Montgomery, AL – Governor Kay Ivey has announced the release of the “2024 New & Expanding Industry Announcements Report,” highlighting economic developments in Alabama over the past year. The report indicates that in 2024, economic development initiatives secured $7 billion in new capital investments across 224 projects, leading to the creation of more than 8,500 jobs statewide.
Governor Ivey stated that the findings reaffirm Alabama’s role as a destination for business expansion, innovation, and job creation.
“Alabama’s economy is on the move, and this report proves it,” said Governor Ivey. “With more than $7 billion in new investments and thousands of jobs created, we are building a future filled with opportunity. Companies around the world see Alabama as the place to invest, grow, and succeed — and we’re just getting started.”
The 2024 report outlines significant industry expansions across various sectors, including manufacturing, aerospace, technology, and logistics. Notable projects include:
- Novelis’ additional $1.6 billion investment in its integrated aluminum mill in Baldwin County, bringing the total project investment to over $4 billion.
- Meta Platforms’ plan for an $800 million data center in Montgomery, which will support 100 operational jobs and expand on the company’s previous $1 billion+ investments in Alabama.
- Coca-Cola Bottling UNITED’s $330 million investment in a new headquarters and production/distribution facility in Birmingham, which will create 50 new jobs while preserving 750 existing positions.
The report also underscores the state’s focus on rural economic growth, with Alabama’s rural counties attracting $1.2 billion in investments and generating nearly 1,700 new jobs in 2024. A key rural development project includes Republic Airways’ LIFT Academy, which is establishing a flight training center at historic Moton Field in Macon County. The initiative will create 35 jobs and bring 57 flight instructors to Tuskegee to train future pilots.
“We are making sure economic prosperity reaches every corner of our state,” said Governor Ivey. “From advanced manufacturing to aviation training and auto parts production, rural Alabama is on the rise. These investment projects are transforming communities and creating lasting opportunities.”
Ellen McNair, secretary of the Alabama Department of Commerce, noted that Alabama’s economic momentum is being driven by targeted strategies and forward-thinking initiatives. In 2024, the state introduced “Catalyst,” a new strategic economic growth plan designed to foster innovation, attract talent, and support long-term prosperity.
“Through Catalyst, SEEDS, and the Growing Alabama programs, we’re taking a proactive approach to growth,” McNair said. “These programs are not only bringing investment and jobs but also strengthening our communities and positioning Alabama as a leader in global industry.”
Governor Ivey expressed optimism about the state’s economic trajectory and the role of continued legislative and economic development partnerships in sustaining growth.
“Alabama’s best days are ahead,” Ivey said. “We will keep building on this momentum, creating jobs, and ensuring that Alabama remains a powerhouse for economic growth.”
