Last month, electronic components manufacturer Foxconn announced plans to build a new plant in Wisconsin, a move praised by many. While these plans have begun to take shape, researchers aimed to precisely quantify the job additions and other benefits that the state's economy might see. According to the Sun Prairie Star, they might be considerably greater than what was initially expected.
At the behest of the Wisconsin Technology Council, Noah Williams, a doctor of economics based out of the University of Wisconsin's Madison campus, reviewed extant analysis on the Foxconn plant's economic possibilities.
Williams concluded that the project could generate between 32,000 and 39,000 indirect jobs in the state - far more than the 13,000 company jobs that Foxconn aims to create by 2022.
Speaking of his findings, Williams told the Sun Prairie Star: "Foxconn has the potential to generate broad gains that go beyond the direct job estimates and tax revenue costs, which have dominated the recent discussion."
His report also concluded that Wisconsin should expect $39 billion more in gross domestic product and $11 billion more in labor income during the next 15 years.
CNN Money noted that since the plant's construction as planned involves notable Wisconsin tax expenditures, it must earn the state legislature's approval. This is expected to occur in September.