HBJ Jan 2024 Issue

Keeping you informed and inspired.

January 2024

VOLUME 7 • ISSUE 1

GOVERNMENT

Councilwoman Jennie Robinson Reflects on a Year of Promises Fulfilled in 2023

COVER STORY

In an exclusive interview with Councilwoman Jennie Robinson, the Huntsville Business Journal looks back on the year District 3, and the city as a whole, had in 2023 while delving into the multifaceted projects and initiatives that have shaped this remarkable year and set the stage for a promising future for both.

By Noah Logan - Page 8

WORKFORCE DEVELOPMENT

How Companies Can Win the Engineering Talent Race in the 2024 Job Market

Ever since post-2020 COVID times, small and large businesses alike have shared one common problem: staffing.

By Laura Boehringer - Page 17

ADDITIONAL STORIES • Sit Down With Success: A Conversation with Mike Wicks

By Heather Price • Page 3

• Huntsville’s Rental Craze: Are Apartments Taking Over the City?

By Laura Boehringer • Page 6

• Redstone Arsenal 2023: FBI’s Explosive Growth, NASA’s Artemis Thrust, and the Rise of a Technological Hub

By Noah Logan • Page 18

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HUNTSVILLE

BUSINESS JOURNAL Vol 7, Issue 1 January 2024 600 Boulevard South Suite 104 Huntsville, AL 35802

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Huntsville BUSINESS JOURNAL

REAL ESTATE

Real Estate Update: Insurance Premiums a Storm on the Horizon The real estate market has been buffeted by the twin perils of inflation and interest rates, with inventory issues further complicating matters.

Last month, experts sounded the alarm on another disrupting factor for the continued future: the rising cost of home insurance in a world of climate change.

At last month’s National Housing Conference’s affordable housing symposium, experts discussed the dramatic spike in insurance premiums, an increase that was directly attributable to climaterelated natural disasters.

A report from online insurance market Policygenius shows a nationwide average premium increase of 21% over the last year, with some particularly affected markets hitting an annual increase of up to 50%.

“The rising cost of insurance is an affordable housing issue,” said Thom Amdur, senior VP of policy at the investment firm Lincoln Avenue Communities.

The firm announced that it will begin collating climate risk assessment data to “de-risk” real estate portfolios and

incorporate mitigation measures within its projects. This effort is designed to blunt some of the sharp rise of insuring new projects.

However, the continued issue of affordability means that many homebuyers are purchasing homes in at-risk areas, foregoing climate risk mitigation

retrofits to existing properties, or even paying off their mortgages early so that they can “go naked” and go without housing insurance at all. Likewise, many insurance companies are canceling policies or withdrawing from markets viewed as too risky, especially in coastal markets in Florida.

By: Marie Johnson / Table courtesy of Forbes.com

Zillow senior economist Nicole Bachaud said climate risk should be weighed more heavily in future developments.

“We should be using climate as a lens of where we focus new communities,” she said. “Places that have less risk—climate havens—will become more popular as people are forced to flee places that have been damaged or where they can no longer afford to pay for the insurance on their homes. We need to be strategic in how we approach the future of housing supply and address ways to mitigate climate risks.”

Here in Huntsville, new listings and pending sales of single-family units were both down in the first week of December, by 9.7% and 10.4% respectively.

Inventory increased by 8.9%. According to climate risk assessment site ClimateCheck, Huntsville, Alabama is mostly affected by high heat and precipitation.

The Huntsville Business Journal will continue to monitor developments in the real estate market, both nationally and locally, to keep our readers informed. w

January 2024

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SIT DOWN WITH SUCCESS

A Conversation with Mike Wicks Sit Down With Success is a feature of the Huntsville Business Journal on entrepreneurs and their keys to success.

To read the full story, please visit the Huntsville Business Journal website.

Engineer and entrepreneur Mike Wicks has had a remarkable career, successfully launching and selling two defense contracting businesses, creating his own charitable foundation, and embarking on a post-retirement second career in cancer research.

In a recent conversation with the Huntsville Business Journal, the Huntsville native and Auburn University alum shared his journey, and attributed his success to three things: do something you’re good at, do something you’re passionate about, and do something the market rewards.

What did you enjoy most about owning your own business?

There’s lots of things about what we do in the Department of Defense

that you can’t change. But what you can change and control is your corporate culture. Having the freedom to do that and be able to start something from scratch that didn’t have a lot of legacy policies and rules was so refreshing to me.

What was unique about the culture you created at your companies?

We went by this philosophy that we’re not going to have a lot of rules because rules are things that somebody else thinks are important and that get imposed on you. A standard is something I think is important, and it comes from within. If you can get people to agree to what the standards of our company are going to be, then it doesn’t feel like a rule.

That made all the difference in the world because everybody signed up for our standards.

What is the Wicks Family Foundation and what is its purpose?

That is just our way to continue

to give back. We look for things that make Huntsville unique and things that help employers attract great talent to this area.

How do you balance career and personal life?

Surround yourself with the people who are good at things that you’re not. That relieves the pressure. Learn to delegate. Nobody has to do everything as long as everybody is doing something.

What advice do you have for entrepreneurs?

Be open to change. Change is inevitable. Growth is optional. You don’t know everything. I certainly didn’t. Find a mentor. Learn from their mistakes and their successes.

What would you say is the secret to your success?

For me, it’s to do something you’re good at. Why did I want to be an engineer? Well, it came pretty naturally to me. Do something you’re passionate about. I like the engineer-

By: Heather Price / Photo by Steve Babin

ing stuff, but I really love defending our country. And then do something that you know that the market is rewarding. When I figured that out and how to do all three of those things at one time, that to me was the secret. w

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Huntsville BUSINESS JOURNAL

Subsidiary of EVENT Publishing

President /Publisher……………………………………… Todd Stephenson Editor………………………………………………………………… Gus Wintzell Writers…………………………………………………………Laura Boehringer Marie Johnson Noah Logan Heather Price Contributing Writers……………………………………… Alexander Duck, II Carl Holden Graphic Design ………………………………………………… Justina Simon Amy Pearson Website……………………………………………………………… Jim Gharib Photographers…………………………………………………… Steve Babin Justina Simon Director of Sales ……………………………………… Carolyn Stephenson Distribution……………………………………………………… Glenda Mace Huntsville Business Journal is published monthly by EVENT Publishing,

PO Box 14219, Huntsville, AL 35815.

For advertising information call 256.533.8078, e-mail todd@eventhuntsville.com, or visit us on the web at www.huntsvillebusinessjournal.com For editorial information contact editor@huntsvillebusinessjournal.com ALL CONTENTS ©2024. ALL RIGHTS RESERVED. REPRODUCTION OR USE IN WHOLE OR IN PART OF THE CONTENTS WITHOUT THE PRIOR WRITTEN PERMISSION OF THE PUBLISHER IS PROHIBITED. HUNTSVILLE BUSINESS JOURNAL IS A REGISTERED TRADEMARK OF EVENT PUBLISHING. ALL RIGHTS RESERVED. UNSOLICITED PHOTOGRAPHS OR ARTICLES ARE SUBMITTED AT THE RISK OF THE PHOTOGRAPHER OR AUTHOR. EVENT PUBLISHING ASSUMES NO LIABILITY FOR THE RETURN OF ANY UNSOLICITED MATERIALS AND MAY USE THEM AT ITS DISCRETION.

January 2024

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SMALL BUSINESS

Small Businesses Brace as Corporate Transparency Act Showdown comes to a Head in Downtown Huntsville Courts In 2021, the Corporate Transparency Act (CTA) was introduced with the aim of bolstering transparency in entity structures and ownership to combat financial crimes.

However, as the January 01, 2024 effective date has come, businesses are scrambling to understand and comply with its provisions. Initially overlooked by accounting professionals, the Corporate Transparency Act, which will require nearly every small business in the U.S. to give the Financial Crimes Enforcement Network (FinCEN) identifying information of its owners, is now under intense scrutiny as companies endeavor to grasp its implications for their operations and navigate the intricate reporting requirements.

“The goal of the CTA is to stem money laundering.

So it’s a good goal, and certainly we support and stop money laundering,” Arguments were heard against the CTA starting last month with National Small Business Association (NSBA) v. Yellen at the North Alabama U.S. District Court in the heart of downtown Huntsville.

Molly Day, Vice President of Public Affairs for the National Small Business Association, spoke with the Huntsville Business Journal regarding the Association’s arguments against the CTA. “The goal of the CTA is to stem money laundering. So it’s a good goal, and certainly we support and stop money laundering,” she began. “But essentially what they’re doing is requiring businesses to report on themselves to any beneficial owners. Typically, when you think of a beneficial owner or owner, you think of equity in the company, and some kind of financial state, but the way the regulations and Treasury define these terms are really vague and really broad.”

To better explain the current situation and some of the more vague concepts, Day gave an example of how the CTA works.

“Let’s say your mom is an accountant and you’re starting a business and you’re asking her for advice on if you should start an LLC or an S Corporation, or how do you want to set up a business and then all kinds of other accounting questions. Under the law and under the regulations as we read it, she could reasonably be considered a beneficial owner even though she doesn’t have a stake in the business.

She doesn’t have any equity ownership.

She doesn’t have a financial stake in it.

She’s exerting influence and control over the business,” clarified Day. As explained by Day, any business who doesn’t disclose personal information such as name, address, and date of birth for everyone who is considered to be a “beneficial owner,” starting in January 2024, will be subjected to a fine.

“So the issue for us is that if you’re a small business owner, you’re going to have to start thinking about all these people. Do I need to report on my mom who’s the accountant or do I need to report on this business consultant who has come in and helped us a little bit here and there but they’re not really an owner of the company. It can

“But essentially what they’re doing is requiring businesses to report on themselves to any beneficial owners.

Typically, when you think of a beneficial owner or owner, you think of equity in the company, and some kind of financial state, but the way the regulations and Treasury define these terms are really vague and really broad.” take a lot of time and it can take a lot of money to get this all figured out. So it’s a huge burden on small businesses,” said Day. However, who will feel the impact of these legal changes?

A recent Small Business Administration report revealed that 27,104,006 small businesses, categorized as “nonemployer firms” with no employees, are the primary focus of the Corporate Transparency Act. Designed to enhance transparency, the Act necessitates the reporting of Beneficial Ownership Information (BOI) for these smaller businesses.

The Act classifies reporting com-

By: Noah Logan / Photo by Gus Wintzell

panies as either domestic or foreign entities. Domestic reporting companies encompass corporations, LLPs, or any entity formed under state or tribal laws. Foreign reporting companies are those formed under foreign law but registered to conduct business in the U.S. Exemptions exist for specific entities, including securities issuers, domestic governmental authorities, and banks.

Reporting companies span various structures, such as limited liability partnerships, limited liability limited partnerships, and business trusts. Notably, securities issuers, domestic governmental authorities, and banks fall outside the reporting scope.

A crucial facet of the Corporate Transparency Act is the identification of beneficial owners, individuals who either exercise substantial control over a reporting company or own/control at least 25% of its ownership interests.

This dual-category approach aims to close loopholes and ensure comprehensive identification. Beneficial owners must furnish FinCEN with personal details, a recognized identifier, and a photo of the relevant document.

Company applicants, responsible for filing documents that create or register an entity, can only be the individual initiating the filing or one primarily directing or controlling the filing. Accounting professionals may find themselves involved in advisory roles related to company applicants, although the Act does not mandate reporting their information.

As the countdown to January 1, 2024 continues, businesses are turning to professionals for guidance on navigating the intricacies of the Corporate Transparency Act, creating a unique opportunity for accounting firms and tax professionals to play a pivotal role in compliance efforts.

At this time, arguments are still being heard over the legality of this process based on First, Fourth, and Fifth Amendment rights. The Huntsville Business Journal team will continue to provide updates as necessary. w

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Huntsville BUSINESS JOURNAL

HOUSING

Huntsville’s Rental Craze: Are Apartments Taking Over the City?

Over the past few years, a variety of changes have happened in North Alabama that have altered the landscape of the Rocket City. Once a rather quiet, smaller southern city, Huntsville has experienced an explosive influx of people.

The catalyst for such population demographics in Huntsville, which surpassed the population of Birmingham back in 2021, depends upon a variety of factors: the growth in tech-sector and engineering jobs, the extreme affordability of the city (especially in the case for family growth), and an award-winning high quality of life, to name a few.

This rapidly changed the dynamics of the city, especially in the case of housing and the Real Estate market, which expanded between 2021-2023.

The cost of homes, and the number of home sales, increased to accommodate such a dramatic increase in population numbers. Alongside Real Estate sales came the development of new rental properties and, most notably, apartment buildings.

These new apartments have not often translated well to long-time residents of the city. A quick peruse through social media or interviews online with news channels reveals many a disgruntled Huntsville citizen left with one question: Why are there so many darn apartments showing up all over the city?

A short drive through any part of Huntsville serves as a reminder of the city’s economic success; the buzz of new construction, especially of apartments, raises questions of whether all the new units will fill quickly and if single-family housing is falling out of favor. Many people are wondering if all these new apartments are necessary at all.

However, are useless apartments really taking over the city as fast as many Huntsvillians claim them to be?

At a cursory glance, Huntsville’s multi-family developments appear to be more prominent than new singlefamily housing. In reality, according to Manager of Urban & Long Range

Planning Dennis Madsen, this might not necessarily be the case.

Madsen explained, ironically, that 2023 isn’t even a record year for apartment construction.

“They’re simply becoming more noticeable because single-family construction is more spread out through the city,” said Madsen.

Consistent housing growth is present across the board, both in terms of housing types and locations within the city. Madsen noted that even though this development looks unusually fast, Huntsville’s growth is consistent with trends of over a decade. Madsen also said he does not anticipate population growth resulting from growing housing options will cause the city problems beyond typical growing pains.

“We’ve done a pretty decent job staying on pace with a lot of that development, and a lot of times development will see new infrastructure coming in and development will follow that infrastructure or come in on the heels of that infrastructure.

So, the fact that we’ve been making those investments really, pretty much in every direction around the city is the reason that you see development occurring in almost every direction around the city,” Madsen said.

For the next several years, Mad-

sen said, Huntsville will likely see the peak of multifamily construction, but he also explained the difficulty of pre-

By: Laura Boehringer / Photos by Gus Wintzell

dicting that with any certainty as multifamily development is also influenced by national need, rather than just local, making it far more volatile than singlefamily housing.

“We have been producing singlefamily housing on a fairly steady basis for the last couple of decades, right: usually around 1000 units or more a year of single-family housing. Whereas with multifamily, in the past couple of decades, we’ve had years where no units were put on the ground. And then in the last couple of years, you’ve had

January 2024

HOUSING

over 1,000 units put on the ground.

So, multifamily does bounce up and down a lot more than single family,” Madsen said.

Further, building permits are often registered to projects that may take several months or years to begin construction as private developers keep watch of absorbency rates to determine the best time to build.

In some cases, rather than take the projects on, developers will choose to simply sell the property. Madsen explained that that period of waiting does not indicate disinterest in development in Huntsville, but issues of timing on the developers’ ends.

Shane Davis, Director of Urban and Economic Development, echoed these sentiments. Davis pointed out that Huntsville’s 2022-2023 apartment growth was only the fourth largest increase in rental units over the past four decades, with the 1980s and 1990s ringing in the top two decades. Davis also pointed out that, even though Huntsville has seen an increase of more than 5,000 multi-

family units over the past four years, around 85% of these units are currently occupied.

“What this number means is that not only are these new apartments filling an important housing gap, they are indeed necessary for the growth of the city. For anyone asking about the number of units and apartment buildings, the answer is simple: the housing and rental market is responding to the basic principle of Supply and Demand,” said Davis.

Another major point that both Madsen and Davis leaned on was the visibility of the new apartments.

“The reason that so many people think that there are more apartments is because they are more visible. Style matters here, and makes a huge difference. Older apartments in Huntsville were built out, not up. Apartments today are built higher, and are more visible on the skyline,” argued Davis.

And, according to both representatives, this trend will most likely continue. w

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Huntsville BUSINESS JOURNAL

GOVERNMENT

Councilwoman Jennie Robinson Reflects on a Year of Promises Fulfilled in 2023 In an exclusive interview with Councilwoman Jennie Robinson, the Huntsville Business Journal looks back on the year District 3, and the city as a whole, had in 2023 while delving into the multifaceted projects and initiatives that have shaped this remarkable year and set the stage for a promising future for both.

When asked how she would describe the year for her district if she only had a few words, her answer would end up as a recurring theme for the duration of our conversation.

“I think in the district, and also across the city, the theme I would use is keeping promises,” Robinson answered.

Fortunately, we weren’t limited to a few words. From the Sandra Moon Complex to the continued success of The Orion, Robinson broke down the developments that highlighted the year.

The Sandra Moon Complex: A Convergence of Vision and Progress The Sandra Moon Complex has been a cornerstone of District 3’s development. Councilwoman Robinson emphasized the strategic planning that had been ongoing for years, noting that 2023 has seen these plans materialize in unprecedented ways. Additionally, the Arts Council is preparing to move into offices within the complex, breathing life into a project that many believed would face insurmountable challenges.

The unexpected progress in designing an auditorium, an element initially deemed unlikely, demonstrated

the resilience of the community and its commitment to cultural enrichment.

Councilwoman Robinson shed light on the challenges faced during the complex’s development, from HVAC and electrical issues to the unforeseen impact of the COVID-19 pandemic.

Despite setbacks, the determination to meet promises prevails, as multiple performing arts organizations, including the Huntsville Community Chorus and the Huntsville Youth Orchestra, will move into the complex before the end of the year.

State Docks Transformation: A Riverside Entertainment Hub Emerges Another groundbreaking initiative that has garnered attention is the transformation of the State Docks into an

entertainment venue. Councilwoman Robinson walked us through the journey, emphasizing the collaboration between the city and county to address logistical challenges.

By: Noah Logan / Photos courtesy of Huntsville/Madison County Convention and Visitor’s Bureau and Crunkleton Commercial Real Estate

“Commissioner Riddick made his announcement of the county’s investment that is going to put two restaurant spaces down there as well as a wonderful entertainment venue, taking the old state docks 30,000 square feet and turning that into an performance venue that will have seating for hundreds of people at the outside stage,” she explained.

The promise of two restaurants and a performance venue, along with an outdoor stage, is poised to breathe new life into an area once deemed inaccessible due to the lack of proper access roads. The county’s investment and the city’s commitment to infrastructure developments signal a turning point, challenging preconceived notions about what can be achieved.

Hayes Farm: Groundbreaking Progress in Community Development

January 2024

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GOVERNMENT

Hayes Farm has been a focal point of discussions for a decade, and 2023 has witnessed significant strides. Breaking ground on office spaces and ongoing revisions for the city park underscore the commitment to the multifaceted development of South Huntsville.

The imminent availability of rental properties, including townhouses and Class A apartments, demonstrates a tangible impact on community living when housing demands are at a height. The involvement of key stakeholders, such as Freedom Real Estate and Camden Investments, spoke to the collaborative effort needed to turn expansive promises into reality.

New City Hall: A Modern Hub for Efficient Civic Interaction The construction of a new City Hall emerges as a transformative development, promising streamlined interactions for citizens conducting business with the city. Councilwoman Robinson detailed the innovative design, with separate entrances for public meetings and business interactions.

Robinson also mentioned the creation of a dedicated business hub that aims to enhance efficiency and accessibility, consolidating various departments under one roof.

The Orion Amphitheater: A Community Hub in Action Councilwoman Robinson reflected on the success of The Orion Amphitheater, initially met with skepticism about potential exclusivity. The Amphitheater has evolved into a genuine community venue, hosting events

Photo by Justina Simon

that cater to diverse audiences. From general admission concerts to community-wide Halloween events, The Orion has become a cultural hub that has defied initial expectations.

“This success highlights the city’s adaptability and its commitment to providing spaces that genuinely serve the community. The Amphitheater stands as a shining example of turning potential challenges into opportunities for community engagement,” said Robinson.

Looking Forward to 2024: Realizing Promises and Fostering Community Spirit As the interview came to a close, Councilwoman Robinson shared her vision for 2024, expressing optimism about the realization of promises and tangible progress in ongoing projects.

“I think 2024 will be the year in

which we continue on the progress made in 2023 and start making the promises real,” she predicted. “It’s going to be where everything starts coming up out of the ground, maybe even opening some things. We’ll start to really see the

vision come together and take shape.”

The collaborative spirit that defined 2023 is expected to continue, hopefully fostering a sense of community that transcends individual projects. w

SPONSORED CONTENT

Sentar Named #1 Best Company to Work for in Alabama Sentar Inc. (Sentar), a womenowned small business specializing in advanced cyber intelligence solutions and technology, has announced that the company has been awarded first place in the 2023 Best Companies to Work for Alabama in the Large Company category.

In partnership with Best Companies Group (BCG) and Business Alabama, this survey-and-awards program was designed to identify, recognize, and honor the best companies to work for in the state of Alabama through a research-based evaluation focused on how organizations work, the programs they offer, the benefits they provide, and most importantly, that they gather feedback from employees.

With roughly 25% of their employees in Huntsville, Sentar’s culture is centered on empowering their employees to succeed; an “open door” environment between leadership and employees, a passion for charitable giving, and a dedication to employee advocacy is paramount to the company’s success in achieving its mission of

protecting national security assets.

“Every Sentar team member has contributed to our collective efforts in achieving this significant milestone of being awarded the Best Company to Work for in Alabama,” said Bridget McCaleb, Catalyst & CEO of Sentar.

“As we approach the 34th anniversary of Sentar’s founding, we’d also like to acknowledge the impact of our Huntsville partners and customers who better enable our success.”

Sentar was recognized along with the state’s other winning employers at the Best Companies to Work for in Alabama ceremony on December 4, 2023 in Birmingham, Alabama.

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Huntsville BUSINESS JOURNAL

AI TALKS

The Evolution of Employment: AI’s Impact on Jobs in 2024

Fired and Rehired in a Week - Only in AI

As we step into 2024, the role of artificial intelligence (AI) in the job market is becoming increasingly prominent. The rapid advancement of technology has led to the integration of AI into various industries, revolutionizing the way we work. While AI offers numerous benefits, it also raises concerns about its potential to replace certain jobs and reshape the employment landscape.

Automation and Job Displacement: One of the primary ways AI is set to impact the job market in 2024 is through automation. Tasks that are routine, repetitive, and rule-based are increasingly being handled by AI systems, leading to increased efficiency and reduced costs for businesses.

However, this automation trend comes at a cost for certain job sectors, as r outine tasks in manufacturing, customer service, and data entry, for example, are being taken over by intelligent machines.

AI is likely to transform the nature of work rather than simply replace it entirely. While some jobs may be automated, new opportunities may emerge in areas that leverage human skills such as creativity, critical thinking, emotional intelligence, and complex problem-solving—areas where AI currently falls short.

The transition, however, may be challenging for some individuals and industries. Displacement of jobs due to automation is a concern, and there’s a need for policies and strategies to reskill and upskill the workforce to adapt to the changing job landscape.

The Rise of AI in Decision-Making: AI’s ability to process vast amounts of data and generate insights is reshaping decision-making processes across industries. In fields such as finance, healthcare, and marketing, AI algorithms are being employed to analyze data, make predictions, and

Have you worked for any company in which your CEO was fired and brought back in the same week and you had no idea why? This kind of event in business simply doesn’t happen. If you haven’t heard, the board at OpenAI fired its CEO, Sam Altman, through an incredibly tightlipped and vague coup. Instead of getting their way, some of the board was removed and Sam Altman was placed back on top, albeit with a few limitations placed on him this time.

It’s being compared to the “Steve Jobs” moment for AI. That was different. In 1985, Jobs couldn’t get along with the CEO and several others in the company. The board did not remove him but eliminated some of his pull within specific departments. Lots of employees didn’t like Jobs. He then left afterward, not to return for almost a decade. It probably took that long just for things to smooth over.

Instead, this is a “Sam Altman” moment for AI. The infamous statement from the board is as follows: “Mr. Altman’s departure follows a deliberative review process by the board, which concluded that he was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities… The board no longer has confidence in his ability to continue leading OpenAI.” In a swirl of drama, over 90% of the OpenAI staff said they would leave if Altman were permanently removed. Then, offers for everyone, Altman included, were made by Microsoft to bring the whole company over. Rumors began to swirl that maybe OpenAI had cracked Artificial General Intelligence (AGI) and the world, especially the board, wasn’t ready.

As quickly as he was fired, Sam Altman was reinstated and a new board was placed at OpenAI. It was all so weird and unusual that I can’t shake the possibility that it might have all been an incredibly genius PR stunt to pump up the value of OpenAI. I know of no CEOs that have ever had almost all of their employees willing to fall on the sword for them. Steve Jobs is a beloved name in tech but apparently a less-than-desirable boss.

There’s so much more to this story that is still unfolding, but rather than chase

By: ChatGPT

inform strategic decisions. While this enhances the speed and accuracy of decision-making, it may also lead to a decrease in demand for certain roles that traditionally involved data analysis and interpretation.

Job Transformation and Skill Shift: While AI is expected to automate certain tasks, it also brings about a transformation in job roles. Many experts argue that AI will not necessarily eliminate jobs but will rather shift the skill requirements for existing roles.

Jobs that involve creativity, emotional intelligence, complex problem-solving, and critical thinking are less likely to be fully automated. Instead, there will be an increasing demand for individuals who can collaborate effectively with AI systems, manage and interpret data, and adapt to evolving technologies.

The Need for Skill Development: As AI continues to evolve, the demand for a highly skilled workforce is escalating. To remain competitive in the job market of 2024, individuals will need to adapt and acquire new skills that complement AI capabilities.

Skills such as programming, data analysis, and digital literacy will become increasingly valuable, as will softer skills like adaptability, creativity, and emotional intelligence.

Conclusion: AI’s impact on jobs in 2024 is a double-edged sword. While it brings about increased efficiency and innovation, there are concerns about job displacement and the need for a workforce that can keep pace with technological advancements. The key lies in proactive skill development and a commitment to lifelong learning.

Rather than fearing job loss, individuals and businesses can harness the potential of AI to create new opportunities and reshape the employment landscape in ways that benefit both workers and the economy. w

By: Carl Holden

Carl Holden, Creative Director of Zellus Marketing

the drama, I’d like to talk about the bigger picture of next year instead.

There are forces at play here that are reaching critical mass. Techopedia reports that 25% of all startup investment was in AI companies. The rules we are used to are being rewritten every single day. The reason for Sam Altman’s removal may remain a mystery for some time. The reality is that one of the world’s most viral companies is being very opaque.

AI will be a bigger deal next year, even more than last year. This is just the beginning. As mentioned in my previous article, the Executive Order on AI shows that even the government knows it needs to be using it. Will Alabama seize the day, or will we again show up on the back half of a potential VentureBeat article titled “Which States are Capitalizing on the New AI Economy?”

Regardless of our state’s adoption in 2024, you are going to start hearing people say, “AI took some of my work.” Or worse, their job may be eliminated. Translation, data entry and content writers seem to be the first jobs being adversely affected at scale.

The craziness of what we’ve seen this year will likely be even crazier next year. It’s an election year and only the second full year of AI as a consumer product. Seeing a high-profile CEO fired and rehired in a week may pale in comparison to the AI events of the next 12 months. Buckle in, folks; it’s about to get weird… I wish you a Happy Holidays and a crazy new year! w

“AI Talks” is a new series from the Huntsville Business Journal on Artificial Intelligence and its applicability to the world of business. Each month, HBJ plans on bringing you interesting topics led by our new contributing expert writer, Carl Holden. This series will also introduce another new “writer” to our journal: Artificial Intelligence itself. Using Chat Generative Pre-trained Transformer (ChatGPT), we plan on bringing our readers an “article” written directly by AI. While AI cannot currently write a news article with fully original sources, this series hopefully will introduce our readers to the nuances of Artificial Intelligence in the modern age of business.

January 2024

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Huntsville BUSINESS JOURNAL

BEST OF HUNTSVILLE

BEST ATTRACTIONS

WINNER Downtown Huntsville Runner-Up Huntsville Botanical Garden

BEST DJ SERVICES

WINNER Steve Metz - Metropolitan DJ

www.metropolitandiscjockey.com

Runner-Up America’s Party Pros

BEST FESTIVALS

WINNER Tinsel Trail Big Spring Park www.tinseltrail.com Runner-Up Panoply Arts Festival

BEST GOLF COURSES WINNER Robert Trent Jones Hampton Cove

www.rtjgolf.com/hamptoncove

Runner-Up Huntsville Country Club

BEST HOTELS

WINNER 106 Jefferson www.106jefferson.com Runner-Up The Westin

BEST MOVIE THEATERS

WINNER Cinemark Bridge Street www.bridgestreethuntsville. com/movies Runner-Up AMC Valley Bend

BEST LOCAL BANDS

WINNER Microwave Dave & The Nukes Runner-Up JUICE

BEST MUSEUMS

WINNER U.S. Space & Rocket Center www.rocketcenter.com Runner-Up Huntsville Museum of Art

BEST MUSIC VENUES

WINNER Orion Amphitheater www.theorionhuntsville.com Runner-Up Mark C. Smith Concert Hall Von Braun Center Concert Hall

BEST TOURIST DESTINATIONS

WINNER U.S. Space & Rocket Center www.rocketcenter.com Runner-Up Rocket City Trash Pandas

BEST PERFORMING ARTS WINNER VBC Playhouse www.vonbrauncenter.com Runner-Up Theatre Huntsville

BEST WEDDING & EVENT VENUES

WINNER Burritt on the Mountain

www.burrittonthemountain.com

Runner-Up Huntsville Botanical Garden

BEST DAY SPA

WINNER Cabana Wax www.cabanawaxstudio.com Runner-Up Terramé Salon & Spa

BEST DENTISTS / ORTHODONTISTS

WINNER Limbaugh Orthodontics Dr. Lindsay Limbaugh www.limbaughortho.com Runner-Up Pediatric Dental Associates

BEST DERMATOLOGISTS WINNER Advanced Dermatology Dr. Patricia Wilson

www.advanceddermatologyhsv.com

Runner-Up Southeastern Skin Cancer & Dermatology

BEST EYE CARE

WINNER The Eye Center www.eyecentersurgeons.com Runner-Up R City Eye Care

BEST MAKEUP ARTISTS WINNER Nancy Finnegan

https://book.heygoldie.com/ Nancy-Finnegan-MUA

Runner-Up Olivia Sparks

BEST PEDIATRICIANS

WINNER Huntsville Pediatric Associates - Dr. Kevin Ellis www.huntsvillepediatrics.com Runner-Up Cornerstone Pediatrics Dr. Brassert

BEST FITNESS / GYMS WINNER F45 Training

www.linktr.ee/f45westhuntsville

Runner-Up Burn Boot Camp - Jones Valley

BEST NAIL SALONS

WINNER Classy Nails www.valleybend.com/store /classy-nails Runner-Up Terramé Day Spa & Salon

BEST GENERAL PRACTITIONERS

BEST OB / GYNS

BEST HAIR SALONS

BEST PLASTIC SURGEONS

WINNER Innova Primary Care www.innovaprimarycare.com Runner-Up Dr. Christopher Puckett, DO WINNER Terramé Salon & Spa www.terrame.com Runner-Up Terrabacio Salon

WINNER Tennessee Valley OB/GYN Dr. Sharon Callison www.tvobgyn.com Runner-Up Women 4 Women OB/GYN WINNER Dunagan, Yates & Alison Dr. Alison & Dr. Yates www.dyaplasticsurgery.com Runner-Up Weaver Plastic Surgery Dr. Tony L. Weaver

January 2024

BEST OF HUNTSVILLE

BEST CHIROPRACTORS / HOLISTIC MEDICINE

WINNER P3 Chiropractic & SportsCare

www.P3ChiroandSportsCare.com

Runner-Up Max Health

BEST BAKERIES

WINNER Edgar’s Bakery www.edgarsbakery.com Runner-Up Mason Dixon Bakery

BEST BARS

WINNER The Open Bottle www.liquorexpress.net Runner-Up The Furniture Factory

BEST BREWERIES

WINNER Straight To Ale www.straighttoale.com Runner-Up Yellowhammer Brewery

BEST CATERERS

WINNER Mason Dixon Bakery www.masondixonbakery.com Runner-Up Taco Mama

BEST FOOD TRUCKS

WINNER Taqueria El Cazador www.stovehouse.com /tenant/taqueria-el-cazador/ Runner-Up Vujee Vegan

BEST COFFEE SHOPS

WINNER - TIE Angel’s Island Coffee www.angelsislandcoffee.net WINNER - TIE Honest Coffee Roasters www.honesthsv.coffee Runner-Up Gold Sprint

BEST PIZZERIAS

WINNER Sam & Greg’s Pizzeria www.samandgregs.com Runner-Up Big Ed’s Pizza

BEST RESTAURANTS BARBECUE

WINNER LawLers Barbecue www.lawlersbarbecue.com Runner-Up Boarhog’s Barbeque

BEST RESTAURANTS AMERICAN

WINNER Jack Brown’s Beer & Burger Joint www.jackbrownsjoint.com Runner-Up Baumhower’s Victory Grille

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Huntsville BUSINESS JOURNAL

BEST OF HUNTSVILLE BEST RESTAURANTS ASIAN

BEST MASONRY CONTRACTORS

WINNER Ding How II

WINNER Presidential Concrete Runner-Up Luna Masonry

www.facebook.com/Dinghow2

Runner-Up Viet Cuisine

BEST GENERAL CONTRACTORS

BEST RESTAURANTS GERMAN WINNER Ol Heidelberg Café www.olheidelberg.com Runner-Up Hildegard’s German Cuisine

BEST RESTAURANTS SEAFOOD

BEST ARCHITECTS

WINNER Chapman Sisson Architects www.chapmansisson.com Runner-Up Fuqua & Partners Architects

WINNER Bonefish Grill www.bonefishgrill.com Runner-Up Cajun Steamer Bar & Grill

BEST CLEANING SERVICES

BEST RESTAURANTS INDIAN

www.cleanbrightcrew.com Runner-Up Norma’s House Cleaning

WINNER Sitar Indian Cuisine

www.sitarindianhuntsville.com

Runner-Up The Curry Modern Indian

BEST RESTAURANTS ITALIAN

WINNER Carrabba’s Italian Grill www.carrabbas.com Runner-Up Amerigo Italian Restaurant

BEST RESTAURANTS MEXICAN

WINNER Phil Sandoval’s www.philsandovals.com Runner-Up Little Rosie’s Taqueria

BEST RESTAURANTS UPSCALE WINNER Char

www.huntsville.charrestaurant.com

Runner-Up Connors Steak & Seafood

WINNER

Clean Bright Cleaning Services

BEST FLOORING CENTERS WINNER Haley’s Flooring & Interiors www.haleysflooring.com Runner-Up Tile & Stone Market

BEST FURNITURE / HOME DÉCOR

WINNER Haley’s Flooring & Interiors www.haleysflooring.com Runner-Up Reflections Home Furnishings

BEST GARDEN CENTERS

WINNER Bennett Nurseries www.bennettnurseries.com Runner-Up The Greenery

BEST HVAC CONTRACTORS

WINNER Comfort Control Systems www.comfortcontrolal.com Runner-Up Craig Comfort Control

BEST LAWN CARE / LANDSCAPING

WINNER Alabama Lawn Management

www.alabamalawnmanagement.com

Runner-Up Happy Hippie

BEST PAINTING CONTRACTORS

WINNER Luxe Home Painting www.luxehomepainting.com Runner-Up Five Star Painting

WINNER Bret Slaton Home Restoration & Remodeling www.bretslaton.com Runner-Up Woodland Homes of Huntsville

BEST PLUMBING CONTRACTORS

WINNER J Henry Plumbing www.jhenryplumbing.com Runner-Up Scott Plumbing

BEST PEST CONTROL WINNER Cook’s Pest Control www.cookspest.com Runner-Up Waynes Pest Control

January 2024

BEST OF HUNTSVILLE

BEST BOOKSTORES

BEST GIFT SHOPS

BEST BOUTIQUES

BEST JEWELRY STORES

WINNER Barnes & Noble www.barnesandnoble.com Runner-Up Snail On The Wall WINNER Elitaire Boutique www.elitaireboutique.com Runner-Up Shoe Fly Clothing

BEST CAR DEALERSHIPS

WINNER Hiley Audi, Mazda, Volkswagen www.audihuntsville.com Runner-Up Century Automotive Group

BEST BRIDAL SHOPS

WINNER Birch On Main www.birchonmain.com Runner-Up David’s Bridal

BEST FLORISTS

WINNER In Bloom www.inbloomhuntsvilleal.com Runner-Up Albert’s Flowers

BEST FARMERS MARKETS

WINNER Greene Street Market www.greenestreetmarket.com Runner-Up MidCity Market

BEST GROCERY STORES WINNER Publix www.publix.com Runner-Up Trader Joe’s

WINNER Mojana Soaps www.mojanasoaps.com Runner-Up Sweet Pineapple WINNER Donny’s Diamond Gallery

www.donnysdiamondgallery.com

Runner-Up Osborne’s Jewelers

BEST PET STORES

WINNER Hollywood Feed www.hollywoodfeed.com Runner-Up Pet Smart

BEST TOY STORES

WINNER Learning Express www.learningexpress.com Runner-Up The Toy Place

BEST MEN’S CLOTHING WINNER Belk www.belk.com Runner-Up Roosevelt & Co.

BEST SPORTING GOODS WINNER Academy Sports www.academy.com Runner-Up Dick’s Sporting Goods

BEST ACCOUNTING FIRMS

BEST BANKS /

WINNER CREDIT UNIONS Anglin Reichmann Armstrong PC WINNER www.anglincpa.com Redstone Federal Runner-Up Credit Union Warren Averett www.redfcu.org Runner-Up BEST ATTORNEYS Merit Bank WINNER Russ Munger, Attorney at Law BEST DRY CLEANERS www.russmunger.com WINNER Runner-Up Carriage Cleaners Wolfe, Jones, Wolfe, Hancock, Runner-Up Daniel & South, LLC Gates Cleaners

15

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Huntsville BUSINESS JOURNAL

BEST OF HUNTSVILLE

BEST DAY CARE

WINNER Ardent Preschool & Daycare www.ardentpreschool.com Runner-Up First Baptist Church - Heart of the Valley Kids

BEST INSURANCE COMPANIES

WINNER State Farm - Diana Lockmiller www.dianaismyagent.com Runner-Up ALFA Insurance Chastity Schrimsher

BEST NON-PROFIT ORGANIZATIONS WINNER Kids to Love www.kidstolove.org Runner-Up Raising Men Lawn Care Service

BEST PHOTOGRAPHERS

WINNER Ashley Lowder Photography

www.ashleylowderphotography.com

Runner-Up Taylor Harris Photography

BEST SCHOOLS

WINNER Mt. Carmel Elementary www.mcssk12.org/Domain/24 Runner-Up Jones Valley Elementary

BEST VETERINARIANS

WINNER Towne Park Animal Hospital www.towneparkpets.com Runner-Up Animal Care Clinic

BEST MARKETING FIRMS

WINNER SweetWater Marketing www.sweetwaterglobal.com Runner-Up Bold Agency

BEST AUTO REPAIR SHOPS

WINNER Christian Brothers Automotive www.cbac.com Runner-Up Kevin’s Auto Repair

BEST REAL ESTATE – RESIDENTIAL

WINNER Amanda Howard Sotheby’s International Realty

www.amandahowardrealestate.com

Runner-Up Capstone Realty

BEST REAL ESTATE – COMMERCIAL

WINNER Capstone Realty www.choosecapstone.com Runner-Up Crunkleton Commerical Real Estate

January 2024

17

WORKFORCE DEVELOPMENT

How Companies Can Win the Engineering Talent Race in the 2024 Job Market Ever since post-2020 COVID times, small and large businesses alike have shared one common problem: staffing.

From catering businesses to engineering firms, “We Are Hiring” signs and online posts seem to be a commonplace occurrence, especially in the Rocket City. This led to what Forbes dubbed as an “employee driven labor market” back in 2022, alluding to the fact that prospective job seekers have more leeway when it comes to picking jobs they want to work. This has led to increased and competitive salaries, higher benefits, and more vacation time, with very little room for employers to bargain.

And, while the job market certainly has shifted more towards the “norm” towards the end of 2023, many companies find themselves still plagued with staffing issues.

One career field that is reaping the benefits is engineering, and Huntsville-based engineers are taking full advantage.

With job offers pouring in from all directions, Huntsville engineers are in high demand as Huntsville has more open positions than candidates to fill them. While that proves an obstacle for hirers, it puts engineers in an excellent position.

According to the Society of Women Engineers (SWE), engineering is one of the highest growing industries in the nation for career development. Occupations projected to grow over the next ten years include computer and information scientists, chemical engineers, industrial engineers, and biomedical engineers.

According to SWE, full-time aerospace engineers totaled around 58,800 nationwide. With the current rate of job openings, SWE projected that an additional 3,391 openings would become available over the next few years, which projects an 6.3% increase in job growth.

More impressive are chemical engineers, which totaled around 26,900 positions back in 2021. The chemical engineering field is expected to add an additional 4,267 professional positions over the next few years, which represents an astounding 13.9% increase.

From these numbers, it does not look like the hiring trends of the past few years are coming to an end anytime soon, which will continue to put em-

ployers in a tough, competitive position to hire top-rate talent.

The Huntsville Business Journal sat down with Brittany Able, Practice Lead of Actalent Huntsville, to discuss some of these employment trends.

Able explained that engineering staffing issues rose with mass retirement during the COVID-19 pandemic, a trend that has continued despite the end of the pandemic. Able explained that with their choice of jobs, engineers are in a great position to get exactly what they want out of a job: higher salaries, remote work, and better benefits. As of right now, the average tenure of an engineer is only 18 months, including those who have stayed with a company for decades.

While there’s no getting around the competitive nature of hiring and retaining talent, Able noted several factors that more successful companies have been using to stay competitive for talent acquisition.

Able noted that on average, Huntsville hirers take a total of 30 days between initially engaging a candidate and extending an offer, while the companies that win-out have much shorter hiring processes.

“You think that’s quick, and you think this is really good, but in actuality, you’re so far behind, and for some companies they can’t help it. They just have these internal processes that are so long,” Able said.

She asserted that ideally, it should only take 4 days between initial engagement with a candidate and extending an offer.

Able offered a recent example of how this was effective for one of Actalent’s recent clients. The client had a two-step interview process with a phone screening and an on-site interview. In the week and a half between the phone screening and on-site interview, the candidate first spoke with Lockheed Martin, had a phone interview the next day, immediately followed by an offer.

The candidate was hired by a competitor before the client executed the second step of the interview process.

“If you’re gonna drag out your process really anything over four days, you will probably risk your candidates getting multiple job offers. And so it’s just more competition for you,” said Able.

Companies struggling to attain

talent also often fail to offer salaries based on timely data. Able said she worked with a company offering $20K below what they should because company policies based on outdated data restrict hirers’ abilities to pay competitive wages.

“If you’re not going back and looking at real time data, not data from 2020 and even from 2022, you are really hurting your chances. If you’re not going back and looking at the last 12 months of data and looking at the trends for cost of living, inflation, for salaries and expectations, you’re really going to hurt yourself,” said Able.

Able emphasized the importance of investing in quick, accurate data collection, whether that’s done internally or through a third party.

“Even if you’re trying to keep up with it, if you’re not constantly pulling new data, it’s changing so fast. They had invested a lot of money last year to do

By: Laura Boehringer

these salary reports, and they’re no longer good,” Able remarked.

In terms of retaining employees, Able mentioned the importance of prioritizing what employees want: flexibility, open communication, remote work opportunities, and sufficient cost of living adjustments.

“With the speed at which inflation is rising, a job that you took a year ago may have been able to meet your financial needs…but now that you’re in this situation, you’ve got to look for something else,” said Able.

For the foreseeable future, the burden is on employers for alleviating issues with hiring and retention. As of late 2023, engineers in Huntsville are in a great position to receive competitive salaries and benefits from multiple offers, and companies struggling with staffing have to rework hiring practices to keep up with their employee and prospective employee expectations. w

18

Huntsville BUSINESS JOURNAL

COMMUNITY DEVELOPMENT By: Noah Logan / Redstone Arsenal 2023: FBI’s Explosive Photos courtesy of Huntsville / Madison County Growth, NASA’s Artemis Thrust, and Chamber of Commerce the Rise of a Technological Hub In the heart of the Rocket City, the Redstone Arsenal stands as a symbol of innovation, collaboration, and national defense. This year’s Annual Update, hosted at the Von Braun Center, unfolded as a transformative chapter, marked by significant expansions, cutting-edge facilities, and a vision that extends beyond the horizon.

Facilitated by the Huntsville/ Madison County Chamber of Commerce, the Annual Redstone Update serves as a keyhole, offering a sneak peek into the economic engine that fuels half of the Huntsville metro and employs over 42,000 people.

This year’s event marked the second annual update for Senior Mission Commander of Redstone Arsenal, Christopher Mohan, whose promotion was approved by the U.S. Senate shortly before the previous year’s update.

FBI’s commanding presence The numbers tell a story of momentum and growth: 1,985 FBI employees currently shaping the future on Redstone Arsenal, three buildings under construction, and a vision that aims to host 5,000 full-time employees by the end of the decade. Johnnie Sharp, the FBI’s senior officer in Huntsville, aptly referred to Redstone Arsenal as the bureau’s “unofficial second headquarters.”

Johnnie Sharp, the FBI’s senior officer in Huntsville, addresses the crowd at the 2023 Annual Redstone Update

“We currently have 20 out of our 30 FBI headquarters divisions that have a physical presence on Redstone Arsenal,” remarked Sharp during the Annual Update.

This statement underscores the Arsenal’s evolving role, transcending its physicality to become a strategic nerve center for the FBI’s global mission.

Sharp’s address at the Annual Redstone Update also touched on the physical construction updates and ventured into the essence of FBI Redstone’s mission.

“FBI Redstone supports the key development of FBI employee skill sets needed to complete our mission not in just the U.S., but around the

globe,” emphasized Sharp.

The existing structures on FBI’s North Campus and the soon-tobe-completed Innovation Center signify more than just architectural milestones. Sharp highlighted the Innovation Center as a “real wild moment” for the FBI, a space dedicated to training, cyber threat intelligence, digital forensics, and analytical tool development.

“The Innovation Center will be the epicenter of the FBI’s technology, infrastructure, and tool development, centralizing our tech talent and tools in a connected campus environment,” Sharp envisaged.

The center, with its 22,000 square foot Kinetic Cyber Range, promises a

leap into next-generation assets, addressing evolving cyber threats and data exploitation.

Beyond the numbers of personnel relocation and building updates, the FBI’s impact resonates in the community’s hospitality sector – hotels, restaurants, and stores catering to the needs of an expanding workforce.

“We currently have 1,900 personnel on the ground and are presently on track to have roughly 2,600 total personnel here by the end of next year,” Sharp mentioned.

A tapestry of growth for new partnerships Redstone Arsenal, the workplace for more than 42,000 people in the Tennessee Valley, pulsates with growth. Speakers at the Annual Updated pointed to new organizations, employee growth, and building projects as examples.

“The Arsenal also welcomed two new organizations: the Space Development Agency and the Contested Logistics Cross Functional Team,” highlighted Army Lieutenant General Chris Mohan during the Annual Update. These additions, he stressed, are driving forward technological leaps, essential for the nation’s defense against any threat in any environment.

The introduction of new organizations, employees, and building projects signifies a dynamic ecosys-

Army Lieutenant General Chris Mohan discusses key additions and new partnerships at the 2023 Redstone Update

January 2024

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COMMUNITY DEVELOPMENT

tem. The Space Development Agency and the Contested Logistics Cross Functional Team, welcomed onto the Arsenal, are hailed as essential drivers of technological leaps.

The update also saw the partnership between COPT Defense Properties and the Huntsville Hospital Health System. This collaboration signaled a proactive approach to address the primary care shortage and underscores not only a commitment to the Arsenal’s workforce, but also to the broader community’s well-being.

The collaboration aligns with the Arsenal’s multifaceted growth, reflecting the interconnectedness of defense, healthcare, and community support. Speakers at the 2023 Update made sure to emphasize that these partnerships have become integral in creating a sustainable ecosystem that benefits both the mission-driven workforce and the surrounding community.

NASA’s commitment to the cosmos

Speakers also took time out of the

busy agenda to reaffirm Marshall Space Flight Center’s (MSFC) commitment to the growth of the space program.

As the nation peers into the cosmos, Marshall, an essential part of NASA’s recent success, took center stage with its commitment to the Artemis program. Joseph Pelfrey, MSFC’s acting director, shared the anticipation for Artemis II’s 2024 launch and highlighted the agency’s role in sending humans to the moon and Mars.

“What’s more inspiring than sending humans to the moon and on to Mars? It’s a tremendous time to be a part of the agency and we have some big goals as a country that Marshall is leading the way to support achieving those goals,” said Pelfrey.

Looking towards the future The Redstone Update, a testa-

Photo courtesy of The Federal Bureau of Investigations

ment to Huntsville’s collaborative spirit, illuminated the Arsenal’s role as a major industry driver. With agencies like the FBI, NASA, U.S. Army Materiel Command, and U.S. Army Space and Missile Defense Command, Redstone Arsenal’s impact extends beyond regional borders, contributing significantly to federal spending.

The FBI’s expanding campus, US-

ASMDC’s commitment to employee engagement, and collaborations with entities like COPT Defense Properties showcase an Arsenal that is evolving, adapting, and embracing the challenges of the future. As Redstone Arsenal propels itself into a new era, the echoes of its growth resonate not just within the confines of Huntsville, but reverberate on a national and global scale. w

SPONSORED CONTENT

Bridgeworth Wealth Management Joins Forces with Savant Wealth Management Nationally recognized Bridgeworth Wealth Management has joined Savant Wealth Management, a fee-only registered investment advisor (RIA) with nearly $21 billion in assets under management (AUM). Bridgeworth, which has 57 employees and an AUM of approximately $2.2 billion, will mark Savant’s first partnership in Alabama and will serve to strengthen the firm’s southeastern footprint.

Bridgeworth co-founder DeLynn Zell, CFP®, will continue to lead the Alabama offices as well as serve on the Board of Directors of Savant. Brian Hinson, CFP®, CPA/ PFS, ChFC®, will continue to serve as Managing Director of the Huntsville market. Zell, Hinson, and current Bridgeworth partners will become member-owners in Savant as well as five newly announced partners also joining Savant as member-owners. As the Bridgeworth

team joins Savant, the Birmingham and Huntsville offices will remain in their current locations.

“Partnering with Savant fits ideally into the trajectory of our strategic plan,” said Zell, who co-founded Bridgeworth in 2008. “Our desire is to offer clients industry-leading client-facing technology and expanded services, including tax planning and preparation and family office resources,” Zell added. “We are highly aligned in our approach to planning, investments, client service and core values, and look forward to being a part of the Savant team.”

“DeLynn and the Bridgeworth team embody all the characteristics we look for in a strong partner,” said Brent Brodeski, CPA, CFP®, CFA®, MBA, chief executive officer of Savant. “As we grow, we are focused on positioning our firm with best-inclass talent, processes, and technology, while seeking to enhance our culture

of excellence and client-first principles. As the 2023 InvestmentNews #1 ‘Best Place to Work’ for RIA firms in the country, Bridgeworth is an excellent fit, and we are proud to welcome their team to Savant.”

Savant and Bridgeworth are both independent with a strong commitment to staying independent. Savant is distinguished by its employee ownership, and Bridgeworth is taking a significant equity stake with several staffers joining as member-owners.

In addition to Zell, Bridgeworth’s existing partners include Bridgeworth co-founder, Wayne Harris, CFP®, Brian Hinson, CFP®, CPA/PFS, ChFC®, Patti Black, CFP®, CSA®, Sam Fitch, CFP®, Jeris Gaston, CFP®, CRPC®, William Hocutt, CFP®, CPA, Zach Ivey, CFP®, CFA®, ChFC®, Jeff McCormack, CFP®, and Jenny Sneed, CFP®, ChFC®. Joining this group as member-owners in Savant are Stephen Gunter, MS, CFP®, David

Brian Hinson, CFP®, CPA/PFS, ChFC®, Managing Director / Financial Advisor / Member Owner of Savant Wealth Management

LeCompte, CFP®, CRPC®, CFS®, RICP®, Jonathan Millican, CFP®, David Ward, CFP®, and Stewart Whitt, MS, CFP®, CRPC®.

The addition of Bridgeworth will expand Savant’s national footprint to 14 states and 37 offices.

Bridgeworth represents Savant’s second largest acquisition of 2023.

See important disclosures at Bridgeworthllc.com.

20

Huntsville BUSINESS JOURNAL

BRIEFCASE

Yulista Finalizes Acquisition of DSoft Technology, Engineering & Analysis Yulista Holdings, a global leader in rapid response aerospace and defense solutions, announced the successful completion of its acquisition of DSoft Technology, Engineering & Analysis, Inc. This strategic acquisition marks a significant milestone in Yulista’s growth strategy, enhancing its capabilities and expanding its market presence in the technology sector.

Founded in 1998, DSoft Technology is a Colorado Springs, Colorado-based Service-Disabled, Veteran Owned Small Business (SDVOSB) providing technology, engineering, and analysis consulting services and solutions for a broad range of clients in the Department of Defense, Civil, and Commercial sectors. With the Yulista acquisition, DSoft Technology becomes an Alaska Native Corporation Small Disadvantaged Business.

“We are thrilled to share the exciting news of our successful acquisition of DSoft Technology,” said Josh Herren, Yulista President and CEO. “This strategic move is a powerful testament to our unwavering commitment to providing innovative solutions that directly tackle our clients’ most pressing challenges. The addition of DSoft’s exceptional team, specialized capabilities, and robust customer relationships broadens our range of offerings and delivers unparalleled customer experiences to our diverse portfolio of clients.”

The acquisition provides DSoft Technology access to additional resources, expertise, and market reach, enabling accelerated growth and expanded capabilities.

“We are excited to join forces with Yulista,” said David A. Hollenbach, President and CEO of DSoft Technology. “This strategic acquisition opens up a world of immense possibilities for our clients and dedicated employee teammates. By leveraging Yulista’s resources and expertise, we can further enhance our offerings, deliver greater value, and pursue new growth avenues. Together, we are well positioned to drive innovation and deliver exceptional results.”

DSoft Technology will continue its operations under its established name within Yulista. Building on the momentum from last year’s acquisitions of

StraitSys and Troy 7, the addition of DSoft to the Yulista Technical Services portfolio significantly broadens Yulista’s Information and Technology capabilities. w

ed, integrated and delivered the TSSV through the Design, Development, Demonstration and Integration (D3I), Domain 1 task order for $8.8 million.

Leidos’ succeeded in providing rapid development, including the utilization of hardware-in-the-loop testing and simulation to verify the payload mission software would operate as expected once in flight. w

Leidos Successfully Completes Lonestar Program Leidos, a Fortune 500® science and technology company, announced the successful completion of the Lonestar tactical space support vehicle’s on-orbit demonstration.

Lonestar, a technology demonstrator designed to provide space-based situational awareness directly into the hands of the tactical warfighter, launched on July 1, 2022, from the Mojave Air and Space Port. The U.S. Army Space and Missile Defense Command (USASMDC) originally scheduled the tactical space support vehicle’s (TSSV) demonstration for only one year, but after seeing how successful the TSSV performed, they gave it six extra months to gather vital data and more key observations.

“Lonestar completed all of its onorbit checkouts in the first 30 days,” said Jonathan Pettus, Aerospace, Civil and Defense operations manager for Leidos Dynetics. “It quickly met key technology objectives once on orbit, and we are proud to have been a part of developing this important demonstration vehicle for our Army customer. Its work will carry us into the next phase of important satellite payload and algorithm development.”

Lonestar successfully demonstrated new technology for GPS interference warning and utility for tactical users and made multiple new observations that were shared with the PNT Situational Awareness community, which includes the Defense and Intelligence sectors of government and other federal agencies.

It was even endorsed by the Space Development Agency (SDA) as a pathfinder for providing critical data on the requirements of navigation capabilities for the Proliferated Warfighter Space Architecture (PWSA).

Lonestar’s on-orbit satellite and payload operations were supported by USASMDC’s payload development laboratory at Redstone Arsenal in Huntsville, Alabama. The laboratory provides ground systems for command and telemetry to the satellite.

Leidos’ Dynetics team was awarded the Lonestar contract in 2018. The Huntsville-based group developed, test-

New Huntsville Company Formed After Strategic Merger Agreement Brightstar Capital Partners announced the formation of Astrion, an engineering company focused on delivering products to the U.S. Government’s Civilian, Defense, and Space communities. The new company formed from the merger of Oasis Systems and ERC, which brings more than 60-years of combined experience and proven results.

The merger will bring together over 2,800 employees spread throughout three

locations in Washington DC, Huntsville, AL, and Burlington, MA, respectively.

Astrion’s resources, deep expertise, and scalable solutions enable the organization to invest in and deliver innovative capabilities for defense and federal agencies.

The new company will continue to focus on optimizing security programs, creating and managing comprehensive digital systems, providing specialized mission support services and delivering system engineering and integration solutions to customers.

“Our investment in Astrion’s expanded leadership and services ensures that Astrion not only will continue to deliver innovative solutions, but also substantially expand its Civilian and Defense sector capabilities,” said Michael Singer, Partner at Brightstar Capital Partners. “We are confident that Astrion’s agility, ingenuity, and combined experience will drive value with industry-defining results.”

Brightstar Capital Partners is a middle market private equity firm focused on investing in closely held family, founder, or entrepreneur-led businesses. Brightstar oversaw the successful merger and formation of Astrion. w

SPONSORED CONTENT

Matt Curtis Real Estate Achieves Monumental Milestone with 7,000 Homes Sold Last month, Matt Curtis Real Estate announced the significant achievement of surpassing 7,000 homes sold in the North Alabama Real Estate market.

With a reputation for innovation and providing 5-star service, Matt Curtis Real Estate has consistently demonstrated exceptional performance in the real estate market. The 7,000 homes sold milestone reflects the team’s dedication to providing top-notch service and expertise to clients throughout the Huntsville area.

“Reaching 7,000 homes sold is a testament to the hard work and dedication of our incredible team. We are honored to have played a role in helping so many individuals and families buy and sell homes. This milestone represents our client’s trust in us over the years,” said Matt Curtis, Founder and CEO of Matt Curtis Real Estate.

The achievement comes after Matt Curtis Real Estate’s recognition as the #1 Real Estate Team in Alabama for the

fourth consecutive year, as highlighted by the RealTrends + Tom Ferry The Thousand ranking program.

Matt Curtis Real Estate believes to “whom much is given, much is expected,” which is why they are committed to philanthropy both on the local and global level. In 2023, the Kids to Love Foundation’s Child Placing Agency broke ground on the Curtis Cares Center, a new facility made possible by a $250,000 donation from Matt Curtis Real Estate. They have also built 141 homes for families in Nicaragua as part of their vision to build 1000 homes.

As Matt Curtis Real Estate celebrates this remarkable milestone, they look forward to continuing their legacy of excellence in real estate services and positively impacting the communities they serve.

January 2024

21

BRIEFCASE

Tanger Promises Huntsville Leaders, Shoppers That Bridge Street Will Maintain Open-air Shopping Experience Huntsville shoppers are still relishing the news of Tanger’s $193.5m acquisition of the Bridge Street Town Centre.

Last month, Tanger officially announced the acquisition of the 825,000‑square-foot open-air shopping center, one of the fastest growing markets currently in the nation.

With over 80 retail locations, restaurants, and entertainment venues, the news was a definite shock to many Huntsville residents, especially heading into the busy Holiday shopping season.

According to Tanger, the company met with City of Huntsville leadership to assure them that the essence of Bridge Street would remain the same and that the acquisition made sense in terms of a business opportunity.

“We continue to leverage the strength of our retail operating, leasing and marketing platforms to create value, both in the outlet channel and through selective investments in other complementary open-air retail destinations,” said Stephen Yalof, President and CEO of Tanger.

Yalof explained that the acquisition made sense from a business standpoint because the open-air concept and the aesthetic format fell in line with Tanger’s current goals, leaving little necessity to change one of Huntsville’s most famous shopping experiences.

“The addition of Bridge Street Town Centre is a natural extension of our capabilities and consistent with our long-term strategy of investing in dominant open-air retail centers in markets which benefit from outsized residential and tourism growth.”

City of Huntsville Mayor also affirmed Tanger executives did in fact meet with Huntsville leadership and promised to maintain the overall experience that Huntsville shoppers have received since Bridge Street’s first retail options opened back in November 01, 2007.

“We asked to meet with them to see what their intentions were,’’ Battle said

in a media statement. “They dropped the word Outlet from their name to just Tanger because they said, ‘We’re not just primarily an outlet anymore, we’re also lifestyles and we’re going to continue with the lifestyle-type facility.’’

Currently, Bridge Street is at 93 percent occupancy that includes tenants such as Lululemon, Sephora, Lovesac, Dry Goods, Victoria’s Secret, Athleta, Anthropologie, Altar’d State, and Ulta, as well as several larger format retailers including Barnes & Noble, Dick’s Sporting Goods, Old Navy, H&M, and Belk.

The center offers over two dozen restaurants, from national favorites like Cheesecake Factory, Texas de Brazil, and Bravo! Italian Kitchen to regional and local offerings.

Bridge Street is also home to the Westin Hotel, which became the first in Alabama when it opened in 2008. w

Huntsville City Schools Breaks Ground on New Facility Aimed at Career and Workforce Development Huntsville leaders and community representatives were present in early December at the intersection of North Memorial Parkway and Max Luther Drive for a groundbreaking new development aimed at enhancing the city’s educational facilities.

Huntsville City Schools hosted a groundbreaking ceremony for its upcoming Central Office and Career Tech Facility, a project that will enhance the educational experience and promote innovation within the Rocket City.

“By investing in this state-of-the-art facility, we are investing in the limitless potential of our students,” said Dr. Clarence Sutton, HCS Superintendent. “Our commitment to excellence is not just about constructing buildings.

It’s about constructing opportunities, opening doors, and lighting the way for generations to come right here in Huntsville.

The Central Office, spanning 40,000 square feet, will serve as the administrative center for Huntsville City Schools (HCS). The facility will feature a board room and dedicated offices for

the Superintendent and HCS staff. This strategic development will empower the school district’s leadership with a modern, collaborative space to continue their commitment to excellence.

The Career Tech Facility, covering an expansive 81,000 square feet, is designed to elevate career technical education to new heights. Many of the district’s 20 CTE programs currently housed at high schools across the district will be relocated to the new building with classrooms and specialized labs, such as Welding, Precision Machining, Building Construction, Advanced Manufacturing, Culinary Arts, Cosmetology The district is also planning to add new CTE programs including Automotive, Industrial Technology and Advanced Health Sciences.

The facility will feature two flex labs and classrooms, an additive printing lab, integrated tornado shelter, and a multipurpose area complete with a dining space and kitchen to further enhance the practical experience of students pursuing culinary arts. Additionally, a Greenpower track will be located in front of the facilities to provide students with hands-on learning opportunities to build and race electric cars.

The facilities are currently scheduled to open in the fall of 2025. Nola VanPeursem are the lead architects for the project. w

All Points Announces Major Additions to Kennedy Space Center Development All Points Logistics, a technical services provider to the aerospace industry with a strong presence in Huntsville, has completed an early milestone in establishing new commercial infrastructure-as-a-service operations at NASA’s Kennedy Space Center in Florida.

The All Points’ Space Prep team, in conjunction with NASA, has completed all necessary physical environmental studies, including boundary and topological surveys, on a 60-acre parcel that will host the Space Prep Kennedy Space Center Complex, located near NASA’s Vehicle Assembly Building.

“The Space Prep infrastructure is

critical to supporting the increased launch cadence in Florida and addressing an urgent need of commercial, national security, and NASA space missions,” according to Phil Monkress, All Points CEO. “Our state-of-the-art complex on Kennedy Space Center is designed to serve multiple commercial and government customers just a few miles from the Florida launch pads.”

Space Prep, an All Points line of business, is focused on establishing multi-user spaceport infrastructure at major launch sites worldwide.

The Kennedy Complex is the first Space Prep project and will be anchored by a 270,000 square foot Spaceport Logistics Center, offering extensive storage space, clean processing areas for small spacecraft, control rooms, and customized customer areas.

A separate 260,000 square foot Spacecraft Processing Center is also planned for the Kennedy Complex that will provide high bays for large spacecraft processing, fueling, and encapsulation in fairings up to 10 meters in diameter.

The Kennedy Complex will include a variety of small, medium, and large processing cells that offer the flexibility needed by the diverse array of spacecraft under development today.

RS&H is providing civil and site engineering services for the project.

Architecture, engineering, and construction services are being provided by Haskell. All Points has already invested over three million dollars in Space Prep development.

The project is expected to provide hundreds of construction jobs, dozens of new high paying direct jobs to operate the facilities, and more indirect jobs and temporary workers from outside the region who will use the facilities during their launch preparations for months at a time. The Kennedy complex is planned to open for operations in 2026. w

Alabama Company Continues Expansion into Huntsville to Enhance Project Growth in the Area Alabama-based national program

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management firm HPM Leadership announced a new phase of expansion into Huntsville with the opening of a larger office location in Huntsville. Since 1997, the company has focused on representing owners in managing the planning, design and construction of capital projects, and has completed numerous projects across North Alabama.

“HPM has stayed loyal to its roots in Alabama since our company’s beginnings more than 26 years ago, and this expansion proved to be an easy decision as Huntsville remains one of our most active markets in the state,” said HPM President Ryan Austin. “As Huntsville, Madison, Decatur and the surrounding areas have experienced explosive growth, we have seen an influx of work here, too. With this larger presence, we can foster our existing long-term relationships with valued partners while also making new connections to continue providing quality work to the region’s most high-profile projects.”

HPM’s presence in the North Alabama area dates back to 2009 with the construction of West Wind Technology’s MRO facility, for which HPM provided program management and owners’ repre-

sentation services.

In recent years, the firm has continued to serve the market with notable projects including 52,000 square feet of interior renovations at Drake State Technical and Community College; the construction of a new 204,000-squarefoot North Alabama distribution center for Buffalo Rock; the renovation of the 180,000-square-foot Sparkman Building at Calhoun Community College; and renovation and expansion projects on behalf of Aerojet Rocketdyne.

Most recently, HPM was selected to manage the construction of The University of Alabama in Huntsville’s new Engineering Building, which is set to commence in Fall 2024.

The company has appointed David Jones as senior program manager to lead initiatives out of the Huntsville office, located at 200 Clinton Avenue West, Suite 703. Since joining HPM in 2018, David has assisted in the execution of ongoing capital development programs throughout Alabama and possesses more than 17 years of construction experience.

“This expansion continues our efforts to bolster HPM’s services in markets across the region, and I’m honored to

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oversee our talented team and ongoing strategy in Huntsville,” said Jones. “We have already built a trusted reputation through our project successes in the market, and now we can grow our portfolio with a stronger boots-on-the-ground approach. We look forward to finding new opportunities for growth and strengthening our robust team in The Rocket City and beyond.” w

MDA, Boeing Complete Initial Interception of Ballistic Missile in Space The U.S. Missile Defense Agency (MDA) and a Boeing-led industry team successfully intercepted an intermediate-

range ballistic missile in space during the latest test of the Ground-based Midcourse Defense, or GMD, system.

The test validated GMD’s Capability Increment 6B configuration, which gives the Missile Defense Operators more time, space, and flexibility to intercept ballistic missile threats to the U.S. homeland.

During the test, a GMD interceptor released a kinetic-force Exoatmospheric Kill Vehicle, or EKV, during the rocket booster’s second stage of its normally three-stage sequence of flight. The threatrepresentative target was air launched from the Broad Ocean Area and the interceptor was deployed from Vandenberg Space Force Base, California.

The primary objective of the test was to demonstrate the ability of GMD to engage a target in the expanded engagement space made possible by the GBI in two-stage mode.

This test was also the first integrated GMD flight test using sensor data from the Army Navy/Transportable Radar Surveillance Model-2 Forward Based Mode with and Sea-Based X-Band radar with upgrades.

“This successful test is important because it opens up the window of op-

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Jason Leggett Joins Neel-Schaffer as a Senior Project Manager in Huntsville

Bank Independent Announces Newest Business Development Officer

Jason Leggett, PE, has joined Neel-Schaffer as a Senior Project Manager based in Huntsville, Alabama.

Leggett brings 20 years of engineering design and project management experience in multiple disciplines. He has worked in the public sector for the last 12 years, serving the last nine years as the Water Manager for the City of Madison in the suburbs of Huntsville. Prior to 2011, Leggett was a private consultant.

As Water Manager for Madison Utilities, Leggett oversaw all operations and maintenance of two water treatment plants, 335 miles of water distribution lines, and four storage tanks.

“We are extremely pleased that Jason has chosen to join the NeelSchaffer family,” said Lance Taylor, PE, Alabama Operations Manager.

“Jason’s expertise will elevate our Water/Wastewater division for our clients in Birmingham and firmwide. Additionally, his experience and relationships will allow us to market our services in the Huntsville area to a new set of clients and gives us the opportunity to explore more options in the fastest-growing city in our state.”

Leggett holds a Bachelor of Civil Engineering degree from the University of Auburn and is an active member in three professional affiliations.

He is a past-President of the Huntsville Chapter of the American Society of Civil Engineers and is a member of the American Water Works Association and the Water Environment Federation.

Bank Independent has announced the promotion of Jennifer Smith to Business Development Officer for Lawrence, Limestone and Morgan counties.

“We are dedicated to fulfilling our customers’ banking needs by cultivating meaningful partnerships,” said Rick Wardlaw, CEO of Bank Independent. “In her new role as Business Development Officer, Jennifer will represent our bank’s brand in the communities we serve. With her talent for forging strong bonds and her embodiment of our mission, vision, and values, she was the perfect choice to take on this vital new position.”

In her new role, Smith will be responsible for generating long-term, sustainable core deposit growth by serving as a brand ambassador and nurturing new and potential deposit relationships within the communities of Lawrence, Limestone and Morgan counties.

Smith joined the bank in August 2018 as part of the Customer Experience team. She most recently served as Team Member Care Program Coordinator, developing, and managing programs like Sales-ManagerIn-Training, internships, recognition, and more. With her background in customer service, program development, and human resources, she is well-prepared to serve in this new business development role.

She holds a bachelor’s degree in small business management and human resources from The University of North Alabama.

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portunity to intercept threats to our homeland,” said Debbie Barnett, vice president of Strategic Missile & Defense Systems. “We’re committed to continuously enhancing the GMD system’s capability to meet rapidly evolving missile defense needs for the nation.”

Boeing has supported the GMD program as lead system integrator since its inception in 1998 through development, test, operations and sustainment.

The system has now been on alert for nearly two decades and is an integral part of America’s layered ballistic missile defense architecture.

“This successful intercept utilizing the 2-/3-Stage selectable Ground Based Interceptor capability in 2-stage mode provides the Warfighter with increased battlespace that supports additional shot opportunities to negate an incoming threat missile,” said MDA Director Lieutenant General Heath Collins. “The Ground-Based Midcourse Defense system is vitally important to the defense of our homeland, and this test demonstrates that we continue to provide enhanced capabilities for our existing Ground Based Interceptor fleet while we rapidly design and deliver the leap-ahead technology of the Next Generation Interceptor.”

As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries.

As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact.

Boeing’s diverse team is committed to innovating for the future, leading with sustainability, and cultivating a culture based on the company’s core values of safety, quality and integrity. w

Huntsville Company Named in Top 100 Employee Owned Businesses for 2023 Employee stock ownership plan (ESOP) companies have become popular throughout the United States with around 6,467 in total as of the end of

2023. This number also represents more than $1.6T in overall assets across the nation.

Here in Huntsville, one such company has been growing its employee access to part ownership over the past few years and has been recently recognized for such advancements.

Torch Technologies announced that the company has been added to the National Center for Employee Ownership (NCEO) 2023 Employee Ownership 100 list. NCEO is a nonprofit research and membership organization supporting the employee ownership community since 1981.

“This recognition is a testament to our incredible team’s dedication, hard work, and shared commitment. Employee ownership has been a cornerstone of our success, fostering a culture of collaboration, innovation, and shared accomplishment. As we celebrate this achievement, we reaffirm our commitment to empowering our employees and building a future where everyone has a stake in our collective success. Together, we will continue to grow, thrive, and light the pathway to freedom,” said Torch Technologies President Brad Walker.

The Employee Ownership 100 list includes the largest broad-based employee-owned companies in the US that the NCEO could verify using governmental or other credible third-party sources.

Most are ESOP-owned, and one is a cooperative. To be on the list, companies must be at least 50% employee-owned; most on the list are 100%. Collectively, these broad-based plans employ close to 685,000 people.

Employee ownership generally and employee stock ownership plans more specifically have a long history of showing tangible benefits to both companies and employees while creating a viable model for business succession.

In 2019, total contributions to ESOP accounts were $89 billion (or an average of $6,420 in contributions per participant). The average ESOP account balance is more than double the average 401(k) account balance at a closely matched non-ESOP company offering only a 401(k) plan; in addition, a large majority of ESOP companies offer a 401(k) plan alongside the ESOP, further amplifying the benefits. w

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