The state of Alabama generated $10.1 billion in new capital investments in 2022, according to the Alabama Department of Commerce’s 2022 Alabama Economic Development Impact Report.
The record-breaking amount exceeded the 2018 record of $8.7 billion.
Governor Kay Ivey said economic development possibilities bringing companies to invest in the state showed the strength of the state’s economy.
“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,” said Ivey. “This success is blatant evidence that our efforts are producing a brighter future for the great state of Alabama.”
Baldwin County had the largest amount of new investments last year, with $2.5 billion. Sen. Chris Elliott (R-Josephine) said he believes that number is more like $2.7 billion all because of one project in Bay Minette. Atlanta-based Novelis began construction on a massive aluminum mill.
I kicked off Manufacturing Day w/ an incredible groundbreaking event for @Novelis’ $2.5B aluminum manufacturing & recycling facility. Folks in Bay Minette & surrounding areas don’t have to look far for great jobs because this massive project will create 1,000 of them! #alpolitics pic.twitter.com/jTIzaG8oiA— Governor Kay Ivey (@GovernorKayIvey) October 7, 2022
Elliott said he had seen an increased number of people and businesses wanting to come to Baldwin County over the past several years.
"In general, there is all types of business growth all over Baldwin County," said Elliott. "We're adding 8,000 people a year to Baldwin County. But when you add that much, the businesses grow, too."
Elliott said Baldwin County still has room to grow, with a large amount of land mass remaining.
Montgomery and Mobile were also top drivers in new investments across the state, with $1.7 billion and $1.4 billion, respectively.
The investments also brought along the promise of thousands of jobs. Ivey said with the announcements made in 2022, 13,078 jobs had been projected. Most of those jobs are in industrial sectors, such as automotive, advanced materials and aerospace/defense.
"These results mean Alabama's economic development team is making a real difference in shaping a more prosperous future for the hard-working citizens of our state," said Greg Canfield, Secretary of the Alabama Department of Commerce. "And, while we're proud of setting records, we're just going to keep on working to deliver a better tomorrow for Alabama."
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