Hyundai’s Economic Impact Report: $2.4 billion for Montgomery
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In a press conference Thursday afternoon, the Montgomery area Chamber of Commerce shared the economic impact report with the city and county officials.
Hyundai has made a 4.8 billion dollar impact to Alabama’s economy and
2.4 billion dollar impact to Montgomery’s economy.
Economics professor and author of the report Dr. Keivan Deravi says it’s the combination of an aggressive marketing campaign and aggressive quality of production.
“They made tremendous strides in terms of market share. As of 2011, their market share from about 3 percent jumped to 6 or 7 percent. There were 6 automobile manufacturers in the US in terms of market share. I think they were very pleasantly surprised,” said Deravi.
In the past 10 years, Hyundai has almost doubled its capital investment, doubled
its employment base and doubled the amount of pay role with 37 hundred employees.
“It’s those 3700 folks that live in Montgomery. They’re normal citizens buying and selling normal things. It’s the oil that runs the Montgomery economy,” said Deravi.
Mayor Todd Strange says there are many people who help make Hyundai a success for the area.
“Those team members, not only at HMMA, but all those Tier 1, 2 and 3 suppliers contribute positively to the fabric of our society here,” said Strange.
