MONTGOMERY, AL | June 7, 2023 – Governor Kay Ivey announced today that Area Development, a national business publication, has selected Alabama for its Silver Shovel Award, recognizing the state’s economic development successes during 2022.
The honor reflects record results for Alabama’s economic development team, with companies announcing new facilities and expansion projects involving $10.1 billion in capital investment last year.
The inbound investment figure represents the highest annual total for the state, eclipsing the previous record of $8.1 billion set in 2018.
These 2022 projects will create over 13,000 jobs across Alabama and stimulate economic growth in both urban and rural areas of the state.
“The Silver Shovel Award is yet another testament to Alabama’s strong pro-business environment and to the talented workers that help companies from around the world grow and thrive,” Governor Ivey said.
“This honor also demonstrates that our efforts to create good jobs and spark economic growth are producing results in Sweet Home Alabama.”
HIGH-IMPACT PROJECTS
Area Development magazine’s annual Shovel Awards recognize state economic development agencies that drive significant job creation through innovative policies, infrastructure improvements, processes, and promotions that attract new employers and investments in new and expanded facilities.
The awards are presented annually to states that have achieved significant success in terms of job creation and economic impact.
Based on the number of high-valued added jobs per capita, amount of investment, number of new facilities, and industry diversity of the submitted projects, Alabama qualified for a Silver Shovel award in the 4- to 6-million population category.
Other winners in the category were South Carolina and Wisconsin.
Additionally, Area Development recognized the Novelis project in Bay Minette that is expected to create 1,000 jobs through a $2.5 billion investment as a “Manufacturing Project of the Year” for 2022. Read the magazine’s awards announcement.
In a year that was marked nationally with large-scale projects related to electric vehicles Area Development singled out two projects in Alabama: Hyundai’s $300 million investment to launch EV production at its Montgomery plant and Hyundai Mobis’ $205 million battery module plant nearby.
Area Development also highlighted growth plans in Alabama by Airbus, First Solar, United Launch Alliance, Manna Beverages & Ventures, and Diego.
“Last year was a remarkable one for Alabama’s economic development team. Not only did these professionals secure high-impact growth projects for the state during 2022, but they also managed to set records while doing it,” said Greg Canfield, Secretary of the Alabama Department of Commerce.
“Their efforts are creating exciting new career opportunities for Alabama citizens and enhanced growth possibilities for communities across the state,” he added. “And we’re not slowing down.”
The magazine has regularly honored Alabama with Shovel Awards. It received Gold Shovel Awards in 2006, 2013, 2019 and 2021, and Silver Shovel Awards for 2007–2012, 2014–2018, and 2022.
Last September, Area Development reported that Alabama ranked No. 6 in its annual “Best States for Doing Business” survey, containing a sustained run for the state in that list’s Top 10.
A comprehensive look at the state’s economic development results for last year can be found in the Alabama Department of Commerce’s “2022 Alabama Economic Development Impact Report,” released this spring.
Since 2017, when Governor Ivey took office, economic development activity in Alabama has attracted over $41 billion in new investment through projects creating nearly 80,000 jobs, according to Commerce figures.
This article was written by Jerry Underwood for Made in Alabama. To view the original article, please visit:
Alabama claims Silver Shovel Award for 2022 economic development successes
