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Governor says Fox Valley will benefit from Foxconn plant

LIVE STREAM: President Trump Holds Major Jobs Announcement

Seven states had competed for the plant. Foxconn will locate its plant in the congressional district of U.S. House Speaker Paul Ryan although the official declined to provide a specific location.

Foxconn had considered building the plant in Ohio, Michigan and Pennsylvania, among other states.

Supporters of the investment say Foxconn could also draw numerous suppliers that would create their own jobs and energize Wisconsin's economy.

"The company's initial investment of more than $10 billion will create more than 3000 jobs at a minimum, with a potential for more than 13,000 jobs in the very near future", President Donald Trump said.

Wisconsin governor Scott Walker and Foxconn chairman Terry Gou signed a memorandum of understanding yesterday, which also included the sale of at least 1,000 acres of land. "We're going to need construction workers and companies from the Fox Valley and all over the state of Wisconsin", Gov. In addition to the roughly $700 million in base wages, the economic impact report indicates the company would pay an average of $7,300 in overtime and $12,300 in benefits to each employee.

"We will be the first place in the world outside of countries in Asia to build, to manufacture, LCD displays, which are used not only in entertainment, but this new 8K technology we were talking about, going to be state-of-the-art in terms of entertainment, but in health care, in automation - or automobile - and aviation".

Let's think about this: Is there some way the state could invest $3 billion that would generate more wealth, more jobs and better economic growth throughout the state?

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Little known to consumers, the maker of iPhones and other gadgets is a giant in the electronics industry thanks to its dominant position in the global manufacturing supply chain.

The two companies will also focus on workforce development and training for IIoT solutions as Foxconn (hopefully) increases its USA presence.

The Wisconsin Legislature must approve the deal in a special session expected in August. That includes up to $1.5 billion in state income tax credits for job creation, up to $1.35 billion in state income tax credits for capital investment and up to $150 million for the sales and use tax exemption - a sales tax holiday.

Tangen said the $10 billion Foxconn plans to invest in the plant is relatively small for a company the size of Foxconn, which makes its profits by producing products on an enormous scale.

Some local economists, however, are confident that Foxconn will have no trouble recruiting thousands to their new staff: Unemployment in neighboring IL, just over the border from those counties, is 4.7 percent.

The president had met personally with Gou, who on Wednesday complimented Trump's leadership at the event by saying, "Mr. President, the eagle flies".

The announcement event was attended by both White House Legislators and industrialists.

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