How to nd global infuences and opportunitiesin your local market
G L OB AL I NF L UE N C E S AND OP P O R T UNI T I E S
NATIONAL ASSOCIATION OF REALTORS
LOCAL MARKET ASSESSMENT / CASE STUDIES /ALABAMA
Sometimes global opportunity lies where people least realize—not in large, urban markets knownor being magnets to multinational organizations and immigrant communities—but in smallmetro and rural regions.Alabama is a wonderul case in point, a veritable hotbed o oreign direct investment. Its econo-my, once rooted in agriculture and textiles, has been transormed over the last 20 years into anindustrial powerhouse.
Know who lives and works in your market
The frst step is learning about the internationalcomposition o your local population. NAR’s State-by-State International Business Reports, titled
Business Data for Engaging in International Real EstateTransactions
, is a good place to get a quick snapshot at thestate level. Individual reports or each state can be oundatrealtor.org/statereports.NAR’s Alabama report, or instance, summarizes thestate’s demographics, languages spoken in the home,immigration and naturalization by country o origin, aswell as employment by oreign frms.To tap data at the county and MSA level, look to theresources o local Chambers o Commerce. For example,athsvchamber.org, the Chamber o Commerce oHuntsville/Madison County, Alabama, you’ll fnd censusdata on the region that includes the number o oreign-born and naturalized U.S. citizens, immigrant non-citizens,and demographic data sliced by zip code that can helpidentiy specifc ethnic communities.
Identiy oreign-owned employers in your area
Next, drill urther into research to fnd oreign companieswith acilities in the area. The Alabama DevelopmentOfce (ADO) website,MadeinAlabama.com, is a terrifcsource o inormation on domestic and oreign companieslocated in that state.The map displayed on page 3 rom Alabama Power’sAmazing Alabama website shows that in MadisonCounty, Alabama there are 12 Canadian, 11 Japanese,10 German and our British manuacturing locations(plus other oreign-owned acilities). That’s a lot o depthin our very dierent nations, giving an international
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By 2010, oreign investment in Alabama had exceeded $19 billion. Companies rom 30 countries now employ roughly5 percent o the state’s workorce. International companies also bring in oreign executives looking to buy real estatenear their employers’ acilities.With little knowledge o the local real estate market, or the cultural, recreational, and educational opportunities in thearea, these executives welcome assistance rom qualifed agents who can help them make major liestyle relocationchanges. In addition to purchasing residential property, relocating executives may also show interest in commercial,recreational or rental properties.It might not be immediately apparent, but numerous international opportunities may exist in your own market. Takinga closer look at your state and region could reveal a treasure trove o global business. Knowing the right places to dig isthe key. These three state case studies show you how to walk through a 6 step market assessment process to uncoveryour global opportunities.