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Alabama generated $10.1B in capital investment last year

A record-setting performance in capital investment last year is yet another indicator of strength in the Alabama economy.

Gov. Kay Ivey said the 2022 Alabama Economic Development Impact Report, compiled by the Alabama Department of Commerce, shows that capital investment of $10.1 billion, tied to economic development projects last year, topped the previous record of $8.7 billion, set in 2018.

“Strategic economic development has been a top priority of my administration since I first became governor because I fully understand the impact it can have on our citizens, their families and their communities,” she said.

Many of the jobs are being created in key industrial sectors, according to the Commerce Department’s report. This includes more than 2,800 positions in the automotive industry, nearly 1,900 in the metals and advanced materials sector, and more than 1,500 in aerospace/aviation/defense.

RELATED: Novelis kicks off construction on $2.5 billion Alabama aluminum mill

The announcement from Ivey highlighted well-known global corporations including Airbus, Hyundai and Toyota, which each announced high-impact investment projects in Alabama last year.

Other projects announced last year included Novelis, First Solar, and Advanced ACT. The First Solar and Advanced ATC projects will bring nearly $1.8 billion in new investment, along with 1,900 jobs, to Alabama’s “targeted,” or rural, counties.

Since 2020, rural Alabama has been selected for growth projects involving $4 billion in investment and 5,500 job commitments.

RELATED: First Solar to invest $1.1B, create 700 jobs in Lawrence County

“These results mean Alabama’s economic development team is making a real difference in shaping a more prosperous future for the hard-working citizens of our state,” said Greg Canfield, secretary of the Alabama Department of Commerce. “And, while we’re proud of setting records, we’re just going to keep on working to deliver a better tomorrow for Alabama.”

The release of the 2022 report comes at a time when lawmakers are considering the renewal and expansion of economic incentive programs, which played an outsized role in securing many of the projects of impact detailed.

Grayson Everett is a staff writer for Yellowhammer News. Follow him on Twitter @Grayson270 for coverage of the 2023 Legislative Session.

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