University of Alabama Center for Business and Economic Research in the Culverhouse College of Commerce. Montgomery has been No. 1 in 11 of the last 15 quarters.
> Capital expenditures: 54.5.
For the first quarter of 2015, Montgomery’s overall index rose 0.7 points to 59.4, which was a jump of 4.0 points from a year ago. Montgomery’s latest index was 1.2 points more than Mobile; 1.3 points more than Birmingham-Hoover; and 4.5 points more than Huntsville.
> Industry hiring: 59.0.
About 60 percent of the Montgomery panelists forecast first-quarter sales to increase vs. 10 percent expecting a decline. In other components, 54 percent expect firstquarter profits to increase while 15 percent forecast a decline. About 87 percent expect hiring to be the same as the fourth quarter or improve and 46 percent expect no change in first-quarter capital expenditures, while 36 percent anticipate an increase. The Montgomery panelists were more upbeat in five of the six individual components than the overall ABCI, which is a compilation from all four metro areas. The overall index rose 3.2 points to an upbeat 57.4 and is 6.2 points more than a year ago. The following is an overall breakdown of the six components: NATIONAL ECONOMY The index surged 4.8 points to 56.4 and that is the best outlook for the national economy since the 2006 second quarter. The index actually was less than 50 a year ago (47.8), which means contraction. Nearly 42 percent of survey participants expect the national economy to improve in the first quarter and another 40 percent expect growth to be the same as the fourth quarter.
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ABCI BY METRO AREA Q1 2015 57.1
Alabama
58.1
Birmingham-Hoover
54.9
Huntsville
58.2
Mobile
59.4
Montgomery ALABAMA ECONOMY The component rose 1 point from the fourth quarter to an index of 57.4. Almost 86 percent expect the first quarter to be the same or better than the 2014 fourth quarter. INDUSTRY SALES This component had the highest index of 60.6, after adding 4.0 points from the previous quarter. About four times as many panelists expect sales to increase (55 percent) than decrease (15 percent) in the quarter. The most upbeat sectors are manufacturing, wholesale trade, financial and professional services.
52.0
56.0
58.0
60.0
ALABAMA BUSINESS CONFIDENCE INDEX
100 90
INDUSTRY PROFITS The component ranked No. 2 with an index of 57.8, but declined 3.4 points from the previous quarter. Still, almost 82 percent expect profits to match or exceed fourth-quarter totals.
80
INDUSTRY HIRING The component jumped 3.8 points from the fourth quarter for an index of 56.3. Nearly half (48.5 percent) of the respondents expect no change from the fourth quarter, but more than one-third (36.5 percent) expect hiring to increase in the first quarter. The professional services sector is the most optimistic.
60
CAPITAL EXPENDITURES The component had the lowest index at 55.9 after gaining 2.2 points from the fourth quarter. More than half of the survey participants (54 percent) expect first-quarter spending will match last year’s fourth quarter. One-third of the panelists are forecasting an increase in spending. Manufacturing and wholesale trade are the most upbeat sectors. n
54.0
70
50
47.7
52.9
51.9 51.2
Q3
Q4
55.6
55.5
54.2
Q2
Q3
Q4
57.4
45.4
40 30 20 10 0 Q1
Q2
Q1
Q1
March 2015 Montgomery Business Journal
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FAMILY BUSINESS THE FOSHEE BROTHERS ARE CHANGING THE FACE OF MONTGOMERY by David Zaslawsky
photography by Robert Fouts
John H. Foshee (left) and Golson M. Foshee are changing the face of Montgomery with the Foshee Companies.
The Foshee name has become synonymous with downtown Montgomery loft apartments, but the 50-year-old company’s mainstay has actually been garden-style apartment complexes. The latest project – The Morgan at EastChase – is indicative of that past that included designing and building. That’s a $20 million, 216-unit project that was scheduled to start in February. It will take 14 to 16 months to complete, said John H. Foshee, an architect who owns the general contracting division of the Foshee Companies. “We typically do apartments of this kind,” he said. “Garden-style has been our bread-and-butter for 30 to 35 years.” Foshee Design & Construction has built different phases of the 288-unit The Reserve at Billingsley Place Apartments; phases at the 272-unit Saddleback Ridge; and the multimillion dollar Christchurch.
Golson M. Foshee, who owns the management company division, said: “I collect the rent and pay the bills.” The company was founded by their grandfather, John M. Foshee, and was later operated by their father, John M. Foshee Jr. The two younger Foshees work closely together from the company’s headquarters at the top two floors of the eight-story 40 Four Building, which has been converted into loft apartments as well as office space. The 1975 building has housed several banks. The Foshees collaborate on ideas and develop projects together. “His job is to be ultimately responsible for designing and constructing and my job is to make sure people pay their rent,” Golson Foshee said. Foshee Management Co. oversees 3,100-plus units in Alabama and Florida and close to 2,000 of those units are in the River Region, including Highland Lakes in Prattville; Berry Hill Place, Broadstreet at EastChase, Corner Stone, Shady Oaks and Village Green – all in Montgomery. Continued on page 44
“We could take on more, but we’re excited about focusing on Lower Dexter (Avenue) for the next several years.” - Golson Foshee
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Montgomery Business Journal March 2015
John H. Foshee (left) and Golson M. Foshee can relax in the chill room at their corporate headquarters in the 40 Four Building.
March 2015 Montgomery Business Journal
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“Only when we decided to move our office from East Montgomery to downtown did we feel that taking on this project was the right move and was at the right time.” - John H. Foshee
Continued from page 42
They purchased land from Jim Wilson & Associates for The Morgan at EastChase project. “We have a great relationship with that family,” Golson Foshee said, referring to Jim Wilson III, chairman of the board and CEO of Jim Wilson & Associates and his brother, Will Wilson, president of the company. “They are great developers. Out of some discussion came the opportunity … we really like what they’ve done in East Montgomery.” John Foshee said the land “was a good fit for us.” Although more opportunities will come up, the Foshees “feel like we have our hands full with what we’re doing,” Golson Foshee said. “We could take on more, but we’re excited about focusing on Lower Dexter (Avenue) for the next several years.”
They made sure that the community would get excited, too. The Foshees generated a lot of buzz themselves before unveiling their plans for Lower Dexter Avenue. They had a series of four questions on a billboard. Those questions were: “What has four lanes but no traffic? What can take you back and move you forward? When does closing down open up? Where is a square round?” “We had a lot of fun with those,” John Foshee said. “The community gets behind those and has a good time with it. You should have heard the 30 that didn’t make the cut. There were some bad ones.” All of that was the prelude to their bombshell announcement of a development they called the Market District, a family-friendly environment that on weekends would be closed to vehicles from One Court Square to Perry Street. Continued on page 46
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Montgomery Business Journal March 2015
Continued from page 44
At the time, Golson Foshee called Market District, which was formerly known as Market Street, “a gamechanger for Montgomery.” John Foshee told Business Alabama: “Only when we decided to move our office from East Montgomery to downtown did we feel that taking on this project was the right move and was at the right time.” The Foshees are investing $10 million to $15 million in the project. “We want to develop a culture of cool downtown,” Golson Foshee told Business Alabama. “The concept for Market District was to have a pedestrian mall, but that also means concerts, car shows, farmer’s markets,” Golson Foshee said. “We had a guy propose a food festival that’s very specific and they have had a lot of success all over the country. We’re excited about planning events.”
They were considering posting a new series of questions to promote the latest project on Lower Dexter Avenue – District 36, which is the old Belk building. There will be 28 units at The Lofts at District 36, which is actually four buildings and another 15 loft apartments at The Lofts at District 72, another project involving four buildings. The Foshees hoped to announce plans for new restaurants at Market District and other businesses in February. There are no firm plans for the historic Winter Building, which was built in 1841 and was the site of the telegram that authorized firing the first shot of the Civil War at Fort Sumter. The site – three buildings in all – could end up being office space. “That will probably be the last thing that’s done and that will be a few years,” Golson Foshee said.
Those events would most likely start in spring 2016.
“One thing we are not going to shy away from is the history of the area: good, bad and ugly. Everyone knows that there were some horrible things that we did to each other in this area. What I think God is doing through this development is to redeem the buildings; help the healing process between different people and parts of Montgomery.”
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Montgomery Business Journal March 2015
- Golson Foshee
The Foshees are experienced in developing and managing downtown loft apartments, including Icehouse Lofts, Gun Store Lofts, Montgomery Fair Lofts, Adams Avenue Flats, Perry Street Flats, Printing Press Lofts, and with 35 loft apartments at the 40 Four Building, that adds up to about 125 units. The Lofts at District 36 and The Lofts at District 72 will increase the number of units to nearly 170 under management. The District 36 project is expected to be completed in November and the Foshees hope to start work on District 72 in the summer and finish 10 months to 12 months after that. They own three properties on South Court Street and will develop those after District 72 unless a client would need to open a business sooner, they said. The Foshees are in talks to possibly develop some other buildings as well, Golson Foshee said. “One thing we are not going to shy away from is the history of the area: good, bad and ugly,” Golson Foshee said. “Everyone knows that there were some horrible things that we did to each other in this area
(slave market). What I think God is doing through this development is to redeem the buildings; help the healing process between different people and parts of Montgomery.” That is an important aspect of his vision of the pedestrian mall – all types of people talking, especially families. Golson Foshee, who has two young children ages 10 and 7, said the region has options for familyfriendly environments, but not a family-friendly destination that offers multiple options. He talked about a place where parents are comfortable bringing their children for “good food, good culture, mingling with different folks in a pedestrian-friendly environment. We want to have a dozen restaurant choices and several entertainment choices.” He tossed out the ideas of an arcade or bowling alley. “I think the community will appreciate a G-rated event,” Golson Foshee said. He also sees Market District as a great spot for a date night, where a couple “can sit outside and have a beer and enjoy the sunset; enjoy the camaraderie and fellowship in a pedestrian mall setting.”n
2015
48
A special thank you to the 2015
Brad Armagost
Jennifer Atkins
Keith Bazzle
SERVISFIRST BANK
NEW WATERS REALTY COMPANY, LLC
BUFFALO ROCK PEPSI
Edward Crowell
Rusty Daniel
Clark Fine
Frank Greco
VT MILTOPE
SDS PROPERTY GROUP, LLC
FINE, GEDDIE AND ASSOCIATES
GKN AEROSPACE
Ray Ingram
Gregory Jones
Judy Jones
Brian Key
Jerald Labovitz
JACK INGRAM MOTORS, INC.
THE JONES GROUP, LLC
GOODWYN, MILLS & CAWOOD, INC.
COPPERWING DESIGN
ALABAMA STEEL SUPPLY, INC.
Ann Osten
Phil Perry
Joe Riley
Joe Smith
Liz Sutton
Angela Swarts
SADIE’S GLOBAL TRAVEL
MONTGOMERY AIRPORT AUTHORITY
JACKSON HOSPITAL AND CLINIC, INC.
RALPH SMITH MOTORS
ALABAMA WORLD TRAVEL/SUTTON & ASSOCIATES
SPHERION
Montgomery Business Journal March 2015
Members of the Montgomery Chamber Chairman’s Circle. They are engaged and impacting the issues and developments that fuel growth and prosperity in our region.
Ben Bruce
Candy Capel
Jake Carlton
Anita Carter
Lynn Carter
Carlyle Chandler
FAULKNER UNIVERSITY
WVAS-FM RADIO
CREEK CASINO MONTGOMERY
NEW PARK DEVELOPMENT, LLC
SOUTHEAST CHEROKEE CONSTRUCTION, INC.
CHANDLER REALTY, LLC
William Guilford
Carol Gunter
Nigel Guntharp
Scott Harris
Michael Hicks
Perry O. Hooper, Jr.
WOW!
CITY OF MONTGOMERY
GUNTHARP FINANCIAL
ARONOV REALTY MANAGEMENT, INC.
ALLIANCE INSURANCE GROUP
PALOMAR INSURANCE CORPORATION
Kendall Leverette
DG Markwell
Mac McBride
Scott McNelley
David Mowery
GUARDIAN CREDIT UNION
MAX CREDIT UNION
STERIS CORPORATION
ADMIRAL MOVERS
MOWERY CONSULTING GROUP, LLC
Foy Tatum
Yu-Tueng Tsai
HALSTEAD, LLC
REGITAR U.S.A., INC.
Beth Walker-McBride
Quenten Wentworth
WORKFORCE WALKER PERSONNEL, LLC
US FOODS
Pete Frey ENTERPRISE RENT-A-CAR
Trustmark Bank officials celebrate the new branch and offices at their new downtown Montgomery home.
MAKING A HOME DOWNTOWN
Trustmark Bank moves offices and opens downtown branch by David Zaslawsky photography by Robert Fouts
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Montgomery Business Journal March 2015
Other banks have moved to downtown recently, including BB&T in the RSA Dexter Avenue Building and BBVA Compass on Commerce Street.
It was a short two years ago that Trustmark Bank entered the Montgomery market with its acquisition of BankTrust. Now, Trustmark Bank has made a move to downtown with a small branch on the bottom floor of the Alabama Center for Commerce Building on Adams Avenue and moved its local lending and corporate offices to the top floor of the seven-story building built by the Retirement Systems of Alabama. “We felt that in our Montgomery market, we really needed to be downtown,” said Linwood McClain, the bank’s regional president for East Alabama, who is based in Montgomery. “We began to look for space and this space was available in the Center for Commerce building. It was just a really good fit for us. It’s where we need to be in downtown Montgomery.”
Trustmark Bank, which is based in Jackson, Mississippi, now has three branches in Montgomery as well as one in Millbrook and one in Prattville. The 125-year-old financial institution has 205 branches in Alabama, Mississippi, Florida, Tennessee and Texas. “It’s an exciting time to be in this market,” McClain said. “There’s so much going on here in Montgomery and there’s so much going on here with Trustmark.” Continued on page 52
“It was just a really good fit for us. It’s where we need to be in downtown Montgomery.” - Linwood McClain, regional president for East Alabama, Trustmark Bank
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March 2015 Montgomery Business Journal
51
“The excitement and all the energy that we feel is going on in the downtown area is just incredible. It’s a revitalization and there are wonderful things happening.” - Gerald Host, president and CEO, Trustmark Bank
Continued from page 51
Trustmark Bank President and CEO Gerald Host attended the ribbon-cutting for the downtown branch and Montgomery corporate offices. He said the bank “has a history of commitments to communities and markets. We hope that we can earn your trust. We are very pleased to be here. The excitement and all the energy that we feel is going on in the downtown area is just incredible. It’s a revitalization and there are wonderful things happening.”
The bank had a record-setting year in 2014 with all-time highs in revenue ($578.5 million) and net interest income ($421.2 million). The bank’s net earnings last year were $123.6 million, including $28.1 million in the final quarter. Trustmark has $12.1 billion in assets. n
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Montgomery Business Journal March 2015
REPORTER’S NOTEBOOK
by David Zaslawsky
CONSTRUCTION CONTRACT AWARDED
Airport Figures Sizzle Passenger totals at the Montgomery Regional Airport
Russell Construction of Alabama was awarded a contract to build a 44,000-square-foot facility for PowerSouth Energy Cooperative in Andalusia, it was reported by the Montgomery Advertiser. The contract is for $18.2 million.
finished an incredible year with another incredible month. Last December’s enplanements – passengers leaving from Montgomery – were up 8.3 percent over December 2013. Total passengers for Dec. 2014 was 6.2 percent more than the same period in 2013. For the year, enplanements increased 4.3 percent vs. 2013 and the number of total passengers gained 4.7 percent over 2013. In another positive sign, total air carrier operations were up a whopping 20.6 percent in Dec. 2014 vs. Dec. 2013 and 9.2 percent for year.
NEW TAX INCENTIVE TOOLKIT Details are still being worked on the state’s new incentive package, but it is being redesigned to be more competitive with other states. The Accelerate Alabama Jobs Incentive Package is a series of six bills. Alabama Gov. Robert Bentley’s proposals to the state Legislature will include tax credits for creating jobs and capital investment, according to The Associated Press. Another likely proposal will be tax credits for new industries in rural counties.
March 2015 Montgomery Business Journal
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NEW ALLEY TENANT Jimmy John’s Gourmet Sandwiches has announced plans to open at The Alley in downtown Montgomery. The sandwich shop will be at the former site of The Deli at Alley Station and Bistro B. The restaurant, which also has a location on Carter Hill Road, plans on staying open late on the weekends. Jimmy John’s offers delivery service and catering.
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Montgomery Business Journal March 2015
MARRIOTT IN PRATTVILLE RANKED FOURTH Four of the top five Marriott or Renaissance hotels for golf satisfaction were located on the Robert Trent Jones Trail. The Marriott in Prattville at Capitol Hill was ranked fourth. The top sites were Renaissance Ross Bridge Golf Resort & Spa (No. 1); Auburn/Opelika Marriott Hotel and Conference Center at Grand National (No. 2) and Grand Hotel Marriott Resort in Point Clear (No. 5).
“From making reservations to greeting guests to making sure bunkers and greens are pristine, our team goes above and beyond to make our visitors happy,” John Cannon, president of the Robert Trent Jones Golf Trail, said in a statement. “We want our hotel guests and others to have a great experience when playing our courses.”
MAYORAL RACE On the same day that former U.S. Rep. Artur Davis announced he was running for mayor of Montgomery via YouTube, incumbent Mayor Todd Strange answered that he was seeking re-election during his annual State of the City address. Before Strange spoke, Montgomery County Commission Chairman Elton N. Dean Sr. gave his State of the County address. He said twice “if it’s not broke don’t fix it.” He also said the following: “I hope that my partner
will announce to us that he will give us four more years of his service.” Strange began his address with “talk about pressure.” He asked, “How do you walk away from what’s been started?” On February 16, Montgomery County Commission Vice Chairman Dan Harris announced he is running for mayor. The mayoral race is Aug. 25.
March 2015 Montgomery Business Journal
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The state’s agriculture and forestry sectors sponsored a food drive during Gov. Robert Bentley’s inauguration. “Agriculture is Alabama’s No. 1 industry,
Feeding the Hungry
generating $70.4 billion in economic impact and providing almost 600,000 jobs,” Alabama Commissioner of Agriculture and Industries John McMillan said in a statement. “Unfortunately, some Alabamians don’t get to experience that bounty as often as they should. We’re happy to partner with the Montgomery Area Food Bank to help reduce hunger in our state.” One out of three children and nearly 20 percent of the adults in the food bank’s area live in poverty. The Montgomery Area Food Bank provides 20 million pounds of food yearly to 35 counties. The following companies sponsored the food drive: Alabama Ag Credit, Alabama Agribusiness Council, Alabama Cattlemen’s Association, Alabama Farm Credit, Alabama Farmers Cooperative, Alabama Farmers Federation, Alabama Forestry Association, Alabama Grocers Association, Alabama Nursery and Landscape Association, Alabama Poultry and Egg Association, First South Farm Credit and the Department of Agriculture and Industries.
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Montgomery Business Journal March 2015
SALES STILL GROWING Hyundai has forecast 2015 worldwide sales will increase 1.8 percent to nearly 5.1 million vehicles. If you add sister company Kia, which is part of the Hyundai Motor Group, the Korean automaker expects sales will grow 2.5 percent this year. A Hyundai official did acknowledge concerns about losing market share. Growth should pick up next year when a new factory in China will begin manufacturing vehicles. The Hyundai Motor Group also announced a four-year, $73.6 billion investment plan for additional manufacturing plants, research and a new headquarters.
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March 2015 Montgomery Business Journal
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Member Profile
MAKING THEIR MARK
Stamp Idea Group helps clients leave an impression by Melissa George Bowman
photography by Robert Fouts
In a city as rich in history as Montgomery, it’s not unusual to come across buildings that date back several generations. One such architectural find is on Washington Avenue. The more than 150-year-old structure is now home to Stamp Idea Group. Once you cross its threshold, however, cutting-edge technology and innovative design suggest more about the future than the past. An advertising and marketing firm led by partners David Allred, Jim Leonard and Bruce Reid, Stamp has mastered the art of merging different elements to create better products. The agency office is only one example. Behind its historical façade are contemporary furnishings and high-tech elements, such as electronic glass that with the touch of a button can transform from clear to opaque for private meetings. Stamp has also been successful at integrating traditional forms of advertising such as print, radio and television with new platforms: Web design, mobile marketing and social media. What may be its most significant merger is the one that took place to create it. Stamp was born when former agencies LWT and Reid/O’Donahue joined forces.
Stamp Idea Group’s top executives are (from left) David Allred, Bruce Reid and Jim Leonard.
“At Stamp, we have been on the edge of change as one of the first advertising firms in Alabama – and certainly the first in Montgomery – to offer a digital development component,” Leonard said. “We’ve also seen the rise in importance of video content in every sphere of marketing. We are one of the only agencies in Alabama to have a videographer, photographer and a dedicated motion graphics specialist on staff.”
When Allred and Leonard began discussing a possible merger with Reid, it seemed to make perfect sense. “It was complementary skill sets,” Allred said. “I’m kind of a big operations guy. Jim’s a creative guy, and Bruce loves to do business.” The partners also saw the potential in combining both companies’ strengths. “Reid/O’Donahue was more of a traditional advertising, marketing and political media agency with extensive media buying experience,” Reid said. “While LWT did some traditional advertising, their emphasis was on Web, digital and interactive. So both companies brought different things to the table, so to speak. With the merger, we were able to combine our traditional strengths with LWT’s interactive strengths.” The merger became official in April of 2013 and by the fall of that year, both companies were under one roof at the firm’s new home on Washington Avenue. It was also during 2013 that the partners decided it was time to rebrand. “We probably had 100 names and it evolved down to Stamp,” Allred said. “We really wanted Stamp to be physical – the act of actually, physically stamping something.” Once the name Stamp was established, the agency’s motto, “Make Your Mark,” was a natural progression. “We’re telling clients we’re going to help you make your mark, and we’re telling employees if you come here we’re going to let you make your mark. You’ll get to participate in making really good work,” Allred said. Those employees get to make their mark literally by designing their own Asian-inspired hanko stamp to denote their work. The look is similar to Asian characters but each employee’s unique design is based on a combination of his or her interests.
“We do go outside occasionally, but we are able to produce virtually everything we need in-house,” Allred said. “We’re able to deliver twice as much product for the same budget by doing it the way we do, which means clients are getting a whole lot more for their money and we’re getting to do some really, really great projects.” No matter how complex the world of advertising may become, Stamp adheres to a simple mission statement: Do good work. Be good people. “We want to be good people to our staff. We want to be good people to our clients,” Allred said. “You get to do good work when you have a good relationship with someone.” For Stamp, being good people also includes giving back to the community. That is why the agency annually participates in CreateAthon, a 24-hour creative blitz during which promotional materials are developed pro bono for local non-profits.
EMPLOYEES
30 MISSION STATEMENT
DO GOOD WORK. BE GOOD PEOPLE. WEBSITE
STAMPIDEAS.COM
“CreateAthon represents some of the most important work we do each year,” Leonard said. “Since 2003, we’ve worked for over 100 nonprofits and have produced over 200 pro bono projects. For us, it’s satisfying to be able to put our talents to work for the good of the River Region.” This winter Stamp wrapped up another CreateAthon, just one of many projects keeping the agency busy as it tries to look for new and exciting ways to help clients make their mark. “Our future plans are to continue to add talented personnel, grow our client base across the state, regionally and nationally, and challenge ourselves to produce out-of-the ordinary, non-pedestrian work that provides an edge against our clients’ competitors,” Reid said. n
In terms of helping clients make their mark, Stamp’s ability to stay on the cutting edge of industry trends as well as offer many services in-house are pluses creatively and financially, according to the partners.
March 2015 Montgomery Business Journal
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BUSINESS BUZZ
MEMBER NEWS
BROACH ACHIEVES MEMBERSHIP IN GROUP’S EXECUTIVE COUNCIL
Robert Broach
MONTGOMERY – Parsons Broach Financial Services partner Robert Broach was recently named a member of the 2015 Raymond James Financial Services executive council.
Broach, who joined Raymond James in 2011, has more than 20 years of experience in the financial services industry. He is the branch manager and financial adviser for Parsons Broach Financial Services. Executive council honors are presented to branch managers and financial advisers who have demonstrated an extremely high level of commitment to clients through personal service and professional integrity.
RIVER BANK & TRUST CREATES NEW DIVISION PRATTVILLE – Mack Duffey has been selected to lead River Bank & Trust’s new River Financial Services Inc.
President and CEO Jimmy Stubbs said in a statement. “We saw an opportunity to offer access to financial planning services with our signature client-centered approach. Mack is a skilled financial adviser, and I am confident that his years of experience will allow River Financial Services to exceed the expectations of clients in Mack Duffey Central Alabama.”
The bank’s new division provides access to investment products and services through Infinex Investments Inc. With more than 40 years in the financial services industry, Duffey has served in various roles with both public and private companies in Alabama.
MONTGOMERY – Hartzell Engine “I am excited to Technologies has lead River Financial launched a new website Services as senior with information about vice president and Mike Disbrow the firm’s products as well as Infinex Financial adviser,” products and components of the Duffey said in a statement. “My recently acquired Plane-Power. approach is client-centered rather than product-focused. I will give The new website clients the independent, objective is www.Hartzell.aero. financial advice they need for any “Creating a new website is a lot goal they may have, whether it’s like launching any new product paying for college for their children – you have design, development, or securing their own retirement.” testing and finally you roll it out River Financial Services will provide to the public – it’s a team effort access to financial solutions and now that it’s done, I can say to address the concerns of it’s equally exciting,” Hartzell individuals, families and business Engine Technologies President owners with stocks, bonds, mutual Mike Disbrow said in a statement. funds, retirement planning, college “I think that our customers planning, annuities, IRAs, 401(k) and maintenance shops will and 403b rollovers, life insurance be very impressed with its look and long-term care insurance. and functionality.” “As River Bank continues to grow, we carefully evaluate market conditions and the needs of our clients,” River Bank & Trust
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Montgomery Business Journal March 2015
HARTZELL ENGINE TECHNOLOGIES LAUNCHES NEW WEBSITE
The new website contains product service information; troubleshooting tips; listing of recommended service facilities and major distributors; and catalogs to mention a few highlights. It also adapts the page’s format for the size screen on a desktop, laptop, tablet and smartphone. “The new site also includes a direct link to the current Plane-Power website as these products are now part of the (Hartzell Engine Technologies) family,” Disbrow said. “Whether an owner or technician is looking for a specific component or just wants to see what’s new, we’re confident that whatever their reason, they will find our new website both enjoyable and informative.”
COHENS ELECTRONICS AND APPLIANCES OWNER ELECTED TO RETAIL GROUP’S BOARD
the annual sales $5 million to $20 million category.
Cohen attended the University of Alabama and Auburn University at Montgomery. MONTGOMERY – He founded the business Founder and in 1956 as The Record co-president Shop, selling records of Cohens Electronics and tapes. Cohen credits and Appliances Inc. his retail knowledge to his Raymond E. Cohen Raymond Cohen father, Eli Cohen, who had was elected to the owned a coin-operated music Alabama Retail Association’s board and records store. of directors. The record store evolved into an Cohen’s term began Jan. 1 electronics and appliance retailer and his business has been an CONTINUED ON PAGE Alabama Retail member since 62 1983. In 2008, the Alabama Retail Association recognized Cohen and the two sons who help him run his business as the Silver Alabama Retailer of the Year in
March 2015 Montgomery Business Journal
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CONTINUED FROM PAGE
61
in 1977. Cohens Electronics and Appliances currently has 25 employees and is run by Cohen and two of his three sons, David and Michael.
JACKSON HOSPITAL OBTAINS GOLD SEAL FOR SPECIAL CERTIFICATION MONTGOMERY – Jackson Hospital is the first and only hospital in the State of Alabama to receive the Joint Commission’s Gold Seal of Approval for its Acute Myocardial Infarction (AMI) care.
Joe Riley
To receive the seal, the hospital demonstrated compliance with The Joint Commission’s national standards for quality and safety in heart attack care. The certification
awards the hospital’s dedication to continuous compliance with the Joint Commission’s state-ofthe-art standards.
expert evaluated Jackson Hospital for compliance with standards of heart attack care specific to the needs of patients and families, including infection prevention and control, leadership and medication management.
“Achievement of an AMI certification from the Joint Commission speaks volumes about the high quality of care given by Jackson Hospital’s medical team to the patient experiencing a BAPTIST HEALTH heart attack,” Jackson Hospital PHYSICIAN RECEIVES President and CEO Joe Riley said INTERNATIONAL in a statement. “We are extremely RECOGNITION proud to be the first and only MONTGOMERY – The hospital in Alabama to earn founder and medical this designation, and we director for the are even more proud of Institute for Advanced what it means for the Wound Care at communities we serve Baptist Medical – excellent care for the Center South recently heart attack patient right received two prestigious here in the River Region.” Terry Treadwell international awards for his Jackson Hospital underwent work abroad in Haiti. a rigorous on-site review last November. A Joint Commission
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Member FDIC. Only deposit products are FDIC insured. © 2015, Branch Banking and Trust Company. All rights reserved. 62
Montgomery Business Journal March 2015
Dr. Terry Treadwell received the title of associate professor of wound care at the School of Medicine and Pharmacy, Port-au-Prince, Haiti. He also received the Honor of Merit for contributions to development of wound care in Haiti presented by the Minister of Health of Haiti. Treadwell serves as the medical director of the Institute for Advanced Wound Care at Baptist Medical Center South. He is a graduate of the University of Texas Southwestern Medical School in Dallas. He completed his residency in general and vascular surgery at Scott & White Memorial Hospital in Temple, Texas. Treadwell is a retired vascular surgeon, a profession he performed for 20 years before concentrating on treating patients with chronic wounds. “I enjoy helping patients other doctors may not want to
treat,” he said in a statement. “I like being able to explore the new and different treatments available to wound care patients.”
allow students to complete general studies and some advanced classes toward an undergraduate degree, then transfer to one of the two law schools to complete the juris doctor and bachelor degrees.
TROY UNIVERSITY LAUNCHES FIRSTOF-ITS-KIND LAW PROGRAM
“This is an exciting way for students wishing to pursue law to accomplish their goals more quickly than the traditional route,” James Rinehart, dean of the College of Arts and Sciences, said in a statement.
TROY – Troy University, in association with the Cumberland Described as a “3+3” School of Law at program, Rinehart said Samford University and James Rinehart undergraduate students will the Thomas Goode complete 90 hours of courses Jones School of Law at Faulkner at Troy. The bachelor degree University, has pioneered a program will be awarded after successful to help students complete law completion of the first year of law degrees sooner. studies – typically 30 semester A part of the bachelor of science hours of courses. in social science program, Troy’s accelerated law curriculum will CONTINUED ON PAGE 64
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March 2015 Montgomery Business Journal
63
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63
Students will still be required to meet acceptance standards established by Cumberland School of Law and Thomas Goode Jones School of Law, and must achieve an acceptable score on the Law School Admissions Test.
STARKE AGENCY’S MARKETING DIRECTOR RECEIVES CERTIFIED DESIGNATION MONTGOMERY – Starke Agency Director of Marketing Joey Beattie recently obtained his certified insurance counselors (CIC) designation.
Joey Beattie
He successfully completed the required classes, course work and written exams specified by the National Alliance for Insurance & Education Research. “Joey’s dedication to professional development exhibits leadership, excellence and commitment, which are hallmarks of Starke Agency,” Starke Agency President Trey Starke said in a statement. “I am proud, not only of Joey’s accomplishment, but also of the fact that our agency has over 30 professional designations, more than any insurance agency or broker in Central Alabama.” In order to receive a CIC designation, an agent must complete five institutes over three days of classroom instruction and written exams within a five-year period. Agents must also annually
attend one of the following five institutes: property, casualty, personal lines, life and health, and agency management.
BLACKBURN DANIELS O’BARR PRINCIPAL REGISTERED IN GEORGIA, TEXAS LOWNDESBORO – Jack W. Daniels Jr. of the structural engineering firm of Blackburn Daniels O’Barr Inc. recently became a registered professional engineer in Georgia and Texas. In addition to being registered in Georgia and Texas, Daniels is now currently registered to practice structural engineering in Alabama, Kentucky, Mississippi and Florida.
Montgomery Business Journal March 2015
The food truck promotes the area’s locally produced food and culinary talents while also distributing food for the needy. The truck brought “a taste of Wind Creek” to various events in Alabama, Florida and Georgia. Wind Creek Hospitality operates casinos, hotels, racetracks, poker rooms and entertainment facilities in Alabama and Florida.
ANDREWS VOTED CERTIFIED RESIDENTIAL SPECIALIST OF THE YEAR MONTGOMERY – Realtor Carol Andrews was named Alabama Certified Residential Specialist of the Year for 2014.
At Blackburn Daniels Carol Andrews Andrews, a 14-year O’Barr, Daniels has been resident of Montgomery, involved in the design of several was recognized for her dedication large projects including the and service to the community; Renaissance Montgomery Hotel & contributions to the real estate Spa at the Convention Center, the industry; and her top-producing Retirement Systems of Alabama’s real estate sales performance. headquarters, the Alabama State University football stadium and She has been involved in real estate since 2002 and she W.S. Neal High School. currently serves the Tri-County area with House & Home Real Estate.
WIND CREEK HOSPITALITY FOOD TRUCK FEEDS 20,000-PLUS PEOPLE WETUMPKA – The Wind Creek Hospitality food truck fed more than 20,000 people last year and distributed nearly 33,000 pounds of food to area food banks. Called “Good to Go,” the food truck was operated just nine months in 2014. It prepared more than
64
55,000 pounds of food. Chef Paul Norton visited 40-plus cities and towns while logging 11,655 miles.
The Council of Residential Specialists is a not-for-profit affiliate of the National Association of Realtors with more than 30,000 members. n
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MEMBER NEWS
MEMBERS ON THE MOVE BEASLEY ALLEN NAMES NEW PRINCIPALS MONTGOMERY – The law firm of Beasley, Allen, Crow, Methvin, Portis & Miles, P.C., has named four attorneys as new principals: David Dearing, James W. Lampkin II, Danielle Ward Mason and Matt Teague. All four lawyers work in the firm’s mass torts section.
David Dearing
James Lampkin
Danielle Ward Mason
Matt Teague
“We appreciate the work these talented attorneys have done for their clients on behalf of the firm, and anticipate their continued success in fulfilling our mission of ‘helping those who need it most,’ ” Beasley Allen Principal and Managing Attorney Tom Methvin said in a statement.
Dearing joined Beasley Allen in 2012. He initially worked in the firm’s hormone replacement therapy (HRT) litigation team. He is now primarily working on two other classes of drugs in multidistrict litigation. Lampkin joined Beasley Allen in 2011 after a career in private practice with a civil defense firm in Mobile. Danielle Ward Mason, who joined Beasley Allen in 2009, was part of the trial team that worked on HRT litigation and secured a $72.6 million verdict for three plaintiffs in Philadelphia. Teague is leading the firm’s testosterone replacement therapy litigation. He joined Beasley Allen in 2011.
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Montgomery Business Journal March 2015
ALABAMA WILDLIFE FEDERATION presents
! r e v o D IL W o g o t 2 Events
CAPELL & HOWARD ADD SHAREHOLDER, ASSOCIATES MONTGOMERY – Capell & Howard, P.C. announced that Terrie S. Biggs has become a shareholder with the law firm. Two associates also joined the firm. Biggs has been with the firm as an associate for several years practicing in civil litigation, domestic relations and criminal defense.
Tri-County AWF Wild Game Cook-Off
Terrie S. Biggs
April 30th
at the Robert Trent Jones Golf Course in Prattville
Faith Perdue
Kristin Dillard and Faith Perdue are the two new associates. Dillard concentrates her practice in the areas of employment law and general civil litigation. She received her undergraduate degree from the University of South Carolina and her juris doctorate from the University of Alabama School of Law. Perdue, who will mainly work out of the firm’s Opelika/Auburn office, received her juris doctorate at Tulane University Law School and has a master’s degree in special education and multiple abilities from the University of Alabama. She will practice in the areas of education law and litigation.
REAL ESTATE AGENT RETURNS TO COLDWELL BANKER TOWNE MONTGOMERY – Coldwell Banker Towne Realty has welcomed back real estate agent Jeanna Kervin. “We are excited to have Jeanna back on our sales team,” Mark Silberman, broker of Coldwell Banker Towne Realty, said in a statement. CONTINUED ON PAGE
ENTER A COOK-TEAM FOR FREE! CALL AWF’S OFFICE AT 334.285.4550 FOR DETAILS OR VISIT
WWW.ALABAMAWILDLIFE.ORG
AL ABAMA FLORA AND FAUNA ARTS FESTIVAL
April 11th
at Lanark in Millbrook
68
2014 Best of Show Jim Denney, Last Light
SEE FINE ART AND FINE CRAFTS
CALL AWF’S OFFICE AT 334.285.4550 FOR DETAILS OR VISIT
WWW.ALABAMAWILDLIFE.ORG
ALABAMA WILDLIFE FEDERATION
March 2015 Montgomery Business Journal
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67
WARREN AVERETT PROMOTES ASBURY TO MEMBER OF THE FIRM BIRMINGHAM – Warren Averett, LLC, Certified Public Accountants and Advisors, has promoted seven to members of the firm, including Jason Asbury.
MONTGOMERY – J. Ladd Davis and Stephen P. Dees have been named shareholders in the law firm of Rushton, Stakely, Johnston & Garrett, P.A.
Jason Asbury
Asbury, who works in the Montgomery office, serves as president of Warren Averett Technology Group. He has more than 15 years of experience providing information technology consulting services to clients in industries including banking, insurance, education and law. Asbury specializes in IT consulting for the health care industry, including the implementation and management of multiple patient care systems and associated medical management.
TJ Williford, Founder/Broker
Properly marketing and managing Real Estate in the River Region 334.277.1077 12 West Jefferson Street | Montgomery, AL 36104
68
Montgomery Business Journal March 2015
RUSHTON, STAKELY NAMES TWO SHAREHOLDERS
Davis has been with the firm since 2009. His practice focuses on commercial and residential real estate transactions, and he has represented and assisted developers, real estate investors and lenders in numerous projects across the country. He is a licensed title agent in Alabama, and his practice includes title examination and issuance of title insurance. He also routinely represents lenders and other creditors in foreclosure actions and loan default workout transactions. Dees, who has been with the firm since 2007, is devoted to civil litigation at the trial and appellate court levels. He focuses on defending physicians, nursing personnel, long-term care facilities and hospitals in medical malpractice lawsuits. He also works on behalf of corporations and insurance carriers in general business litigation as well as complex construction litigation. Dees has tried cases to a jury in both state and federal court and handled matters before the Alabama Supreme Court and the 11th Circuit Court of Appeals.
Baxter, who was Jesse K. Anderson His practice includes born and raised in a broad range of civil Montgomery, joined the litigation matters with an emphasis Crosby Electric team in 1976. on insurance defense. Anderson He has been managing is a member of the Alabama Bar electrical construction Association, Montgomery County projects throughout Alabama Bar Association and American and Florida for more Bar Association. than 20 years. He is admitted to practice before the United States District Courts for the Northern, Middle and Southern Districts of Alabama as well as all courts in the State of Alabama and Tennessee, including the Alabama Supreme Court and Tennessee Supreme Court. The Montgomery native graduated from Auburn University with a bachelor’s degree in economics in 2004. He later received his juris doctorate from Cumberland School of Law in 2011. Anderson sat consecutively for the Alabama and Tennessee bar exams and was admitted to both in 2011.
PERFECT SPACE PERFECT PLACE
He will continue to manage projects, but his new responsibilities will include strategic planning for the construction division of the company as well as overseeing more of the dayto-day operations such as fleet management. “Randy has been a terrific senior project manager for years,” Crosby Electric President Al Crosby said in a statement. “The entire Crosby team is excited about his new title and role. He has earned it.” CONTINUED ON PAGE
70
Photo Credit: Jon Cook Photogpraphy
MONTGOMERY – Randy Baxter has been named vice president of Crosby Electric Co. Inc.
Photo Credit: CP Mac Photography
MONTGOMERY – Hill, Hill, Carter, Franco, Cole, & Black, P.C. announced that Jesse K. Anderson has joined the law firm as an associate.
CROSBY ELECTRIC NAMES VICE PRESIDENT
Photo Credit: Kim Box Photography
HILL, HILL, CARTER ADDS NEW ASSOCIATE
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March 2015 Montgomery Business Journal
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NEW WATERS REALTY ANNOUNCES HIRES PIKE ROAD – Realtors Barbara Wilkinson and Jeff Dickey have joined New Waters Realty Co.
Barbara Wilkinson
Jeff Dickey
Wilkinson comes to The Waters with more than 20 years of experience in the real estate industry. “I am excited to not only be a new homeowner in The Waters, but also to be a new sales agent,” Wilkinson said in a statement. “I love to tell people that I work and live in Pike Road, the fastest-growing municipality in the State of Alabama.”
Dickey joins the real estate industry after serving eight years as a church administrator in Montgomery. He will expand the digital marketing program at New Waters Realty. New Waters Realty Co. is the sales and marketing firm for The Waters, a master-planned residential community that includes the 200acre Lake Cameron, Montgomery County’s largest lake.
AWARD-WINNING CREATIVE DIRECTOR JOINS ADVERTISING AGENCY WALKER360
Born in Mexico City, Manzano has won numerous advertising awards in his more than 15 years of agency experience. His branding efforts have included companies such as Coca-Cola, Ford Motor Co., Chevrolet, Goodyear, Microsoft, Nestlé, L’Oreal, Heineken, HewlettPackard, Intel, Danone, Continental Airlines, DeBeers, Johnson & Johnson, Motorola and several others in Latin American countries. n
Victor Manzano
MONTGOMERY – Victor Manzano recently arrived from Chile to Walker360 where he will lead the creative and strategic work of the agency.
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Montgomery Business Journal March 2015
Bank Reconciliation
Household budgeting
Paperless record keeping
Managing payroll for caregivers
Assessing insurance needs
Managing payments and rents for multiple properties Organizing ledger for year-end tax preparation Oversight and assistance with financial transactions
- Dr. Don & Terre Ingalls
70
Bill paying
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NEW MEMBERS
CHAMBER NEWS
ACCOUNTING-TAX RETURNS
ASSOCIATIONS/NON-PROFIT
COSMETICS/SKIN CARE
LEGAL SERVICES - ATTORNEYS
HR BLOCK #1352 Artis Thomas 2887 A East South Boulevard Montgomery, AL 36116 334-288-5077
GOODWILL INDUSTRIES DONATION CENTER Cecil Robins 1661 Perry Hill Road Montgomery, AL 36106 334-263-4633
RODAN & FIELDS DERMATOLOGISTS-MARLA CROW Marla Crow 201 Lawson Road Mathews, AL 36052 334-324-7367
COMER ELDER LAW, LLC Sabrina Comer 325 North Hull Street Montgomery, AL 36104 334-265-7133
HUMAN RIGHTS CAMPAIGN ALABAMA Ashley Jackson P.O. Box 196 Montgomery, AL 36101 334-328-9091
DRY CLEANERS/LAUNDRIES
HR BLOCK #1355 Glen Parker 3456 Atlanta Highway Montgomery, AL 36109 334-213-3222 HR BLOCK #1482 Tonzi Hardges 2729 Bell Road, Suite 8 Montgomery, AL 36117 334-272-1113 HR BLOCK #1505 Artis Thomas 6657 Atlanta Highway Montgomery, AL 36117 334-396-7493
BARBER
VETERAN CUTS BARBER SHOP Johnny D. Paradise 444 Coliseum Boulevard Montgomery, AL 36109 334-676-1659 BEAUTY SALONS/SPAS
SHEAR EXPERIENCE, LLC Jimmy Adams 7933 Vaughn Road Montgomery, AL 36116 334-801-9940 CONTRACTORS
ALABAMA DESIGN AND CONSTRUCTION, INC. Richard Campbell 1049 Lagoon Business Loop Montgomery, AL 36117 334-279-0607
WORTH CLEANERS, INC. Steve Worth 125 Brown Springs Road Montgomery, AL 36117 334-277-6431 EMPLOYMENT AGENCIES
GLOREC Laura Harvey 7232 Timbermill Dr Montgomery, AL 36117 334-300-8455 FITNESS CENTER/GYM
BODYTRAC HEALTH & FITNESS Chase Holmberg 6538-B Atlanta Highway Montgomery, AL 36117 334-356-6654 FURNITURE
AMERICAN FURNITURE STORE, LLC Bahaa Sweiki P.O. Box 230877 Montgomery, AL 36123 334-270-1004 JEWELERS/JEWELRY
BRYSONâ&#x20AC;&#x2122;S FINE JEWELRY Blake Purvis 8073 EastChase Parkway Montgomery, AL 36117 334-270-2257
RYAN LEGAL SERVICES, INC. Kevin M. Ryan 36423 Center Ridge Road North Ridgeville, OH 44039 440-327-3800 SAFETY PRODUCTS
GLOVIA-TOTAL SAFETY CORP David Han 941 Plantation Way Montgomery, AL 36117 334-386-8500 SPORTING GOODS/EQUIPMENT
GANDER MOUNTAIN Michael Rhodes 2424 Eastern Boulevard Montgomery, AL 36117 334-239-4385 TRASH/GARBAGE SERVICE
WASTE MANAGEMENT OF ALABAMA-SOUTH Van Forrester 2810 Day Street Montgomery, AL 36108 334-265-8542 VAPOR STORES
VAPOR CRAFT OF MONTGOMERY Bill Robertson 2920 G Zelda Road Montgomery, AL 36106 334-301-2653 WINDOWS
NO STREAKS WINDOW CLEANING SERVICE Victor Turnquest P.O. Box 242206 Montgomery, AL 36124 334-201-6940
March 2015 Montgomery Business Journal
71
CHAMBER NEWS
RIBBON CUTTINGS & GROUND BREAKINGS
72
Montgomery Business Journal March 2015
PETER CRUMP BASEBALL COMPLEX
TRUSTMARK NATIONAL BANK
3480 Woodley Road, Montgomery, AL 36116 The Honorable Jon Dow-Montgomery City Council District 6
RSA Alabama Center for Commerce Building 401 Adams Avenue, Suite 780, Montgomery, AL 36104 334-223-1520 • www.trustmark.com Linwood McClain-Regional Vice President • Banks
AMERICAN FURNITURE STORE, LLC
NATIONAL LAND REALTY
2095 Eastern Boulevard, Montgomery, AL 36117 334-270-1004 • Bahaa Sweiki-Owner • Furniture
10270 Highway 80 E, Montgomery, AL 36117 334-300-4273 • www.nationallandrealty.com Jerry Ingram-Partner • Real Estate-Commercial/Industrial
ECONOMIC INTEL UNEMPLOYMENT* AREA
Civilian Labor Force NOVEMBER P 2014
OCTOBER R 2014
Unemployment Rate
NOVEMBER R 2013
NOVEMBER P 2014
OCTOBER R 2014
NOVEMBER R 2013
Montgomery MA
162,623
163,784
165,850
5.60%
6.10%
6.00%
Autauga County
24,847
25,076
25,351
4.70%
5.30%
5.10%
Prattville City
15,903
16,032
16,162
4.20%
4.70%
4.20%
Elmore County
34,292
34,466
34,980
5.10%
5.30%
5.40%
3,802
3,885
3,843
10.40%
12.10%
10.00%
Montgomery County
99,683
100,357
101,677
5.90%
6.30%
6.30%
Montgomery City
89,235
89,827
91,001
5.80%
6.20%
6.20%
519,962
525,738
527,665
4.80%
5.20%
5.00%
87,546
88,429
88,904
6.60%
6.90%
6.90%
209,866
212,022
210,781
4.80%
5.10%
4.90%
Lowndes County
Birmingham-Hoover MA Birmingham City Huntsville MA Huntsville City Mobile MA Mobile City Alabama United States
CHAMBER NEWS
89,184
90,144
89,569
4.90%
5.20%
5.00%
177,664
179,509
181,596
6.40%
6.70%
6.80%
82,631
83,520
84,503
6.70%
7.10%
7.10%
2,108,602
2,129,341
2,123,313
5.50%
5.80%
5.80%
156,297,000
156,616,000
155,046,000
5.50%
5.50%
6.60%
MA=Metropolitan Area. pPreliminary rRevised Estimates prepared by the Alabama Department of Industrial Relations in Cooperation with the Bureau of Labor Statistics, based on 2013 benchmark. *New numbers were not available at the time of publication.
March 2015 Montgomery Business Journal
73
SALES TAX
JANUARY 2015
JANUARY 2014
YEAR OVER YEAR % CHANGE
YTD 2015
YTD 2014
Montgomery County
$4,107,867
$3,858,396
City of Montgomery
$9,866,737
6.47%
$4,107,867
$3,858,396
6.47%
$9,167,154
7.63%
$9,866,737
$9,167,154
7.63%
$61,503
$165,034
-62.73%
$61,503
$165,034
-62.73%
Prattville
$2,339,430
$2,136,020
9.52%
$2,339,430
$2,136,020
9.52%
Millbrook
$590,431
$558,455
5.73%
$590,431
$558,455
5.73%
Autauga County
$814,062
$728,003
11.82%
$814,062
$728,003
11.82%
Elmore County
$319,768
$308,667
3.60%
$319,768
$308,667
3.60%
Wetumpka
$532,139
$517,714
2.79%
$532,139
$517,714
2.79%
Pike Road
YEAR OVER YEAR % CHANGE
Sources: Montgomery County Commission, City of Montgomery, City of Pike Road, Autauga County Commission, City of Prattville, Elmore County Commission, City of Wetumpka, City of Millbrook. Note: YTD numbers are January 2014 thru current month.
74
Montgomery Business Journal March 2015
QUARTERLY REPORTS NAME PNC Financial International Paper Regions Financial McDonald’s Wells Fargo Chipotle Mexican Grill Hancock Holding Co. Southern Co. (Alabama Power) BB&T Corp. Starbucks Trustmark Corp. Wendy’s Delta Air Lines Yum Brands (KFC, Pizza Hut, Taco Bell) ServisFirst Bancshares O’Reilly Automotive Dunkin’ Brands Group Charter Communications Brinker International (Chili’s) Steris Corp. Buffalo Wild Wings
QUARTERLY REVENUES
NET INCOME
EARNINGS PER SHARE
EARNINGS ESTIMATE
YEAR-AGO REVENUES
YEAR-AGO NET INCOME
$4B
$1.1B
$1.84
$1.74
$3.8B
$1B
$5.9B
$134M
$0.32
$0.60
$5.8B
$436M
Industrial packaging revenue falls $85M to $484M
$1.3B
$195M
$0.14
$0.21
$1.4B
$219M
Commercial and industrial loans up 3% to $875M
$6.6B
$1.1B
$1.13
$1.22
$7B
$1.4B
$21.4B
$5.7B
$1.02
$1.02
$20.7B
$5.6B
$1.1B
$121.2M
$3.84
$3.79
$844M
$79.6M
$220.5M
$40.1M
$0.48
$0.58
N/A
$34.7M
$4B
$317M
$0.33
$0.39
$3.9B
$414M
$2.4B
$557M
$0.76
$0.73
N/A
$537M
$4.8B
$983.1M
$1.30
$0.80
$4.2B
$540.7M
$145.1M
$28.1M
$0.42
$0.44
$142M
$28.1M
Set all-time high with 2014 annual revenue of $578.5M
$502M
$23.3M
$0.06
$0.10
$592.4M
$33.1M
Plans to sell 500 more restaurants to franchisees
$9.7B
(-$712M)
(-$0.86)
$0.75
$9.1B
N/A
$4B
(-$86M)
(-$0.20)
$0.65
$4.2B
$321M
N/A
$15M
$0.58
N/A
N/A
$11.9M
$1.8B
$181.7M
$1.76
$1.67
$1.6B
$152M
$193.2M
$52.5M
$0.50
$0.47
$183.2M
$42.1M
$2.4B
(-$48M)
(-$0.44)
(-$0.14)
$2.1B
$39MM
$742.9M
$41.3M
$0.64
$0.68
$705.7M
$39.7M
$473.2M
$38.1M
$0.63
$0.73
$405.6M
$28.5M
$408.9M
$20.3M
$1.07
$1.11
$341.5M
$20.8M
NOTABLE Non-interest income up 7% ($113M)
U.S. comparable sales fell 1.7% Revenue increased 4% Revenue jumped 27% Revenue declined 3% Total operating expenses rose 10.5% to $3.5B Profit increased 3.7% Profit surged 82%
Lost $1.2B on fuel-hedging contracts Comparable sales in China fell 16%, but 3.4% less than expected Profit jumped 27% Comparable store sales increased 6.3% Profit rose 24.8% Revenue up 9.9% Company-owned restaurant sales up 4.9% Revenue increased 16.7% Revenue jumped 19.7%
March 2015 Montgomery Business Journal
75
HYUNDAI SALES VEHICLE
JAN 2015
JAN 2014
YTD 2015
YTD 2014
Accent
4,438
4,240
4,438
4,240
Sonata
12,363
9,815
12,363
9,815
Elantra
12,240
15,326
12,240
15,326
7,749
6,721
7,749
6,721
584
762
584
762
Santa Fe Azera Tucson
3,036
3,533
3,036
3,533
Veloster
1,302
1,821
1,302
1,821
0
1
0
1
2,573
1,459
2,573
1,459
220
327
220
327
44,505
44,005
44,505
44,005
Veracruz Genesis Equus Total
Source: Hyundai Motor America
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Montgomery Business Journal March 2015
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MONTGOMERY METRO MARKET HOME SALES JANUARY 2015
DECEMBER 2014
MONTH/MONTH % CHANGE
JANUARY 2014
YEAR/YEAR % CHANGE
STATEWIDE JANUARY 2015
Median Price
$127,700
$130,000
-1.77%
$119,500
6.86%
$115,661
Average Price
$145,151
$145,008
0.10%
$140,541
3.28%
$142,523
Units Listed
2,694
2,583
4.30%
2,686
0.30%
31,332
Months of Supply
10.9
8.7
25.29%
12
-9.17%
11.2
Total # Sales
248
296
-16.22%
223
11.21%
2,800
Days on Market
136
132
3.03%
132
3.03%
162
Source: Alabama Center for Real Estate (ACRE), The University of Alabama
BUILDING STARTS
Building Permits
Building Valuations
JANUARY 2015
DECEMBER 2014
JANUARY 2014
JANUARY 2015
DECEMBER 2014
JANUARY 2014
New Construction
83
45
17
$23,321,881
$13,993,600
$12,165,000
Additions and AlterationsÂ
96
73
45
$20,201,712
$10,992,895
$3,455,700
Others
22
45
10
$145,100
$192,800
$37,200
Total
201
163
72
$43,668,693
$25,179,295
$15,657,900
Source: City of Montgomery Building Department
March 2015 Montgomery Business Journal
77
AIR FARES Roundtrip airfare comparisons from Montgomery, Birmingham and Atlanta airports to key destinations. DESTINATION
MONTGOMERY
BIRMINGHAM
ATLANTA
Baltimore (BWI)
$321
$284
$176
Boston (BOS)
$355
$391
$210
Charlotte, NC (CLT)
$246
$216
$297
Chicago (ORD)
$386
$304
$108
Cincinnati (CVG)
$356
$334
$270
Dallas/Ft Worth (DFW)
$358
$381
$93
Denver (DEN)
$475
$452
$298
Detroit (DTW)
$321
$324
$166
Houston (HOU)
$320
$311
$160
Indianapolis (IND)
$456
$467
$138
Las Vegas (LAS)
$701
$4,571
$385
Los Angeles (LAX)
$477
$467
$367
Memphis (MEM)
$420
$463
$371
Miami (MIA)
$422
$480
$166
Nashville (BNA)
$460
$399
$308
New Orleans (MSY)
$514
$420
$250
New York (JFK)
$321
$436
$271
Orlando (MCO)
$419
$369
$148
Philadelphia (PHL)
$321
$329
$128
Pittsburgh (PIT)
$336
$338
$176
St Louis (STL)
$301
$395
$240
Seattle (SEA)
$496
$515
$376
$1,507
$1,399
$1,343
Tampa (TPA)
$400
$307
$181
Washington DC (DCA)
$376
$246
$240
Seoul (SEL)
Date of travel: March 17-22, 2015. Date of pricing: Feb. 8, 2015. Source: travelocity.com
MONTGOMERY REGIONAL AIRPORT STATS JANUARY 2015
JANUARY 2014
776
817
4,603
Enplanements
YEAR OVER YEAR % CHANGE
YTD 2015
YTD 2014
-5.0%
776
817
-5.0%
4,940
-6.8%
4,603
4,940
-6.8%
12,987
10,428
24.5%
12,987
10,428
24.5%
Deplanements
13,447
11,415
17.8%
13,447
11,415
17.8%
Total Passengers
26,434
21,843
21.0%
26,434
21,843
21.0%
Air Carrier Operations Total Operations
Source: Montgomery Regional Airport (MGM) Dannelly Field
78
YEAR OVER YEAR % CHANGE
Montgomery Business Journal March 2015
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