Foxconn Confirms $10 Billion American Investment
Foxconn | Photo Credit CNBC This has been a long-time coming, but Foxconn Technology Group has just announced that they plan to invest $10 billion in a massive display panel plant in Wisconsin. The new plant will employ around 13,000 workers.
“This is a great day for American workers and manfacturers and everyone who believes in the concept and the label Made in the USA,” said President Donald Trump. The announcement was made at the White House on Wednesday.
Trump knows his win likely led to these new jobs.
Huge Opportunity For Wisconsin
Donald Trump | Photo Credit AP
The Journal Sentinel writes:
“The agreement represents a huge opportunity for Wisconsin as well as a significant risk — one that state lawmakers will have to weigh quickly as they consider whether to allow a subsidy package nearly 50 times bigger than any previous one.”
“The project could reshape the economy of southeastern Wisconsin and involve not just a large factory but a virtual village, with housing, stores and service businesses — spread over at least 1,000 acres, according to Gov. Scott Walker’s office and a source familiar with the deal. That acreage, an area totaling more than 1.5 square miles and roughly the size of Shorewood, could potentially could be assembled from parcels that initially weren’t contiguous, the source said.”
At Least 13,000 Jobs Already Confirmed
Labor Market | Photo Credit Indeed
“The $10 billion plant, which they said would create 3,000 jobs right away and possibly 13,000 more, in the long run, could be the first in additional investments, per the Wall Street Journal. Foxconn is the Chinese company which forms a part of tech giant Apple’s supply and production chain, and the US expansion is a major gamble for a company in a market which built its products in “China and other lower-cost Asian countries in recent decades.” (The $3 billion in tax cuts over 15 years Walker promised probably helped the decision.)”