President Donald Trump is claiming victory as Taiwanese manufacturing giant Foxconn announced it would invest $10 billion in the United States and build a new factory employing at least 3,000 workers in Wisconsin. Foxconn is expected to build a plant that produces display panels for large televisions at Ryan's home district in southeastern Wisconsin.
The United States has added 70,000 manufacturing jobs since November, bringing the total to almost 12.4 million, but has not added any net factory jobs in the last two months, according to the Bureau of Labor Statistics. While Foxconn is well-known for manufacturing Apple products in China, it is not an exclusively Apple supplier.
In a US$10 billion investment, Hon Hai will build a plant to make LCD screens in the north-central state of Wisconsin and initially create some 3,000 jobs.
"This is a great day for American manufacturing", said Speaker of the House Rep. Paul Ryan, a Wisconsin Republican.
"Foxconn and chairman Gou believe that with this commitment, there will be an ability for America to not only compete but to be a globally dominant player in skilled and advanced manufacturing", the official said. Economic development officials from Illinois, Indiana, Michigan, Ohio, Pennsylvania, Texas, and Wisconsin have all vied for Foxconn's attention.
A specific location for Foxconn's plant was not disclosed.
The investment is also a victory for top Congressional Republican Paul Ryan, as the massive investment in his home state is tangible evidence that hard ties with Trump can bring results. The company makes electronics for a number of companies, including Apple and Nintendo.
It not only gives Walker's job-creation credentials a jolt but also allows him to further distance himself from his biggest failure - not fulfilling his 2010 campaign promise to create 250,000 jobs in four years.
It's been a team effort, with White House chief of staff Reince Preibus and the Jared Kushner-led White House Office of American Innovation pitching in to help secure the plant.
"We thank President Trump and Governor Walker for their work to bring Foxconn to Wisconsin".
Please, we need to get that done, Trump said.
According to reports, Wisconsin is offering a taxpayer-backed incentives package worth as much as $3 billion to woo Foxconn. It's also unclear what mix of local, state, and federal tax incentives would be used.