- Wednesday, July 26, 2017: After months of negotiations, Governor Walker joined President Trump, Vice President Pence, and Speaker Ryan at the White House along with Foxconn Founder and CEO Terry Guo to announce Foxconn’s $10 billion investment in a world-class manufacturing campus in Southeast Wisconsin by 2020.
- Thursday, July 27, 2017: The following day, Governor Scott Walker and Foxconn Founder and CEO Terry Gou today signed a Memorandum of Understanding (MOU) at the Milwaukee Art Museum. The MOU was also signed by Wisconsin Economic Development Corporation CEO Mark Hogan and Special Assistant to the Chairman and CEO of Foxconn Louis K. Woo. (Video)
- Thursday, July 28, 2017: Governor Walker called a Special Session of the Wisconsin State Legislature to consider legislation that would bring Foxconn to Wisconsin. Governor Walker’s Executive Order #250 required the Legislature to commence the Wisconn Valley Special Session at 11 a.m. on August 1, 2017, solely to consider and act upon the attached legislation.
- Thursday, August 13, 2017: The Wisconsin State Assembly passed the Wisconn Valley Special Session legislation with a bipartisan vote of 59-30.
- Tuesday, September 12, 2017: The Wisconsin State Senate passed the Wisconn Valley Special Session legislation with a bipartisan vote of 20-13.
- Monday, September 18, 2017: Governor Scott Walker signed the Wisconn Valley Special Session Bill into law, paving the way for construction of a $10 billion manufacturing campus located in southeastern Wisconsin for Foxconn Technology Group (Foxconn), the world’s largest electronic manufacturing services provider. (Video)
- Foxconn’s Wisconsin campus will be the largest single economic development project in Wisconsin history, creating 13,000 new jobs with a $53,875 average annual salary, plus benefits.
- This makes Foxconn’s investment the largest corporate attraction project as well as the largest greenfield investment by a foreign-based company in U.S. history, as measured by jobs.
- With a floor area of 20 million sq. feet, the Foxconn campus will become one of the largest manufacturing campuses in the world — eclipsing the New Century Global Center in Chengdu, China, the Tesla Gigafactory in Sparks, Nevada, and the Boeing facility in Everett, Washington.
- The campus will produce liquid crystal display (LCD) panels for a variety of industries – from automotive to healthcare to entertainment. It will be the first LCD production facility in the United States.
- There is no change in any state air, water quality, or solid and hazardous waste standards and permitting requirements for the Foxconn campus. The streamlining included in the legislation creates a more expeditious regulatory process while ensuring Wisconsin’s natural resources are not negatively impacted.
- The project will require an estimated $10 billion of capital investment to construct and equip the facility. Of this, an estimated $5.7 billion will be for construction and equipment sourced from Wisconsin businesses.
- The project will support 10,000 construction jobs over each of the next four years as well as 6,000 indirect jobs from the construction.
- The capital investment during construction is expected to generate $348 million in state and local tax revenues.
Ongoing Economic Impact
- A report by a UW-Madison economist indicates the Foxconn deal is expected to return nearly four dollars for every one dollar of state investment.
- In addition to the 13,000 jobs directly created by Foxconn, the project is expected to create at least 22,000 indirect and induced jobs throughout the state.
- Foxconn is to make $4.26 billion in supplier purchases annually, about one-third of which will be sourced within Wisconsin.
- The project is expected to have at least a $7 billion annual economic impact on the state.
- The project will generate an estimated $181 million in state and local tax revenues annually, including $60 million in local property taxes.
Foxconn Technology Group
- Foxconn Technology Group is the world’s largest electronics manufacturing services (EMS) provider with annual revenues exceeding $141 billion last year and a global workforce of approximately one million employees.
- It is one of the five largest technology companies in the world, with facilities in Asia, Latin America, and Europe.
- The company has several research centers and testing laboratories and has received more than 55,000 patents worldwide.
- Foxconn is a recognized leader in innovation and technical knowledge in rankings such as MIT’s or IPIQ’s scorecard, as well as in manufacturing services for the computer, communication, and consumer electronics (3C) industry – championing innovation that touches the daily lives of people around the world.
Source: Ernst & Young estimates