The Alabama Polaris plant is now producing the eye-catching Slingshot. (Polaris)
Newly enacted economic development incentives are getting a positive reaction from companies and site consultants, Canfield said, and incentives designed to help grow businesses in rural parts of the state and boost distribution center growth will start to pay dividends this year.
This year will also see the development of Accelerate Alabama 2.0, the latest version of the five-year economic development plan enacted in 2011.
Canfield said the initiatives of the original Accelerate Alabama plan led to $20.2 billion in capital investment and 75,000 new and future jobs between 2012 and 2015.
So far in 2016, there have been some large announcements, Canfield said. Berghoff Group announced a $30 million precision machining plant in Auburn, UTC Aerospace is expanding in Mobile and adding 260 jobs, Mando announced a $19 million expansion in Opelika, and German auto supplier Gerhardi announced its first North American plant will be in Montgomery, creating 235 jobs.
“We’re pretty proud of 2015,” Canfield said. “But we’re not stopping. We’re doing some important and significant work in 2016. It might not be a record year, but it’s definitely an important year for the future of economic development in Alabama.”