Gov. Ivey signs ‘Powering Growth’ plan to energize Alabama’s future economic growth

Gov. Kay Ivey this week signed into law comprehensive legislation designed to accelerate economic development and address potential critical energy infrastructure supply chain vulnerabilities across Alabama.

The “Powering Growth” plan includes the establishment of the Alabama Energy Infrastructure Bank, a strategic plan to mitigate long lead times for crucial energy equipment and streamlined permitting processes mirroring recent federal initiatives to support economic development projects.

“In order to keep Alabama’s economy growing, we’ve got to make sure that we have the power to support it,” Ivey said. “That’s what Powering Growth is all about — making sure our energy infrastructure is robust enough to meet the demands of new industries, new jobs and a stronger future.

“This plan ensures we’re prepared to compete, not just with neighboring states, but on a national level,” she said. “By investing now, we’re laying the groundwork for long-term growth — especially in areas that need it most.”

Read Ivey’s full announcement.

Ellen McNair, secretary of the Alabama Department of Commerce, said the legislation will have a massive impact.

“Alabama has already achieved remarkable success by focusing on what economic development truly demands: available land, strong incentives, robust broadband and excellent roads and bridges,” McNair said. “However, energy availability consistently ranks as the No. 1 factor in site selection for economic development projects, and the demand for energy is growing exponentially nationwide.

“By investing in our energy infrastructure and addressing supply chain vulnerabilities — across both our urban and rural areas — we are laying the foundation for long-term economic prosperity and ensuring Alabama remains a premier destination for businesses,” she said.

The Alabama Growth Alliance, a coalition of business and government leaders dedicated to driving economic development, has identified energy infrastructure and supply chain resilience as key priorities.

A statewide study commissioned by the Legislature and the Commerce Department identified the establishment of the Energy Infrastructure Bank as well as targeted growth projects that may help the State Industrial Development Authority in directing this funding mechanism.

Alabama Senate Pro Tem Garlan Gudger said that in the development of this package, the Legislature made it a top priority to ensure that it focuses on helping develop and support rural areas.

“My key focus throughout the development of these bills has been to make sure that they support and grow opportunity in the rural parts of our state,” Gudger said. “We worked to include language in these bills that ensures a significant portion of this investment goes to rural Alabama, and I can’t wait to see the projects and economic growth that these investments will make for years to come.

“Energy security and dominance is critical for growth, and this is a big step forward in ensuring that we have both here in Alabama.”

This story originally appeared on the Alabama Department of Commerce’s Made in Alabama website.