The people's voice of reason

Ivey says that 2023 economic development projects will inject over $6 billion in investment into Alabama Communities

On Tuesday, Alabama Governor Kay Ivey announced that companies launching operations or expanding existing facilities in Alabama during 2023 are poised to make investments totaling over $6.4 billion. These new investments build upon the state's economic development track record with another year of steady job creation.

"We continue to make significant progress in our mission to create solid career opportunities for Alabama citizens and to inject economic vitality into cities and communities across the state," said Gov. Ivey in a statement. "I am proud of the fact that since I have been governor, we have seen $49 billion invested in Alabama, which has created some 87,000 new jobs. However, we are not taking a victory lap - we are focused on the future and making Alabama the top choice for growing companies."

The 2023 New and Expanding Industry Announcements Report was released today. The report claimed that those efforts resulted in the creation of 8,095 jobs tied to 184 projects in 43 counties last year. The report is compiled by the Alabama Department of Commerce.

Many of the new jobs are being created in strategically key industrial sectors. This includes over 1,700 new positions in the automotive industry, almost 1,000 in metals and advanced materials manufacturing, and nearly 700 in information technology.

Rural Alabama continues to act as a magnet for growing businesses, as the state's "targeted" counties attracted $1.7 billion in new capital investment during 2023, along with more than 1,700 job commitments.

Foreign direct investment, or FDI, provided a dynamic spark to Alabama's economy last year. Companies from South Korea, Germany, Sweden and elsewhere combined to invest nearly $3 billion in the state during 2023. These foreign corporations are contributing almost 3,400 new jobs to the state.

The 2023 Report also shows that many top global and domestic brands continue to include Alabama in their growth plans. German high-end appliance maker Miele is locating its first U.S. production hub in Opelika. California-based Sierra Pacific is basing its most modern window and door plant in Phenix City.

Ellen McNair is the new Secretary of the Alabama Department of Commerce.

"I'm confident that we're helping build a more dynamic economy that spreads opportunity far and wide across the state," said Secretary McNair. "While we still have a lot of work to do, we have the tools needed for the job, and we're fully committed to creating 21st Century jobs across Alabama."

Lee topped Alabama counties in attracting new investment during 2023, with $689 million. They were followed by Montgomery with $629 million, Walker with $525 million, and Cullman with $489 million.

Lee County was topped the state for job creation with 1,251 new positions. They were followed by Mobile at 743 new jobs, Jefferson with 717, and Cullman with 643, according to the Commerce report.

Governor Ivey is confident that Alabama's economic development team is poised to deliver strong results into the future, thanks to the passage of her Game Plan package of economic development bills in 2023.

In addition, she has tasked Commerce Secretary McNair with spearheading the development of a comprehensive new economic development strategic plan by October 1.

"Technology is ever-changing, and we need to be prepared for what's next in a world moving at digital speed," said Governor Ivey. "We need new strategies and bold approaches that keep us in the driver's seat for the next 10 years and beyond."

 

Reader Comments(0)

 
 
Rendered 04/13/2024 19:26