For Immediate Release
August 22, 2017
For Further Information Contact:
Nick Novak, 608.258.3400
Nick Novak, 608.258.3400
WMC and 42 Local Chambers Announce Support for Foxconn Legislation
MADISON – On Tuesday, Wisconsin Manufacturers & Commerce (WMC) sent a letter to members of the Joint Committee on Finance urging them to support the Foxconn legislation – Special Session Senate Bill 1 and Assembly Bill 1. The letter was signed by WMC – the state’s chamber of commerce – and 42 local chambers from all across Wisconsin.
The text of the letter is below:
TO: Members, Joint Committee on Finance
DATE: August 22, 2017
RE: Support for Foxconn Legislation
The organizations listed above, representing local chambers of commerce from throughout Wisconsin, strongly urge you to support passage of Special Session Senate Bill 1 and Assembly Bill 1 (the Foxconn legislation). This bill will help our state realize the promise of thousands of family-supporting jobs, while transforming Wisconsin into a worldwide leader in advanced manufacturing.
The Foxconn project will benefit all of Wisconsin with a statewide economic impact. The project is expected to grow 10,000 construction jobs, 13,000 direct jobs, and 22,000 indirect jobs. Businesses from all corners of our state will be utilized to supply a manufacturing operation of this size and scale.
Wisconsin’s gross domestic product (GDP) is estimated to grow by $5.2 billion per year when the Foxconn project reaches full scale, and produces $2 billion each year in additional wages. Those wages alone will generate $115 million per year in additional tax revenue for our state – money that can and will be used to benefit all Wisconsin taxpayers.
We acknowledge that the 15-year investment of up to $3 billion in tax credits is a significant amount of money. However, it is also important to understand that over the same period, Wisconsin will realize $30 billion in additional wages and $78 billion in additional economic output – none of which will occur without the Foxconn project. The investment of $3 billion over 15 years will leverage far more for taxpayers than they are being asked to pay.
The Foxconn project is the most important economic development project in Wisconsin’s history. We have an opportunity to create thousands of family-supporting high wage jobs, while creating a hub for advanced manufacturing and information technology. We respectfully ask that you vote to support this important legislation.