The office of Gov. Tony Evers Tuesday, in collaboration with the Wisconsin Economic Development Corporation (WEDC) Secretary and CEO Missy Hughes, announced in a release to the media that Wisconsin saw record planned capital investments last year as businesses located and expanded throughout the state. Businesses partnering with the Evers Administration through WEDC committed to more than $2.4 billion in capital investments in fiscal year (FY) 2024, the highest level since WEDC was created in 2011 and well above the previous high of nearly $1.8 billion set in FY19, the release stated.
“Whether it’s the expansion of businesses like Kikkoman Foods and Nestle Purina in Jefferson or Rosewood Dairy’s new state-of-the-art cheese plant in Clay Banks, now is an incredibly exciting time for business growth in Wisconsin. We’ve been making smart, strategic investments in our infrastructure, our schools, our communities, and our workforce, and those efforts are paying off. Businesses want to expand or move to Wisconsin because they know we’ve got the hardworking people, innovative spirit, and strong institutions to ensure they succeed here,” Evers was quoted as saying in the release.
According to the release, last week, Evers, together with the Wisconsin Department of Workforce Development (DWD), announced that Wisconsin achieved “new record highs for employment and total nonfarm jobs during June 2024, according to preliminary estimates from the U.S. Bureau of Labor Statistics.”
In addition, the release reported, on Monday, Evers and DWD announced that “Wisconsin ranked first in the nation for inflation-adjusted hourly earnings growth during February, March, and May 2024 and second in the nation during April, according to the preliminary data on private sector worker earnings released by the U.S. Bureau of Labor Statistics.”
“I’ve been saying recently that Wisconsin is having a moment—as the world focuses on the 2025 NFL Draft in Green Bay, the Wisconsin season of Top Chef, and other exciting events we’re attracting to our state. But the reality is, we’re not having a moment. We have momentum. Our state is making record investments in our communities, our workers, and in the types of innovation that will continue to put Wisconsin in the lead for generations,” Hughes said within the release.
Among a list of projects shared within the release were Kikkoman Foods’ $800 million expansion, which includes a new manufacturing facility in Jefferson and expansion of its longtime soy sauce-making facility in Walworth, and Charter Next Generation’s $270 million expansion of its state-of-the-art film manufacturing facilities for industrial, food, and medical uses in Milton.
Also noted were Nestle Purina’s $195 million expansion of its pet food manufacturing operations in Jefferson and Aztalan Bio LLC’s $45 million investment in its biofuels plant in Johnson Creek, which is expected to grow by an additional $400 million over the next few years, according to the release.
In total, the release continued, the “WEDC authorized more than $62 million in performance-based tax credits to generate over $2.4 billion in capital investments, a staggering 40:1 projected return on investment. The projects are also expected to create a total of almost 5,000 jobs statewide.
“The capital expenditure figures represent only investments for projects WEDC has assisted in the past year, which does not include private sector-only investments in Wisconsin, such as Microsoft’s planned $3.3 billion datacenter in Mount Pleasant, Eli Lilly and Company’s purchase of Nexus Pharmaceuticals in Mount Pleasant, or Asahi Breweries’ purchase of Octopi Brewing in Waunakee, among other major projects.”
The release further included information about the Wisconsin Investment, Fund, noting that in FY24, Evers and WEDC also created the $100 million fund, which, the release stated, is “the largest public-private investment partnership in state history, to assist innovative start-ups in Wisconsin. Roughly one-fourth of the fund’s initial investments are targeted at the state’s growing biohealth and biotechnology sectors, which will build on the $49 million Wisconsin will receive from the U.S. Economic Development Administration for Wisconsin’s designation as one of 12 national U.S. Regional Technology Hubs.”
WEDC, according to the release, continues to address the state’s workforce needs through the Workforce Innovation Grants, which are administered in partnership with DWD. Twenty-seven projects are meeting regional workforce needs—such as worker training, transportation, child care, and affordable housing—through the $128 million grant program.
Making a campaign stop in Fort Atkinson in 2022, Gov. Tony Evers visits with supporters at the Cafe Carpe. File photo/Ashley McDarison.
This post has already been read 1688 times!
