Gov. Tony Evers, together with Wisconsin Economic Development Corp. (WEDC) Secretary and CEO Missy Hughes, announced in a recent press release 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 FY 2019.
In total, WEDC authorized more than $62 million in performance-based tax credits to generate over $2.4 billion in capital investments, a 40-to-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 Co.’s purchase of Nexus Pharmaceuticals in Mount Pleasant, or Asahi Breweries’ purchase of Octopi Brewing in Waunakee, among other major projects.
In FY 2024, Gov. Evers and WEDC also created the $100 million Wisconsin Investment Fund, the largest public-private investment partnership in state history, to assist innovative startups 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 FY 2024.
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.
