Montgomery, AL – Governor Kay Ivey today unveiled Alabama’s optimistic economic forecast for the year 2024, announcing that companies launching operations or expanding existing facilities are expected to invest over $6.4 billion in the state. This figure builds upon Alabama’s established economic development track record, signaling another year of potential job creation and economic prosperity.
“We continue to make significant strides in our efforts to create stable career opportunities for Alabama citizens and to stimulate economic growth across the state,” said Governor Ivey. “Since taking office, we have witnessed $49 billion in investments in Alabama, resulting in the creation of approximately 87,000 new jobs. However, our focus remains on the future, as we aim to position Alabama as a top choice for companies looking to expand.”
According to the 2023 New and Expanding Industry Announcements Report, released today by the Alabama Department of Commerce, efforts in 2023 are projected to lead to the creation of 8,095 jobs across 184 projects in 43 counties. The report highlights several key points:
– Growth in key industrial sectors, including the automotive industry, metals and advanced materials manufacturing, and information technology.
– Continued investment in rural areas, with targeted counties attracting significant capital investment and job commitments.
– Foreign direct investment (FDI) playing a significant role in Alabama’s economy, with companies from various countries investing billions and creating thousands of new jobs.
The report also indicates the continued confidence of global and domestic brands in Alabama’s economic trajectory. For instance, German appliance maker Miele plans to establish its first U.S. production hub in Opelika, while California-based Sierra Pacific intends to set up a modern window and door plant in Phenix City.
“I am confident that we are fostering a more dynamic economy that spreads opportunities across the state,” said Ellen McNair, Secretary of the Alabama Department of Commerce. “While there is still work to be done, we are equipped with the necessary tools and remain committed to creating jobs that are aligned with the demands of the 21st century.”
According to the economic development report, Lee County led Alabama counties in attracting new investment in 2023, followed by Montgomery, Walker, and Cullman counties. Lee County also topped the charts for job creation, followed by Mobile, Jefferson, and Cullman counties.
Governor Ivey expressed confidence in Alabama’s economic development team, citing the passage of her Game Plan package of economic development bills in 2023 as instrumental to the state’s continued success. She has also tasked Commerce Secretary McNair with leading the development of a comprehensive new economic development strategic plan by October 1.
“Technology is constantly evolving, and it is crucial that we remain adaptable to stay ahead in today’s digital world,” Governor Ivey emphasized. “We need innovative strategies to ensure that Alabama remains competitive in the years to come.”
For further inquiries, please contact the Alabama Department of Commerce.
