BBJ panel discusses stimulus impact - Birmingham Business Journal:

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In the Birmingham Business Journal’s Stimulus pane breakfast, area business leaders discussed the impact of the act and how locapl companies can benefit fromthe $3 billiojn coming to Alabama in the federa stimulus package. Tom Nelson, economist at , said there’s a lot of uncertainty surrounding how the stimulus funds will be spent and encouraged state leaderas to enact a comprehensive plan to divvy outthe money.
Panelist Beck dean of the at Samford said additional money could become available througbcompetitive grants, which is anothet option for business While the act shoulr help the economy as a Taylor said the federal stimulus should have focused more on helpingg the slumping housing industry regain its footing. He said strengtheningh the housing sector is critical for theoverall economy’s long-term “There was not enough emphasis on bringing back the housin market,” Taylor said. “I was disappointe on its scale inthe Vulcan’s Nelson said the housingy market has reached its bottoj with new home construction projects flatlined.
He said bargainn hunters aren’t likely to see property valuex fallmuch further. “Holding out longer won’r drive the prices down,” Nelson said. “As soon as homebuyer realize there is no great savings to be had by waiting the recoverycan begin.” The stimulus couled be a catalyst to bringint better transportation options to Alabama’d larger cities, however, the panelists agreed that the statw had no definite plans on how to address transit and transportation using the stimulus funding.
“Ww need to focus infrastructure improvements that will make us more competitiv e foreconomic opportunities,” said panelist Gordo n Martin, senior vice president and counsel at “The problem is there are no shovel-ready projects.” Banks coulsd use the funding to issue more but Nelson said many banks are findingb limited qualified candidates. Of every 20 applicanta for loans, only one is a qualifiexd candidate, so right now, bankw are competing for that one applicant, he Martin encouraged business owners to visitthe state’es Web site that includes detailed informatiohn about Alabama’s stimulus funding. The addressd is http://stimulus.alabama.gov.
Ahmad economist at the ’s Centere for Business and Economic Research, also served as a