The year of investment: from Stellantis to Blackstone to add 40 billion

If we had to choose a word to define 2024, it would undoubtedly be investment. Aragón closes the year with a sum of 40,000 million with some of the most anticipated announcements materializing, such as the arrival of the Stellantis gigafactory to tie up the automobile sector or the landing of more data centers from the hand of new companies such as Blackstone and old allies such as Microsoft and Amazon Web Services. The agri-food industry is also positioning itself with projects such as the Grupo Costa logistics center in Villamayor, as well as the hydrogen sector and the macro plant announced in Caspe.

The spearhead this year has been the confirmation of the Stellantis battery factory in Figueruelas after signing the agreement with the Chinese multinational CATL, which is a milestone at a time of valley for the sector that is preparing to face electrification predicting some complicated years as reflected in the Zaragoza plant, which begins 2025 with an ERTE affecting 4,200 workers, the suspension of the night shift and amid rumors of the closure of line 1 (still unconfirmed by the company) in anticipation of a drop in production.

However, the arrival of the gigafactory redoubles the multinational’s commitment to the region and ensures the future, also of the auxiliary industry, as well as serving as a magnet for new investments, putting Aragon on the map. A dream achievement that finally became a reality after months of talk, even if it was incipient after receiving the final boost with the Perte VEC III (133.2 million) that the Ministry announced in the Aragonese capital.

In figures, the investment amounts to 4.1 billion euros and, according to forecasts, the plant will be operating 
at 100% in March 2028, producing one million batteries per year. It is estimated that almost 12 billion euros will be generated annually in turnover, which would double the amount generated by the entire automotive sector in Aragon in 2023. In terms of employment, it will also be very significant, with 3,000 direct jobs in the gigafactory alone, not counting those in the auxiliary industry.

THE “DRAINAGE” OF DATA CENTERS CONTINUES

The flood of data centres has also continued this year. The American fund Blackstone will land in Calatorao (Valdejalón region) under the umbrella of an investment of 7.5 billion and the forecast of creating 1,400 jobs, although 1,200 will be indirect for construction and the rest for maintenance. The QTS group and Calanza Inmobiliaria accompany the multinational and have collaborated in the purchase of 244 hectares next to the A-2 seven kilometres from Calatorao and next to Lucena de Jalón, Épila and La Muela. This is the first phase of the so-called Rhodes Project, which will exploit half of the surface. In the long term, calculations point to an impact on the GDP of the region of between 16.5 and 25.45 billion euros.

A thriving sector in which Aragon had already taken its first steps with the Amazon Web Services or 
Microsoft campuses , which have also been reinforced this year. In the case of Microsoft, it announced the implementation of a third data center in Villamayor with an investment of 2.2 billion, which added to the two previous ones that will be installed according to the initial forecasts in the PTR and in La Muela, will mean 6.6 billion in the Aragonese territory. In addition, AWS will expand the operational infrastructure in the municipalities of Villanueva de Gállego, Huesca , El Burgo de Ebro, Zaragoza and La Sotonera (Huesca).

Macro investments that also have challenges to face. The choice of Aragon for the always mentioned 
dust, water, wind and sun, which is equal to renewable energy and availability of land, tips the balance in favour, although the Community will have to respond to other needs such as labour, housing or the reinforcement of connections and infrastructures . These are necessary requirements to not miss opportunities and even more so when the Meta or Google data centres or the arrival of an electric car factory by the hand of the Chinese company MG are on the horizon.

THE AGRO-FOOD INDUSTRY BETWEEN INVESTMENTS AND THE DANGER OF TARIFFS

Among other milestones this year is the investment announced by the Costa Group, with 469 million for its new agri-food centre in Villamayor, which will provide 3,200 direct jobs, one of the most ambitious projects both for meat production and for the biotechnology branch. In the first phase, the poultry meat plant and a biotechnology campus will be built, and the second phase will focus on pork, although specific dates are still unknown.

All this at a critical moment for the agri-food industry in Aragon, which is also attentive to external threats such as the tariffs that China (the main destination for pork exports) wants to impose on European countries following the approved policies regarding electric cars from the Asian giant. Possible restrictions that would also be added to those announced by Donald Trump after returning to the presidency of the United States . A scenario of uncertainty with diversification as the best ally according to businessmen.

In line with its commitment to new sectors, Aragon is also positioning itself with green hydrogen. The company Alkeymia will develop a hydrogen and ammonia production and storage plant in Caspe, with an investment of 700 million. The works are expected to begin at the end of 2025 and will create 85 qualified jobs when fully operational. 30,000 tons of hydrogen and 160,000 tons of ammonia will be produced annually. A field that is gaining weight in the Community, since the Aragon Hydrogen Foundation closes 2024 present in 35 projects, with a 30% increase in initiatives carried out for clients.

THE CONDITIONERS FOR 2025: EXPORTS, EMPLOYMENT AND GEOPOLITICAL CONFLICTS

A buoyant scenario in Aragon, the effects of which will begin to be felt in the medium term, and in 2025 the economy will have to face some challenges that could condition growth, as various organisations have pointed out in their year-end forecasts, which are leaning towards moderation. The fall in exports in the last months of the year, mainly due to the weakness of the automotive industry and the bad times that France and Germany are going through , added to a worsening of employment forecasts (which until now had pointed to good data) and the uncertainty due to the geopolitical conflicts that continue to be active.

Housing also continues to reach new highs, with a lack of balance between supply and demand preventing prices from falling, although in the Aragonese region sales remain robust and have not shown as sharp a decline as expected after the good post-pandemic figures.

On the other hand, experts are confident that inflation will continue to moderate, allowing 2024 to close better than expected and to remain within the 2% target set by Europe for the next year. This would continue the 
downward trend in interest rates, which stood at 3.15% in December.