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Industry investment in Alabama exceeded $6.4 billion in 2023

Governor Kay Ivey announced some exciting economic news for the state on Tuesday.

Ivey revealed that in 2023, companies from across the globe invested over $6.4 billion into the Yellowhammer State. She also said that the investments primarily came from companies launching operations in Alabama or expanding existing facilities.

“We continue to make significant progress in our mission to create solid career opportunities for Alabama citizens and to inject economic vitality into cities and communities across the state,” said Ivey. “I am proud of the fact that since I have been governor, we have seen $49 billion invested in Alabama, which has created some 87,000 new jobs.”

“However, we are not taking a victory lap — we are focused on the future and making Alabama the top choice for growing companies.”

Ellen McNair, Secretary of the Alabama Department of Commerce, agreed with Ivey that progress has been made but said there is still much to accomplish.

“I’m confident that we’re helping build a more dynamic economy that spreads opportunity far and wide across the state,” said McNair. “While we still have a lot of work to do, we have the tools needed for the job, and we’re fully committed to creating 21st Century jobs across Alabama.”

The 2023 New and Expanding Industry Announcements Report, compiled by the Alabama Department of Commerce, also showed the creation of 8,095 jobs related to 184 projects in 43 counties last year.

Key takeaways from the report include:

  • Many of the new jobs are being created in strategically key industrial sectors. This includes over 1,700 new positions in the automotive industry, almost 1,000 in metals and advanced materials manufacturing, and nearly 700 in information technology.
  • Rural Alabama continues to act as a magnet for growing businesses, as the state’s “targeted” counties attracted $1.7 billion in new capital investment during 2023, along with more than 1,700 job commitments.
  • Foreign direct investment, or FDI, provided a dynamic spark to Alabama’s economy last year. Companies from South Korea, Germany, Sweden and elsewhere combined to invest nearly $3 billion in the state during 2023, contributing almost 3,400 new jobs.

According to the report, Lee led Alabama counties in attracting new investment in 2023, with $689 million, followed by Montgomery ($629 million), Walker ($525 million), and Cullman ($489 million).

Lee was also the top county for job creation, with 1,251 new positions, ahead of Mobile (743), Jefferson (717), and Cullman (643).

Austen Shipley is a staff writer for Yellowhammer News.

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