Too Good To Be True
When first announced in 2017, Foxconn's plan to build a massive electronics factory in Wisconsin was hailed by then-President Donald Trump as a sign of the rebirth of American manufacturing, and the "eighth wonder of the world".
But nearly four years later, the complex that promised to create a Silicon Valley in the industrial Midwest is essentially a white elephant, a collection of mostly empty buildings without any high-tech products to build.
And this week it became official: The pledged investment of up to $10 billion to create as many as 13,000 jobs is not coming.
The Wisconsin Economic Development Corp. and the Taiwanese electronics maker signed a revised incentive deal outlining a $672 million investment from Foxconn that will create fewer than 1,500 jobs. The incentives package now totals only $80 million, less than 3% of the nearly $3 billion in tax breaks and other perks the state originally promised.
But nearly four years later, the complex that promised to create a Silicon Valley in the industrial Midwest is essentially a white elephant, a collection of mostly empty buildings without any high-tech products to build.
And this week it became official: The pledged investment of up to $10 billion to create as many as 13,000 jobs is not coming.
The Wisconsin Economic Development Corp. and the Taiwanese electronics maker signed a revised incentive deal outlining a $672 million investment from Foxconn that will create fewer than 1,500 jobs. The incentives package now totals only $80 million, less than 3% of the nearly $3 billion in tax breaks and other perks the state originally promised.
