Gov. Evers, WEDC Announce Record Planned Capital Investments in Wisconsin
WEDC assistance to generate more than $2.4 billion worth of investments across the state
Gov. Tony Evers today, together with Wisconsin Economic Development Corporation (WEDC) Secretary and CEO Missy Hughes, announced 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.
“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,” said Gov. Evers. “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.”
This announcement also comes as last week, Gov. Evers, together with the Wisconsin Department of Workforce Development (DWD), announced 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, yesterday, Gov. 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,” said WEDC Secretary and CEO Hughes. “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.”
A non-exhaustive list of projects supported by the Evers Administration through WEDC include:
- Kikkoman Foods’ $800 million expansion, which includes a new manufacturing facility in Jefferson and expansion of its longtime soy sauce-making facility in Walworth.
- A.Y. McDonald’s $340 million construction of a new brass casting foundry in Dickeyville and expansion of its current manufacturing facility in Kieler.
- Charter Next Generation’s $270 million expansion of its state-of-the-art film manufacturing facilities for industrial, food, and medical uses in Milton.
- Nestle Purina’s $195 million expansion of its pet food manufacturing operations in Jefferson.
- FUJIFILM Cellular Dynamic’s $140 million expansion of its global cell therapy contract development and manufacturing capabilities in Madison.
- Kwik Trip’s $95 million statewide expansion project, including construction of a new distribution center in Deerfield.
- ABB’s $78 million investment in a new American headquarters and manufacturing facility for its electric drives and motion services operations in New Berlin.
- Sartori Cheese’s $60 million expansion of its production facilities in Plymouth and Antigo.
- 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.
- Rosewood Dairy’s $35 million construction of a new cheese plant in Clay Banks on the border of Door and Kewaunee counties.
In total, 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.
In FY24, Gov. Evers and WEDC also created the $100 million Wisconsin Investment Fund, 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.
Additionally, WEDC assisted a record 131 communities through its Main Street and Connect Communities programs and provided more than $33 million in grants and other funding through its Business and Community Development Division to support workforce housing, child care, and downtown redevelopment projects in FY24.
WEDC also 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.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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Gov. Evers, WEDC Announce Record Planned Capital Investments in Wisconsin
Jul 23rd, 2024 by Gov. Tony EversWEDC assistance to generate more than $2.4 billion worth of investments across the state
