Montgomery, AL –Governor Kay Ivey announced yesterday that economic development in Alabama produced $10.1 billion in capital investments in 2022, setting a new annual record and another sign of the state’s strength economy.
Governor Ivey announced that 2022 is the year 2022. Alabama Economic Development Impact Report that was prepared by the Alabama Department of Commerce, indicates that the amount of money invested in economic development projects in the last year was more than that previous mark of $8.7 billion set in the year 2018.
“Strategic economic growth has been the major priority for my administration since the time I became governor. This is since I understand the impact it has on our residents, their families and their community,” said Governor Ivey. “This achievement is an obvious proof of our work creating an improved future for the Alabama state.” Alabama.”
In 2022, the announcement of growth projects have resulted in job commitments of 13,078 throughout the State, as per Commerce’s annual report, due to be published today. This is more than the previous year’s total of 10,190.
A large portion of the jobs are coming into important industrial sectors in Commerce’s report for 2022. This includes over 2,800 new positions in the automotive industry, nearly 1,900 in the metals and advanced materials sector, and more than 1,500 in aerospace/aviation/defense.
“These results show that the Alabama economic development department is making an actual contribution to ensuring a prosperous future for hard-working people of our State,” stated Greg Canfield Director of the Alabama Department of Commerce. “And even though we’re happy to have set records, we’re going to continue to work to ensure a better future in Alabama.”
Globally renowned corporations such as Airbus, Hyundai and Toyota have all announced investment projects with high impact in Alabama in the last year. Other notable successes include:
- Novelis announced plans to build the construction of a $2.5 billion mill for aluminum that will employ 1,000 employees at Bay Minette, the first facility of this type to be constructed inside the U.S. in over 40 years.
- First Solar Inc., the largest U.S.-based producer of solar cells, today announced plans to build the construction of a $1.1 billion facility with more than 700 employees within Lawrence County, the largest project to locate in an agricultural county in recent times.
- Advanced ACT announced plans for an tower for air traffic control in Selma that could change the way air space management is conducted across the U.S. through its technology to connect multiple airports from one central location.
Its First Solar and Advanced ATC projects are among the ones announced in 2022. They will bring more than $1.8 billion of investment, as well as 1,900 jobs in Alabama’s “targeted,” or rural counties. Since 2020 the rural region of Alabama has been chosen to grow projects with four billion dollars in investment and 5,500 commitments to jobs.
“These projects show our firm dedication to fostering sustainable economic development in Alabama’s rural areas — something which is extremely important to me.” declared Governor Ivey.
According to the report on economic development by Commerce, Baldwin led the counties in the number of new investments made during 2022 by a whopping $2.5 billion. Then came Montgomery ($1.7 billion), Mobile ($1.4 billion) and Lawrence ($1.1 billion).
Montgomery was the county with the highest number of jobs in terms of job creation, with 1,491 new jobs, which is in front of Mobile (1,451), Jefferson (1,259) and Baldwin (1,170) The report states.
The record-breaking economic growth announcement comes amid evidence that the Alabama economy is growing even as many fear a national recession. Recent job growth has been at all-time highs, and the state’s unemployment rate has sunk to new records. Additionally Governor Ivey made a statement in February that the state’s exports for 2022 broke an all-time record for the year.
