It didn’t take long for a state House committee to put its stamp of approval on a constitutional amendment Tuesday that would raise Alabama’s borrowing power to generate incentives to lure new industry to the state.The special session under way this week is to be dedicated to raising the state’s ability to borrow by $400 million, and it is hoped that it will sail the rest of the way through as easily as it did through the General Fund Appropriations Committee.
At stake are as many as 30 new businesses that could bring thousands of new jobs to Alabama. One is a $2.9 billion German steel-making plant considering a site near Mobile as one its top two choices.
Another is an engine plant in Montgomery and a railroad car plant in northwest Alabama.
If successful in just a few of those industrial recruitment ventures, other development in other places will likely follow.
As an example, take a look at an announcement made Tuesday for Auburn. Two Korean companies with a combined investment of $33 million will create 170 jobs for that community. Their customer is the Kia automotive production plant south of Montgomery, illustrating the premise that economic development has the potential to spread across boundary lines.
The governor’s plan to put together powerful incentive packages to breed announcements similar to the one for Auburn appears to be an opportunity for this state, and we encourage lawmakers to take heed.
