It is difficult to overstate how big this is for Wisconsin.
Taiwanese manufacturing company Foxconn will build its first U.S. factory in Wisconsin, where it expects to employ between 3,000 and 13,000 people, officials announced on Wednesday.
The $10 billion facility would initially employ 3,000 people and could expand over time to create as many as 13,000 jobs, according to a senior White House official. The jobs will pay an average salary of $53,875, plus benefits, according to the Wisconsin Economic Development Corporation.
The project is the “single largest economic development project in the history of the state of Wisconsin,” said Gov. Scott Walker, who made the announcement on Wednesday at the White House with Foxconn founder and CEO Terry Gou.
Foxconn is best known for manufacturing Apple iPhones. The Wisconsin facility will produce liquid-crystal display, or LCD panels.
Yes, there are going to be some growing pains and I’m sure that the Democrats will be sure to pee all over Wisconsin’s economic flame, but this is a historic economic boon for Wisconsin. Here are a few projections from the WEDC summary:
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.