MONTGOMERY, Ala. — Gov. Kay Ivey announced on Friday that a new strategic economic growth plan is now under development, and will replace the state’s long-standing economic development plan known as Accelerate Alabama that was adopted in 2012.
Intended to guide the state’s economic development strategy into the next decade and beyond, the new plan will be developed in partnership with the consulting firm McKinsey & Company, along with Troy and Alabama A&M universities.
The team will be led by Commerce Secretary Ellen McNair and is expected to complete development on the new plan by Oct. 1.
“Our goal is to identify smart and future-forward strategies, backed by data, that will provide the framework for our economic development efforts well into the 2030s,” McNair said in a statement.
“Our eyes are on the future, and we intend to make sure Alabama is the top choice for growth projects from companies from across the globe.”
In her leadership role, McNair will also be joined by Greg Barker of the Economic Development Partnership of Alabama, David Bronner of the Retirement Systems of Alabama, and Finance Director Bill Poole.
A release from Ivey’s office states that the plan would include a focus on “elevating human capital, spurring entrepreneurship and energizing talent attraction,” as well as methods to better leverage the state’s outdoor recreation infrastructure.
“We can be proud of our solid track record in economic development, but it’s critically important for us to be prepared for what the future brings in order to capitalize on the fast-paced changes being driven by technology,” Ivey said in a statement.
“This new strategic plan will keep us competitive for the kind of game-changing corporate growth projects that invigorate communities and families. We must have an economic development strategy that prepares us for the 2030s today.”
McKensey & Company will be tasked with conducting analyses of target sectors such as entrepreneurship, business retention and businesses attraction, and developing strategies for each targeted sector. The two Alabama universities will work on organizing focus groups and data preparation for the final report.
Once completed, the new economic plan will replace Accelerate Alabama, that state’s first economic development strategic plan that was last updated in 2017.
Alabama has seen more than $67 billion in new capital investment since adopting Accelerate Alabama in 2012, which includes nearly 170,000 job commitments, per the Alabama Department of Commerce.
“We’re taking bold steps to raise Alabama’s economy to the next level so that our citizens can take advantage of life-changing career opportunities and our state can reach new heights of prosperity,” Ivey said.