The Alabama Department of Commerce presented its next economic development plan to Gov. Kay Ivey this week.
The plan, Catalyst, replaces the previous framework, Accelerate Alabama, which has helped steer $67 billion in capital investment and 170,000 job commitments to the state since 2012. Accelerate Alabama, adopted in 2012, was last updated in 2016.
“Catalyst will keep us energized and in the game as the future brings new challenges,” said Gov. Kay Ivey.
Catalyst incorporates a broad focus, expanding beyond traditional recruitment efforts to facilitate entrepreneurship, attract new talent and promote rural development. A key component is quality placemaking, which leverages Alabama’s outdoor recreation infrastructure to enhance community appeal.
The priorities of the new plan are: mobility, defense, metal and advanced materials, chemical manufacturing, forestry and wood, agriculture and food, bioscience and technology.
The plan also identified two enablers — business services and logistics and distribution.
“With this inclusive strategic plan in hand, Alabama is committed to fostering a vibrant and diverse economy that can adapt to the rapidly changing global landscape,” said Commerce Secretary Ellen McNair. “By prioritizing collaboration, innovation and strategic investment, Alabama is reinforcing its position as a top destination for business and economic growth.”
McNair and a task force team, made up of Greg Barker of the Economic Development Partnership of Alabama, Bill Poole of Innovate Alabama and David Bronner of the Retirement Systems of Alabama, developed Catalyst. International consulting firm McKinsey & Company was brought on to provide in-depth analysis, supported by teams from Troy University and Alabama A&M University.
McKinsey engaged more than 400 economic developers and community leaders and conducted 17 regional workshops and focus groups to ensure a collaborative approach.
McKinsey also will assist with the launch of the Alabama Growth Alliance, an initiative that brings public and private leadership together to strengthen the state’s ability to bring about economic development success.
