Economic Development projects in Alabama set record in 2022

State saw $10.1 billion in new capital investment

Novelis announced an broke ground on a $2.5 billion aluminum plant in Baldwin County in 2022. Photo by Mike Kittrell.

Economic development in Alabama generated more than $10 billion in new capital investment in 2022, setting a record.

The 2022 Alabama Economic Development Impact Report, compiled by the Department of Commerce, puts investment at $10.1 billion last year, topping the previous record of $8.7 billion in 2018.

“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,” Gov. Kay Ivey said. “This success is blatant evidence that our efforts are producing a brighter future for the great state of Alabama.”

These projects generated 13,078 jobs, up from 10,190 in 2021.

Airbus, Hyundai and Toyota all announced major investment projects in Alabama in 2022, as did Novelis (a $2.5 billion aluminum mill in Bay Minette), First Solar (a $1.1 billion factory in Lawrence County) and Advanced ACT (a remote air traffic control tower center in Selma).

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The report said Baldwin County led counties with $2.5 billion in new investment in 2022, followed by Montgomery with $1.7 billion, Mobile with $1.4 billion and Lawrence with $1.1 billion.

Montgomery topped the county list for job creation, followed by Mobile, Jefferson and Baldwin, according to the report.

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