MONTGOMERY, AL (STL.News) Despite the challenges posed by the coronavirus pandemic, economic development activity across Alabama in 2020 generated close to $5 billion in new capital investment and almost 10,000 job commitments, Governor Kay Ivey announced today.
With significant growth projects recorded in key strategic industrial sectors, Governor Ivey said the activity will strengthen the foundations of Alabama’s economy and help accelerate the recovery that is taking place across the state.
“While 2020 was far from being a normal year, Alabama’s economic development efforts made a steady and important contribution to the state’s growth prospects,” Governor Ivey said. “Companies from around the world continue to find all the ingredients they need for success right here in Alabama.”
The 2020 New & Expanding Industry Report, being released today, indicates that 230 economic development projects were completed last year, resulting in $4.8 billion in new capital investment and 9,466 new jobs. The annual report is compiled each year by the Alabama Department of Commerce.
“Working diligently to overcome obstacles, Alabama’s economic development team managed to bring home solid results last year that will help advance the state’s economic revival,” said Greg Canfield, Secretary of the Alabama Department of Commerce.