Montgomery, AL – Governor Kay Ivey unveiled a significant initiative aimed at propelling Alabama into a new era of economic prosperity. In a press conference yesterday, Governor Ivey announced the selection of a consulting firm and two prominent Alabama universities to assist in the development of a strategic economic growth plan set to guide the state into the next decade and beyond.
The consulting firm, McKinsey & Company, will spearhead the quantitative analysis of target sectors and formulate comprehensive strategies for each sector. These strategies will encompass innovation, entrepreneurship, business retention and expansion, as well as business attraction. Additionally, McKinsey & Company will engage industry leaders from outside Alabama for qualitative insights.
Troy University’s Continuing Education and Outreach will organize focus groups comprising internal stakeholders such as regional economic developers, private sector leaders, and business associations. Meanwhile, Alabama A&M University’s Center for Educator Preparation and Certification Services will contribute an academic dimension to the qualitative analysis.
The project also maintains collaboration with the Hoover Institution, a renowned economic policy research center led by former U.S. Secretary of State Condoleezza Rice. The institution has been instrumental in analyzing various aspects of Alabama’s economic development practices and strategies.
Governor Ivey emphasized the necessity of preparing for future challenges driven by technological advancements. She stated, “This new strategic plan will keep us competitive for the kind of game-changing corporate growth projects that invigorate communities and families.”
Secretary of the Alabama Department of Commerce, Ellen McNair, expressed optimism about the initiative, highlighting the importance of data-backed strategies to shape Alabama’s economic future. Secretary McNair reiterated the commitment to identifying forward-thinking strategies that position Alabama as a top destination for global corporations.
The executive committee tasked with developing the plan comprises key figures in Alabama’s economic landscape, including representatives from the Economic Development Partnership of Alabama, Innovate Alabama, and the Retirement Systems of Alabama.
Governor Ivey set an ambitious deadline of October 1st for the completion of the plan, emphasizing the urgency of preparing for the economic landscape of the 2030s. The new plan will supersede Accelerate Alabama, the state’s previous economic development strategic plan, adopted in 2012 and last updated in 2017.
Since the adoption of Accelerate Alabama, the state has witnessed substantial economic growth, attracting over $67 billion in new capital investment and nearly 170,000 job commitments.
The forthcoming strategic plan aims to broaden its focus, incorporating elements such as human capital development, entrepreneurship promotion, and talent attraction. It will also prioritize quality placemaking, leveraging the state’s outdoor recreation infrastructure.
Governor Ivey’s push for a new strategic plan follows the adoption of The Game Plan in 2023, a comprehensive package of economic development bills designed to modernize Alabama’s approach to fostering economic growth.
“We’re taking bold steps to raise Alabama’s economy to the next level so that our citizens can take advantage of life-changing career opportunities and our state can reach new heights of prosperity,” remarked Governor Ivey. “The future is bringing dynamic changes, and Alabama is going to be a trailblazer.”
