By Missy Hughes
WEDC Secretary and CEO
Fiscal year 2024, which just drew to a close, was a banner year for WEDC and our economy. Over the last 12 months, we saw businesses within the state commit to $2.4 billion in planned capital investments, $100 million in new funding for entrepreneurs, and more than $33 million invested to strengthen communities throughout Wisconsin.
Our state is making record investments in our communities, our workers, and the types of innovation that will continue to put Wisconsin in the lead for generations. Businesses can see we’re committed to building an Economy for All—where everyone has the opportunity to thrive—and they want to be part of it.
Planned investments by businesses moving to or expanding in Wisconsin reached $2.4 billion in FY24, the highest annual total since WEDC was created more than a decade ago. These businesses expect to create nearly 5,000 new high-paying jobs when the projects are completed.
We’re seeing growth in every part of the state. For example:
- Kikkoman Foods’ $800 million expansion in Jefferson and Walworth counties;
- A.Y. McDonald’s $340 million construction in Dickeyville and Kieler;
- Charter Next Generation’s $270 million growth in Milton;
- Kwik Trip’s $95 million investments statewide, including in Deerfield and La Crosse; and
- Sartori Cheese’s $60 million expansion of its production facilities in Plymouth and Antigo—plus many more.
WEDC supported these and other projects with $62 million in performance-based tax credits, which works out to about $40 in business investment for every $1 in state assistance. That’s a solid return for Wisconsin taxpayers.
Not included in those figures are many major private-sector projects, such as Microsoft’s planned $3.3 billion data center in Mount Pleasant, Eli Lilly’s purchase of Nexus Pharmaceuticals in Mount Pleasant, or Asahi’s purchase of Octopi Brewing in Waunakee—all of which are keeping our state’s economy humming.
While this is great news for the present, we’re also taking steps to ensure the next generation of Wisconsin businesses get the financial backing they need.
WEDC set another record this spring by launching the $100 million Wisconsin Investment Fund—the largest public-private investment partnership in state history. The fund will initially match $50 million in federal funds with at least $50 million in private money to support cutting-edge businesses.
About one-fourth of the fund’s initial investments will be aimed at Wisconsin’s biohealth and biotechnology industry. This will build on the $49 million the state will receive for its designation as one of 12 national Regional Technology Hubs by the U.S. Economic Development Administration.
However, smart investing also means ensuring Wisconsin is a place where businesses want to locate and grow—and where families want to live, work, and raise their families. Strong communities are essential to those efforts.
In FY24, WEDC assisted a record 131 communities through its Main Street and Connect Communities programs and provided more than $33 million in grants and other funding support workforce housing, child care, and downtown redevelopment projects.
From Superior to Kenosha and Sheboygan to Hudson, there’s a feeling that Wisconsin is having a moment. What we’re really experiencing, though, is momentum—because the strategic investments we’re making in our state will propel us forward for years to come.
Missy Hughes is secretary and CEO of the Wisconsin Economic Development Corporation, the state’s leading economic development organization.
