Foxconn’s investment in Wisconsin makes history
Foxconn Technology Group, the world’s largest electronics manufacturing services provider, is expected to begin construction soon on a $10 billion world-class advanced display manufacturing campus in Racine County expected to create up to 13,000 jobs. The project is by far Wisconsin’s largest economic development project ever and is the largest corporate attraction project in U.S. history as measured by jobs. The project is also the largest greenfield investment by a foreign-based company in U.S. history as measured by jobs.
Foxconn, the world’s fourth-largest technology company, will leverage Wisconsin’s strong manufacturing infrastructure and deep talent pool to manufacture state-of-the-art liquid crystal display (LCD) screens that will be used in everything from self-driving cars to aircraft systems and in the fields of education, entertainment, health care, safety and surveillance, advanced manufacturing systems and office automation. This will be the first LCD facility of any kind in North America.
To secure Foxconn’s investment in Wisconsin, the state legislature in September 2017 passed a law that allowed WEDC to provide up to $2.85 billion in state income tax credits through the creation of a new Electronics and Information Technology Manufacturing Zone. The tax credits, to be paid over 15 years, will provide Foxconn with the incentives it needs to move forward with this historic investment while at the same time fully protecting the interests of Wisconsin taxpayers.
Ripple effects throughout Wisconsin
The construction of Foxconn’s Wisconsin facility alone will support 10,000 construction jobs in each of the next four years and 6,000 indirect jobs. When fully operational, Foxconn itself will employ 13,000 highly skilled workers in Wisconsin with an average salary of nearly $54,000. However, the impact of the project will touch every region of the state. Foxconn will create new opportunities for current Wisconsin suppliers while also attracting new businesses and talent to the state. It is projected that Foxconn will result in tens of thousands of indirect and induced jobs throughout Wisconsin and have at least a $7 billion annual economic impact statewide. Foxconn is to make $4.26 billion in supplier purchases annually, about one-third of which will be sourced within Wisconsin.