‘New opportunities’: Alabama named top state for jobs created by foreign investment in 2018
Governor Kay Ivey on Thursday announced that experts with IBM Services have named Alabama as the top American job creator from foreign investment last year.
The results came through a premier survey of international corporate investment decisions.
Alabama also scored highly compared to other American states in specific metrics related to foreign investment in the 2019 Global Location Trends report, prepared by IBM-Plant Location International, which provides site selection services to corporate clients and advises economic development organizations.
In a statement, Governor Kay Ivey said, “Foreign investment has been an important driver of job creation in Alabama for many years, and it continues to generate significant new opportunities for communities and working families around the state.”
Key findings in this year’s installment of the IBM report included:
- Alabama is the No. 1 state in the U.S. based on new job creation from foreign investments announced during 2018.
- Alabama is also No. 1 for foreign investment job creation per million inhabitants in 2018.
- Alabama ranks No. 7 among the states for job creation from foreign and domestic (state-to-state) investment together.
- Alabama is No. 2 for job creation per million inhabitants from foreign and domestic investment combined.
The 2019 Global Location Trends report will be officially released later this month. Officials at IBM-PLI’s Center of Excellence in Brussels, Belgium, notified the Alabama Department of Commerce of the upcoming report’s findings in recent days.
“Our economic development team has worked tirelessly to strategically position Alabama for investment from around the world, and this ranking validates the team’s diligence,” Ivey added.
Alabama is coming off a record year for foreign investment, totaling $4.2 billion last year — the highest annual tally ever for the Yellowhammer State. According to Commerce data, companies from 16 different countries launched projects in the state, with more than 7,500 new jobs coming to Alabama through these investments last year.
The impressive momentum has continued into 2019.
Just this week, Hyundai Motor Manufacturing Alabama announced plans to invest an additional $292 million in new machinery and equipment to facilitate the production of redesigned Hyundai Elantra and Santa Fe vehicles and a new, more fuel-efficient Theta engine at its plant in Montgomery.
Alabama Department of Commerce Secretary Greg Canfield advised that foreign investment typically represents 30-50% of the total new capital investment from economic development projects in the state each year.
“Foreign investment continues to invigorate Alabama’s economy and spark dynamic growth across many industry sectors, from automotive to aerospace and chemicals to forest products,” Canfield said.
“It’s a priority for us as a state to continue to build on relationships we have formed with international companies and to make sure we are at the top of their list for new investment and job creation,” he concluded.
Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn