Foxconn breaks ground on Phase 1 of $10 billion campus
Construction has officially begun on the historic Wisconn Valley Science and Technology Park in Mount Pleasant.
A groundbreaking ceremony in late June featured representatives of Foxconn Technology Group, the company responsible for the advanced manufacturing campus, lifting shovels alongside President Donald Trump, Wisconsin Governor Scott Walker and U.S. House Speaker Paul Ryan.
“This is a historic moment for our entire state and our country,” Walker said. “Wisconsin won Foxconn and the first LCD manufacturing facility in North America, thanks to our outstanding workforce and strong manufacturing legacy. With Foxconn’s plans to create 13,000 good-paying, family-supporting jobs, and our record-low unemployment rate of 2.8 percent, it makes it all the more important to attract more workers to Wisconsin.”
The Foxconn project represents the largest foreign direct investment in Wisconsin history, as well as one of the largest greenfield investments by a foreign-based company in U.S. history, as measured by jobs. The Metropolitan Milwaukee Association of Commerce estimates the project will add $51 billion to Wisconsin’s gross domestic product over the next 15 years. This equates to an $18 return on every $1 invested by the state. Once fully operational, Foxconn is expected to spend about $1.4 billion annually in goods and services sourced from Wisconsin.
The state is supporting Foxconn’s historic investment in Wisconsin by providing the company with up to $2.85 billion in performance-based state income tax credits over the next 15 years. All tax credits are “pay-as-you-grow,” which means Foxconn must create jobs and make a capital investment before it earns any credits. In this instance, Foxconn can only receive the full amount of credits if it creates 13,000 jobs and $9 billion in capital investments. The contract with WEDC also requires the company to pay an average annual salary of $53,875 with full benefits for the Wisconsin jobs it creates. In addition to the contractual requirements, the company has set an aggressive goal of hiring 3,000 military veterans by the time the facility is fully operational.
“We are proud to mark this historic occasion and formally start construction of our state-of-the art science and technology campus in America’s heartland,” said Foxconn founder and Chairman Terry Gou. “Over the past year, we have formed strong partnerships with communities across Wisconsin, and we look forward to continuing to work with the talented, hard-working people here in the years ahead.”
