Limestone and Madison counties topped all other counties in Alabama for new capital investment (CAPEX) and job creation, according to the 2018 New & Expanding Industry Report just released by the Alabama Department of Commerce.
Limestone County led the state with CAPEX of $1.7 billion, followed by Madison County with $1.1 billion in new capital investment. The Limestone County figures are heavily driven by the $1.6 billion Mazda Toyota Manufacturing USA plant under construction in Huntsville-Limestone County.
Furthermore, according to the report, Limestone County ranked first in job creation at 4,172 jobs. Madison County ranked No. 3 at 1,043 jobs.
However, Harrison Diamond, Business Relations officer for the City of Huntsville, said the report contains a caveat.
“The numbers for our area are even better when you realize that Huntsville is now comprised of Madison, Limestone and Morgan counties,” said Diamond, “Limestone’s numbers included some investment not in Huntsville, but when you pull it all together, Huntsville’s CAPEX is $2.7 billion with 5,189 jobs created in 2018.”
Growth in automotive and aerospace remained strong in 2018, boding well for North Alabama, which has momentum for the rest of 2019.
The report outlines 357 economic development projects totaling a record-breaking $8.7 billion in CAPEX statewide with 17,062 jobs from new and expanding industries. That is the highest increase since 2015 at $7.1 billion.
“This success solidifies my belief that we are building a more dynamic economy in Alabama and creating a pathway to greater prosperity for its citizens,” said Greg Canfield, secretary of the Alabama Department of Commerce.
Projects in the City of Huntsville
Company Year Jobs Investment ($)
|BAE Systems Inc.||2018||200||45,500,000|
|Custom Assembly inc.||2018||75||0|
|Radiance Technologies, Inc.||2018||60||18,990,000|
Total 5,189 2,700,000,000