Many people could also be unaware of some great benefits of doing enterprise in Alabama’s rural counties, however company decision-makers from around the globe are absolutely tuned in to the probabilities.
International direct funding has been an important ingredient in Alabama’s financial progress lately – and that’s true for rural components of the state as effectively. Between 2015 and 2019, Alabama’s 40 “focused” counties attracted nearly $1.5 billion in FDI via progress tasks with over 3,800 job commitments, based on Alabama Division of Commerce knowledge.
This funding has primarily flowed from international locations akin to South Korea, Canada, Japan and Germany. Firms from Finland, Brazil and Eire have additionally discovered their method to rural Alabama.
The affect of that FDI is being felt within the Tallapoosa County cities of Alexander Metropolis and Dadeville. Collectively, the 2 communities attracted greater than $155 million in overseas funding between 2015 and 2019, producing practically 600 new jobs, based on Commerce knowledge.
“Within the quest to supply jobs for the residents of the Lake Martin Space, we have now had sustained success in attracting overseas direct funding,” mentioned Chad Odom, government director of Lake Martin Area Economic Development Alliance.
“We’re persevering with to make strides in workforce growth and enterprise attraction advertising to supply even higher alternatives for our workforce within the months and years to come back.”
South Korea-based auto suppliers are bullish on Alex Metropolis and Dadeville, cities that stand between the Hyundai meeting plant in Montgomery and the Kia plant simply throughout the state line in West Level, Georgia. In 2019 alone, three Korean auto suppliers expanded in Tallapoosa County via tasks involving greater than $58 million in new funding.
“Now we have sturdy partnerships with the South Korean suppliers we have now attracted and are repeatedly working to assist them increase and add extra worth to our residents via increased paying jobs,” Odom mentioned.
Different rural counties in Alabama have had success in attracting FDI – and the brand new jobs that include it. Amongst them:
- Between 2015 and 2019, Chambers County landed 17 FDI tasks involving practically $260 million in capital funding and 334 jobs. Auto suppliers discovered their method to the county, positioned not removed from the Kia plant, however so did corporations in different industries. Germany’s Knauf, a maker of fiberglass insulation, has turn into a high employer within the county, with 250 employees.
- Butler County has benefited from the presence of Hwashin America Corp. in Greenville. Since 2015, the auto provider has expanded a half-dozen occasions, investing greater than $98 million and creating 220 jobs, based on Commerce knowledge.
- Bibb County has turn into residence to the second Alabama campus of Mercedes-Benz U.S. Worldwide, positioned just some miles from the worldwide automaker’s sprawling meeting facility in Tuscaloosa. Mercedes is constructing a brand new EV battery assembly facility close to Woodstock, together with a worldwide logistics middle and a components provide hub.
Over time, FDI has represented a strong progress engine for Alabama, with overseas corporations saying $16 billion in new capital funding within the state for the reason that starting of 2013, based on Commerce knowledge.
“The success of the businesses working in Alabama is a narrative that’s being advised around the globe,” mentioned Greg Canfield, Secretary of the Alabama Division of Commerce. “Right here at residence, that’s meant vital new investments and profitable jobs for communities throughout the state.
“In lots of instances, the expansion sparked by FDI has taken place in rural areas of Alabama, including vitality to native economies that had been in search of industries and job-creation potential,” he added.
Brenda Tuck, rural growth supervisor for the Alabama Division of Commerce, mentioned rural Alabama communities akin to Selma, Luverne and Evergreen are amongst people who have seen their profiles raised by overseas funding.
“The excessive degree of FDI exercise exhibits that rural Alabama is a superb location for doing enterprise, and the businesses finding there typically increase their operations as a result of they’re getting the assist they must be profitable,” Tuck mentioned.
(Courtesy of Made in Alabama)