New study shows Hyundai has $4.8 billion economic impact in Alabama - AL.com
MONTGOMERY, Alabama -- Hyundai's auto assembly plant in Montgomery and its network of suppliers generated a $4. 8 billion economic impact in Alabama during 2014, according to a new study released today by the Korean automaker. It also shows that Hyundai and its suppliers were responsible for more than 38,000 full-time equivalent jobs in 2014, and its economic impact was equal to 2 percent of the state's real gross domestic product last year. Deravi said Hyundai is more than just a plant. He cited the multiple operations at the Montgomery facility, which produces three types of engines and the two best-selling models for Hyundai in the U. S. -- the Sonata sedan and the Elantra compact. Hyundai commissioned a similar study for 2010, which measured its economic impact at that time at $3. 8 billion. The "full-time equivalent" jobs number includes part-time jobs that have been combined for that total. Hyundai employed 3,732 full-time and temporary workers as of last year, with a $260 million annual payroll. The plant's Tier 1 and Tier 2 suppliers employed a combined 8,900 people in Alabama, with an annual payroll of. Source: www.al.com
