Gov. Ivey announces 2024 economic gains; Alabama’s growth continues with $7 billion in new investments
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Two Rivers’ expansion included in report as Coosa County’s one project
Special to the News
On Monday Gov. Kay Ivey announced the release of the “2024 New & 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.
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 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 more than $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-plus 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.
Gov. 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 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.
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, Ivey expressed confidence in the state’s future.
“Alabama’s best days are ahead,” said Ivey. “We will keep building on this momentum, creating jobs and ensuring that Alabama remains a powerhouse for economic growth.”
For the category of rural counties, Coosa County ranked fourth in top rural counties for new investment and jobs, with the report reflecting an investment of $115 million and creating 130 jobs.
Coosa’s $115 million investment and 130 new jobs comes from just one expanding project, with no new projects listed for the county in the report. That project is the expansion of the Two Rivers Lumber sawmill in Kellyton at the industrial park.
The “2024 New & Expanding Industry Announcements Report” is available online at governor.alabama.gov.
**(Lydia, for the website, you can change the end to read, “…available online here.” and hyperlink directly to it at: https://governor.alabama.gov/assets/2025/03/DCOM-0567-New-Expanding-Industry-2024-Announcements-MAR-19-2025-DIGITAL.pdf )
