Wisconsin Governor Scott Walker said at the White House that the state intends to award $3 billion in incentives, a package that has yet to be approved by the state's legislature. Indiana, North Carolina, Ohio, Texas, Pennsylvania and NY were also in the running. "But they're also forgoing the opportunity to make a more competitive landscape for other businesses".
When President Trump announced the Foxconn deal, he promised it would create a minimum of 3,000 and up to 13,000 jobs over time. Trump's plans for health care and tax cuts face a murky future in Congress, while his administration is bogged down by an investigation into Russia's possible ties with his presidential campaign.
In his speech, Trump made clear that he should receive the credit for the investment deal, saying "if I didn't get elected, he definitely would not be spending 10 billion dollars". "Each time, you have emphasized the importance of manufacturing in America", Gou said at the announcement. The economic ripple effect in the area of the plant - which is likely to be near I-94 in southeastern Wisconsin, according to media reports - will likely add thousands of more jobs, officials have said.
The incentives would only be awarded if Foxconn creates the jobs and pays an average yearly wage of almost $54,000.
But he expects Wisconsin's plant, which will produce liquid-crystal display screens used in televisions, could be highly automated. The campus will cover up to 1,000 acres. As long as Foxconn - an electronics titan that makes gadgets for Apple, Google and Amazon, among other firms - keeps hiring USA workers at the new flat-screen manufacturing facility, Wisconsin would cut the company $200 million to $250 million a year for up to 15 years. The factory will be located in the congressional district of House Speaker Paul Ryan. He also stated that the LCD manufacturing factory in Wisconsin would be set up by the year 2020.
Technology company Foxconn is known as the largest assembler of iPhones in the world.
We're expected to learn much more about the Foxconn project coming to Wisconsin Thursday evening, July 27th.
Some Democratic critics have questioned the cost of the incentives and pointed to Foxconn's history of making big promises on investment only to not follow through. The governor says he will call a special session to review the deal in August.
It would include up to $1.5 billion in state income tax credits for jobs created, up to $1.35 billion in credits for capital investment and up to $150 million in sales tax exemptions on construction materials.
The choice to build in Wisconsin seems to be motivated primarily by the incentives package, but Bloomberg notes that the state's unemployment rate is the lowest since 1999, and that skilled labor in the numbers Foxconn is looking for may be hard to find there.
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