Companies announcing operations or expanded facilities in Alabama in 2023 plan to make $6.4 billion in investments, according to a new report.
“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,” Gov. Kay Ivey said in a press release this week.
The $6.4 billion compares to $10.1 billion in 2022.
The 2023 New and Expanding Industry Announcements Report from the Alabama Department of Commerce shows 8,095 new jobs across 43 counties. More than 1,700 jobs were added in the automotive industry, close to 1,000 in the metals and advanced materials manufacturing and almost 700 in information and technology.
“I’m confident that we’re helping build a more dynamic economy that spreads opportunity far and wide across the state,” said Ellen McNair, secretary of the Alabama Department of Commerce. “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.”
Lee County led the state in 2023 in both investments, $689 million, and new jobs, 1,251.
Rural counties reached $1.7 billion in new capital investment in the past year.
Investment from countries including South Korea, Germany and Sweden invested in close to 3,400 new jobs and $3 billion across the state.
“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,” Ivey said. “However, we are not taking a victory lap – we are focused on the future and making Alabama the top choice for growing companies.”
The Legislature and Ivey last year approved the “Game Plan” package of economic development bills and last week rolled out a new seven-bill package aimed at workforce development.
“Technology is ever-changing, and we need to be prepared for what’s next in a world moving at digital speed,” Ivey said. “We need new strategies and bold approaches that keep us in the driver’s seat for the next 10 years and beyond.”