Barack Obama elected next president of United States
Birmingham Business Journal
Barack Obama has been elected president of the United States, the first African-American elected to the country's highest office. The historic election brings with it the likelihood of more government involvement in business and the reeling economy.
The Illinois senator was projected to win key battleground states such as Ohio and Pennsylvania.
His rival, Republican Sen. John McCain, conceded defeat in a speech Tuesday night a little after 11 p.m. EST. He congratulated Obama on his victory and urged his supporters to get behind the newly elected president.
Obama gave his acceptance speech before a massive throng of people in Chicago about an hour later. "There is new energy to harness and new jobs to be created; new schools to build and threats to meet and alliances to repair," he said.
The presidential race was hotly contested, but in the end, the results weren't nearly as close as they were in 2000 and 2004. As of 12:45 a.m. Wednesday, Obama had a projected 338 electoral votes to McCain's 156.
An Obama presidency has has many implications for business. It may signal good times for the sustainability industry -- solar power, electric cars and the like -- but a new burden on utilities and other industries if the new president makes good on campaign promises to put caps on emissions. The health care industry and employer-based health insurance also are likely to see more government involvement -- both financial support and regulatory controls -- under an Obama presidency.
Obama's victory is coupled with projected gains for Democrats in the U.S. House and Senate.
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