Alabama is the place to be. We set a record in 2018 for economic investment. Job growth is on the rise. It is a great time to buy a new home either for personal use or investment.
Alabama set a new record in 2018 for economic investment, according to the Alabama Department of Commerce, with $8.7 billion committed to projects in the state.
Altogether, economic commitments last year are expected to generate 17,000 new jobs across the state.
The biggest project, of course, was the $1.6 billion announcement last January of the Mazda Toyota auto manufacturing plant for Huntsville. But Alabama also saw big announcements by Facebook, Shipt, Airbus and Amazon, along with expansion projects by Mercedes-Benz, Honda and Hyundai.
Rural areas also saw more than $1.1 billion in new investment and 1,128 jobs, including plans for new production facilities from Westervelt, Rex Lumber and Great Southern Wood. These rural “targeted” counties were eligible for enhanced incentives to spur economic activity.
Gov. Kay Ivey said the new record level of investment indicates “Alabama is showing the world that it is a prime location for business and that our skilled workers can handle every challenge.”
“Companies from around the globe want to be part of the gold standard brand that is known as ‘Made in Alabama,'" Ivey said.
The $8.7 billion total shattered the previous high of $7.1 billion set in 2015.
According to the 38-page report, Limestone County, home to the Mazda Toyota project, led all counties in new investment and job announcements - $1.68 billion and 4,172 jobs. The other top Alabama counties for new capital investment in 2018 were Madison with $1.1 billion, Tuscaloosa with $670 million, Jefferson with $654 million, Mobile with $648 million and Montgomery with $510 million.
In job creation, Jefferson was second, with 3,421 anticipated jobs, followed by Madison with 1,043 jobs, Mobile with 749 jobs, Montgomery with 694 and Pike with 630.
“The high level of economic development activity in 2018 sets the stage for sustained growth and expanded opportunity across Alabama,” Alabama Commerce Secretary Greg Canfield said. “This success solidifies my belief that we are building a more dynamic economy in Alabama and creating a pathway to greater prosperity for its citizens.”