New restaurant and retail operations coming in Foley and Gulf Shores

Foley and Gulf Shores are about to get three new restaurants and retail operations.

  • A new seafood restaurant will be opening in Foley in the coming months. The restaurant will be located at the corner of South Beach Boulevard and Highway 59.

  • A new retail store will be opening in Gulf Shores in the coming months. The store will be located at the corner of West Beach Boulevard and Highway 180.

  • A new coffee shop will be opening in Foley in the coming months. The coffee shop will be located at the corner of North Beach Boulevard and Highway 59.

These new businesses are expected to create jobs and boost the economy in Foley and Gulf Shores.

Medical manufacturer to shutter Alabama plant after receiving millions in incentives

Baxter Healthcare is closing its plant in Opelika, Alabama, after receiving $2.5 million in incentives from the state. The company will lay off 125 employees.

Baxter has been in Alabama for over 40 years, but the company says it is closing the plant because it is no longer profitable. The company plans to move production to Mexico.

The closure of the Baxter plant is a major blow to the Opelika economy. The plant was one of the largest employers in the city.

State Business Leaders Still Wary of U.S. Economy

The latest Alabama Business Confidence Index decreased slightly, indicating expectations for a mild drop-off from last quarter’s economic performance.

The index, which is based on a survey of Alabama business leaders, fell from 62 to 59. This is still above the national average of 55.

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Despite the decline, the index remains in positive territory, indicating that Alabama business leaders are still optimistic about the state’s economy. However, they are also becoming more cautious as they watch the national economy.

Affordability Concerns Remain as Costlier Rent Growth Slows

The average cost to rent housing across the country continues to become more expensive, but the price increases are slowing, according to a monthly rent index compiled by three colleges including The University of Alabama.

The index found that the average cost of rent in the United States increased by 6.2% in October 2023, down from 6.7% in September 2023. This is the second consecutive month that rent growth has slowed.

Despite the slowdown, rent prices are still rising faster than inflation. The Consumer Price Index, which measures the overall cost of goods and services, rose by 6.1% in October 2023.

The increase in rent prices is making it difficult for many Americans to afford housing. This is especially true for low-income Americans, who are more likely to spend a larger portion of their income on housing.

The slowdown in rent growth is a welcome sign, but it still means that rent prices are outpacing inflation. This is a trend that is likely to continue in the near future.