A recent report from the governor’s office in Alabama indicates that in 2023, new and expanding companies invested over $6.4 billion in the state, creating around 8,000 jobs across 43 counties. Although this figure is slightly lower than the $10.1 billion in investments seen in 2022, it still reflects ongoing job growth. Ellen McNair, the new Secretary of the Alabama Department of Commerce, expressed positivity about the past year, citing Governor Ivey’s role in creating over 87,000 new jobs.
Various industries, including automotive, metals and advanced materials manufacturing, and IT, are experiencing job growth. McNair is currently developing a plan to address challenges and opportunities in these sectors as the economy and international business landscape evolve.
Foreign investments are also significant, with approximately $3 billion coming from countries like Germany, Sweden, and South Korea. McNair highlighted the success of Hyundai and their suppliers in the automotive sector, which has greatly benefited the state. Overseas companies contributed around 3,400 new jobs, with Lee County leading in attracting investments with $689 million, followed by Montgomery County with $629 million.