Kay Ivey says $10 billion in capital investment broke record

Companies made $10.1 billion in capital investments in Alabama last year, a new annual record for the state, Gov. Kay Ivey said.

In a press release, Ivey said that broke the record of $8.7 billion set in 2018. The numbers are from the 2022 Alabama Economic Development Impact Report that the Alabama Department of Commerce is releasing today.

The projects total 13,078 in job commitments, up from 10,190 job commitments the previous year. Key sectors include automotive, with 2,800 jobs, metals and advanced materials, with 1,900 jobs, and aerospace/aviation/defense, with 1,500 jobs.

Notable projects included Novelis, a $2.5 billion aluminum mill in Bay Minette that will have 1,000 employees; First Solar Inc., a $1.1 billion solar panel factory in Lawrence County that will have 700 workers; and Advanced ACT, which is building an air traffic control tower center at the former Craig Air Force Base in Selma. Ivey said the First Solar and Advanced ACT projects are examples of projects landed by rural counties, a priority for the state’s efforts.

Baldwin County led all counties in new investment last year at $2.5 billion, followed by Montgomery at $1.7 billion, Mobile at $1.4 billion, and Lawrence at $1.1 billion. For new jobs, Montgomery County led with 1,491, followed by Mobile with 1,451, Jefferson with 1,259, and Baldwin with 1,170.

“Strategic economic development has been a top priority of my administration since I first became governor because I fully understand the impact it can have on our citizens, their families and their communities,” Ivey said in the press release. “This success is blatant evidence that our efforts are producing a brighter future for the great state of Alabama.”

The release of the report comes just ahead of proposals by the governor’s office and legislative leaders to renew and expand Alabama’s economic incentive laws. Those bills are expected to be introduced after the Legislature returns from spring break next week.