Governor Kay Ivey on Monday announced the release of the “2024 New and Expanding Industry Announcements Report,” highlighting another banner year for Alabama’s economy. The report reveals that economic development efforts in 2024 secured $7 billion in new capital investments across 224 projects, generating more than 8,500 career opportunities for Alabamians.
Governor Ivey emphasized that these results reinforce Alabama’s position as a premier destination for business growth, innovation and job creation.
“Alabama’s economy is on the move, and this report proves it,” said Governor Ivey. “With more than $7 billion in new investments and thousands of jobs created, we are building a future filled with opportunity. Companies around the world see Alabama as the place to invest, grow and succeed — and we’re just getting started.”
The 2024 report spotlights key industry expansions across multiple sectors, including manufacturing, aerospace, technology and logistics. Among the high-impact projects announced last year:
• Novelis is investing another $1.6 billion in its integrated aluminum mill in Baldwin County, pushing the total investment in the project to over $4 billion.
• Meta Platforms launched plans for an $800 million data center in Montgomery, supporting 100 operational jobs and building on the company’s earlier $1 billion+ investments in Alabama.
• Coca-Cola Bottling UNITED is investing $330 million in a new headquarters and production/distribution facility in Birmingham, creating 50 jobs and preserving 750 existing positions.
Governor Ivey also underscored the state’s commitment to rural economic growth. The report shows that Alabama’s rural counties attracted $1.2 billion in investments in 2024, creating nearly 1,700 new jobs.
A breakout project landing in rural Alabama last year came from Republic Airways’ LIFT Academy, which is establishing a flight training center at historic Moton Field in Macon County. LIFT is creating 35 jobs and bringing 57 flight instructors to train the next generation of aviators in Tuskegee.
“We are making sure economic prosperity reaches every corner of our state,” said Governor Ivey. “From advanced manufacturing to aviation training and auto parts production, rural Alabama is on the rise. These investment projects are transforming communities and creating lasting opportunities.”
Ellen McNair, secretary of the Alabama Department of Commerce, said the state’s economic momentum is being fueled by targeted strategies and forward-thinking initiatives. In 2024, Alabama launched “Catalyst,” a new strategic economic growth plan aimed at driving innovation, attracting talent and ensuring long-term prosperity.
Secretary McNair highlighted the importance of these initiatives in sustaining Alabama’s economic expansion.
“Through Catalyst, SEEDS and the Growing Alabama programs, we’re taking a proactive approach to growth,” said Secretary McNair. “These programs are not only bringing investment and jobs but also strengthening our communities and positioning Alabama as a leader in global industry.”
With continued support from the Alabama Legislature and statewide economic development partners, Governor Ivey expressed confidence in the state’s future.
“Alabama’s best days are ahead,” said Governor Ivey. “We will keep building on this momentum, creating jobs and ensuring that Alabama remains a powerhouse for economic growth.”
The “2024 New and Expanding Industry Announcements Report” is available here.