U.S. Senator Richard Shelby (R Ala.), a senior member of the Senate Appropriations Committee, today announced committee approval of the Fiscal Year 2010 Financial Services and General Government Appropriations bill. Included in this legislation is $1 million for the University of Alabama’s Business Development Research Project. Following today’s action by the committee, this legislation will now go to the full Senate for consideration.
“The University of Alabama’s Business Development Research Project will study current trends and future employment needs to enhance Alabama’s workforce development and spur economic growth,” said Shelby. “The comprehensive occupational data resulting from this project will be used by workforce and economic development officials who must evaluate labor supply and demand and their implications for economic development.”
The University of Alabama estimates that this research will help to sustain and raise the incomes of about 500,000 Alabama workers, with the potential to boost Alabama wages by $2 billion annually, an average of $4,000 per job. The University also projects that $142 million in state and local income and sales tax revenue might be generated as a result of this study.