Foxconn Technology Group is a global leader in the design, manufacturing and assembly for computers and high-tech electronics, such as the iPhone. They are the fourth-largest technological company in the world and have chosen Wisconsin to be the site of their next facility.
After months in negotiations, the official contract between the state and Foxconn was signed by both Governor Scott Walker and Foxconn CEO Terry Gou on Friday, November 10, 2017. This agreement states that the high-tech manufacturing company will build their new factory in the Village of Mount Pleasant, WI in exchange for “pay as you go” tax credits that will only be given once the company has fulfilled their promise of creating and maintaining at least 13,000 jobs and invested $9 billion.
- 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)
- Friday, November 10, 2017: Governor Scott Walker and Foxconn Technology Group (Foxconn) Chairman Terry Gou signed a contract to provide up to $2.85 billion in state income tax credits to the company to support the development of a world-class advanced display manufacturing campus in Racine County expected to create 13,000 new jobs in the region.
- With 13,000 jobs and a capital investment up to $10 billion, Foxconn’s investment in Wisconsin is by far the state’s largest economic development project and is the largest corporate attraction project in U.S. history as measured by jobs.
- The project will be one of the largest greenfield investments by a foreign-based company in U.S. history as measured by jobs.
- With a floor area of 20 million square feet, the Foxconn campus will be large enough to hold 11 Lambeau Fields. It will become one of the largest manufacturing campuses in the world — eclipsing the New Century Global Center in Chengdu, China; the Tesla Giga factory in Sparks, Nevada; and the Boeing facility in Everett, Washington.
- The entire Foxconn complex will be located on approximately 1,200 acres of land near I-94 in the Racine County village of Mount Pleasant.
- Foxconn’s investment will create the first liquid crystal display (LCD) manufacturing facility in North America and the only one globally that is not located in Asia.
- Once the Foxconn complex is fully operational, it will employ 13,000 workers. That means if Foxconn were a municipality, its population would be larger than 96% of the cities, towns and villages in the state.
- The jobs will have an average salary of $53,875, plus benefits. The median salary is $54,725.
- The project will require a capital investment of up to $10 billion 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 about $330 million in state tax revenues.
- In addition to the 13,000 jobs directly created by Foxconn, the project is expected to create tens of thousands of 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 is estimated to generate between $116 million and $157 million in state tax revenues annually.