MONTGOMERY – The office of Gov. Robert Bentley today released a top ten list of reasons why Alabamians should feel confident about the state’s economic outlook.

Titled “Bright Spots in Alabama’s Economy,” the four-page lists as its No. 1 reason for optimism the $173 million expansion of the Hyundai plant in Montgomery.

The plan will modify and expand the existing engine plant and create 214 jobs, according to Bentley’s office.

“The expansion will allow the facility to produce the 1.8-liter Nu engine, which is used in the Elantra, a small sedan that is also made in Montgomery,” the statement added. “The expansion also allows the company to start production of the Theta engine for the company’s Kia plant in Georgia. The Theta engine is used in the Sonata, Santa Fe and Sorrento.”

According to Bentley’s office, the expansion is scheduled to be complete in March 2012. The new plant is expected to produce 300,000 units per year.

Reason No. 2, said Bentley, is Lakeside Steel’s plan to add 80 jobs at its plant in Thomasville.

The Canadian firm, which makes pipe for oil and gas drillers, announced a $40 million, 120-job pipe mill south of downtown Thomasville in 2010. The company decided to include an additional $7.5 million facility in March.

“Now, the firm says it will spend another $10 million to add similar hardening and end-finishing capacity for pipe casing,” the governor’s office announced June 23.

No. 3 on the list is Raytheon’s new missile plant in Huntsville. With nearly 600 employees already in the area, is expecting to add more than 200 to its work force as its new missile plant on Redstone Arsenal begins production next summer.

Reason No. 4 for hope, said Bentley, is Honda’s announcement of a ramp-up to full output in August.

The plant, along with other Honda facilities in North America, drastically slowed output following the March 11 earthquake in Japan. The disaster damaged suppliers and created a parts shortage.

At the same time, Honda has announced nearly $200 million in new investments in Lincoln to prepare for the upcoming addition of the Acura MDX SUV to its assembly lines.

According to Gov. Bentley’s statement, the work, which was planned before the earthquake and production slowdown, also will enhance production of the plant's current lineup, which includes the Odyssey minivan, Pilot SUV and Ridgeline pickup. 

Other reasons for economic optimism on the governor’s list include the World Bank’s decision to have the Alabama Development Office's International Trade Division act as the state's Private Sector Liaison Officer (PSLO). According to Bentley, the move will help the state's business community gain access to World Bank contract opportunities, be a resource for the private sector, and increase awareness of private sector-led growth in developing countries. 

“My mission is to create jobs for Alabamians and the Alabama Development Office is charged with helping to fulfill that mission,” Bentley said. “With more than half of U.S. exports going to developing countries, it is great news that Alabama's World Bank liaison will make companies aware of World Bank funding and procurement opportunities.” 

The governor’s statement also said Norfolk Southern’s new $97.5 million intermodal facility in McCalla, Tate & Lyle’s decision to restart its Splenda plant near Montgomery, CSX’s announcement of the certification on a 3,000-acre “megasite” in Baldwin County, and 125 new jobs at the South Alabama Regional Airport in Andalusia are all indications that Alabama is weathering the current economic crisis better than many other states. 

Bentley has vowed that he will not accept a paycheck for his work as governor until the state reaches 5 percent unemployment. Currently, the number of unemployed Alabamians is 9.3 percent.