Alabama’s economy saw tremendous growth in 2024, as Governor Kay Ivey announced over $7 billion in fresh capital investment across 224 projects, resulting in the creation of more than 8,500 jobs across the state. This impressive expansion highlights Alabama’s emergence as a hub for business development and innovation.
Governor Ivey proudly stated, “Alabama’s economy is moving forward, and this report confirms it. With more than $7 billion in new investments and thousands of new jobs, we’re creating a future filled with opportunity. Companies from all over the world see that Alabama is the place to invest, expand, and thrive — and we’re just getting started.”
Key Industry Expansions
The 2024 New & Expanding Industry Announcements Report highlights several key projects that contributed to Alabama’s economic growth:
- Novelis’s Baldwin County Investment: Novelis has invested an additional $1.6 billion into its integrated aluminum mill in Baldwin County, bringing the total investment to over $4 billion. This expansion significantly boosts Alabama’s manufacturing capacity.
- Meta Platforms’ Montgomery Data Center: Meta announced plans to build an $800 million data center in Montgomery, creating 100 operational jobs. This investment builds on the company’s previous $1 billion commitment in Alabama earlier this year.
- Coca-Cola Bottling UNITED’s Birmingham Facility: Coca-Cola Bottling UNITED is investing $330 million in a new headquarters and production/distribution facility in Birmingham. This project will create 50 new jobs and preserve 750 existing ones, benefiting the local economy.
Focus on Rural Economic Development
The report also showcases Alabama’s strong commitment to rural economic development. Rural counties attracted $1.2 billion in investments and generated nearly 1,700 new jobs in 2024. A standout example is Republic Airways’ LIFT Academy, which is establishing a flight training center at historic Moton Field in Macon County. The project will create 35 jobs and relocate 57 flight instructors to train the next generation of aviators in Tuskegee.
Governor Ivey emphasized, “We are ensuring that economic growth reaches every corner of our state. From advanced manufacturing to aviation training and auto part production, rural Alabama is thriving. These investment projects are transforming communities and building lasting opportunities.”
Strategic Initiatives Driving Growth
Ellen McNair, Alabama Department of Commerce Secretary, credited the state’s economic momentum to its strategic initiatives and forward-thinking programs. In 2024, Alabama launched “Catalyst,” a comprehensive economic development plan designed to drive innovation, attract talent, and foster long-term prosperity.
Secretary McNair explained, “Through Catalyst, SEEDS, and the Growing Alabama programs, we’re taking a proactive approach to growth. These programs are not only bringing investments and jobs but also strengthening our communities, positioning Alabama as a leader in global industry.”
With continued support from the Alabama Legislature and statewide economic development partners, Governor Ivey is confident that the state’s future is bright. She stated, “Alabama’s best days are ahead. We will continue building on this momentum, creating jobs, and ensuring that Alabama remains a powerhouse for economic growth.”
Looking Forward
The 2024 New & Expanding Industry Announcements Report reflects Alabama’s strong economic health and its forward-looking strategy for sustainable growth and development.
