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Gov. Kay Ivey announced some interesting economic news for the state Tuesday.
Ivey revealed that companies from around the world invested more than $6.4 billion in the Yellowhammer State in 2023. He also said investment primarily comes from companies starting operations or expanding existing facilities in Alabama.
“We continue to make great strides in our mission to create solid career opportunities for Alabamians and inject economic vitality into cities and communities across the state,” Ivey said. “I am proud of the fact that since I became governor, $49 billion has been invested in Alabama and approximately 87,000 new jobs have been created.”
“But we’re not sitting on a winning record. We’re focused on the future and making Alabama the first choice for growing businesses.”
Alabama Department of Commerce Secretary Ellen McNair agreed with Ivey that progress has been made, but said there is still much to accomplish.
“We believe we are helping to build a more dynamic economy that expands opportunity across the state,” McNair said. “We still have a lot of work to do, but we have the tools we need for the job and are fully committed to creating 21 products.cent Centuries of jobs across Alabama. ”
The 2023 New and Expanding Industry Announcement Report compiled by the Alabama Department of Commerce also shows that 8,095 jobs were created in 43 counties last year in connection with 184 projects.
Key takeaways from the report include:
- Many of the new jobs are being created in strategically important industrial sectors. This includes his more than 1,700 new positions in the automotive industry, nearly 1,000 in metals and advanced materials manufacturing, and nearly 700 in information technology.
- Rural Alabama continues to act as a magnet for growing businesses, with the state’s “target” counties promising to attract $1.7 billion in new capital investment and more than 1,700 jobs in 2023. There is.
- Foreign direct investment (FDI) provided a dynamic boost to Alabama’s economy last year. Companies from South Korea, Germany, Sweden and other countries collectively invested nearly $3 billion in the state in 2023, contributing to about 3,400 new jobs.
According to the report, Mr. Lee leads Alabama in attracting new investment in 2023 with $689 million, followed by Mr. Montgomery ($629 million), Mr. Walker ($525 million), and Mr. Cullman ($525 million). 489 million dollars).
Lee County was also the top county in job creation with 1,251 new jobs, ahead of Mobile (743), Jefferson (717) and Cullman (643).
Austin Shipley is a staff writer at Yellowhammer News.
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