Press Release: Alabama’s Economic Growth Accelerates with $7 Billion in New Investments
Montgomery, AL – Governor Kay Ivey announced on Monday the release of the “2024 New and Expanding Industry Announcements Report,” showcasing a remarkable year for Alabama’s economy. The report details that economic development initiatives secured $7 billion in capital investments across 224 projects, creating over 8,500 jobs for Alabamians.
Governor Ivey stated, "Alabama’s economy is on the move, and this report proves it. With more than $7 billion in new investments, we are building a future filled with opportunity." The report underscores Alabama’s growing reputation as a prime location for business expansion and innovation, attracting global businesses.
Key industry expansions highlighted in the report include:
- Novelis plans to invest $1.6 billion in its Baldwin County aluminum mill, raising total investment to over $4 billion.
- Meta Platforms announced an $800 million data center in Montgomery, generating 100 operational jobs, complementing previous investments exceeding $1 billion.
- Coca-Cola Bottling UNITED is investing $330 million in a new facility in Birmingham, creating 50 new jobs while preserving 750 existing positions.
Additionally, Alabama is committed to fostering rural economic development. In 2024, rural counties attracted $1.2 billion in investments, leading to nearly 1,700 new jobs. Notable projects included Republic Airways’ LIFT Academy, which will establish a flight training center in Macon County, creating 35 jobs and supporting 57 instructors.
Ellen McNair, Secretary of the Alabama Department of Commerce, emphasized the effectiveness of targeted growth strategies like the new “Catalyst” initiative, designed to enhance innovation and attract talent.
With robust support from the Alabama Legislature and economic development partners, Governor Ivey affirmed, “Alabama’s best days are ahead.” The full “2024 New and Expanding Industry Announcements Report” is available online.
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