Foxconn manufacturing factory to make big impact in Midwest
In July 2017, Foxconn CEO Terry Guo announced plans to build a new factory in Wisconsin. The Asian electronics manufacturer selected Racine County as the site for its new advanced display manufacturing campus. The $10 billion project is forecasted to create thousands of jobs following expected completion in 2022.
The turning point in the industrial real estate market in Wisconsin was the emergence of Uline’s Headquarters and a Fortune 10 ecommerce distribution facility in 2014. These established companies helped legitimize the area for institutional investors. The submarket has continued to evolve, driving land acquisitions and commercial and industrial construction.
What’s in this report?
The Foxconn project is predicted to generate additional economic activity and further boost the commercial development of Racine County. This report will discuss:
How Foxconn will potentially impact Racine County and the Midwest.
- Forecasted Pros:
- The project will drive employment growth.
- Job growth will increase demand for housing.
- Foxconn will draw suppliers and increase the number of corporate facilities in the area.
- There will be more activity in the Chicago North Suburban office and industrial markets.
- Forecasted Cons:
- There will be local pushback regarding infrastructure upgrades and traffic.
- Other businesses wanting to expand may need to move up their timeframe to retain new employees before Foxconn hires construction laborers.
- There could be environmental threats due to heavy water consumption and downstream flooding from the elimination of farmland and open space.