By Missy Hughes
Secretary and CEO, Wisconsin Economic Development Corporation
Our state’s economy is rocketing forward. More people are working here than ever before. Exports from our farms and factories continue to rise as global demand grows for Made In Wisconsin products. Our per capita income growth is outpacing the national average. And we’ve seen record numbers of filings to start new businesses.
At the Wisconsin Economic Development Corporation, we’re committed to building an economy for all – a goal that requires us to make smart investments in businesses, communities and people in our state so everyone has the chance to prosper. This means we must keep looking forward, over the horizon and anticipating what is coming next.
In 2023, we saw important gains on our investments. The $128 million Governor Evers has committed to locally driven workforce solutions through the Workforce Innovation Grants program is paying off. Thousands of Wisconsinites completed education and training programs and entered the workforce, while thousands more received help with transportation, child care and housing so they could get to work and keep their jobs. This is a huge step in meeting our state’s ongoing workforce needs and making sure all our communities thrive.
We also directly supported nearly 9,500 new Main Street businesses in opening since 2021, filling vacant downtown storefronts across our state and giving people in every county of the state the access to capital they needed to invest in themselves and Wisconsin.
Wisconsin’s homegrown biohealth sector received a major boost when the U.S. Economic Development Administration designated it as one of only 31 Regional Technology Hubs nationwide. The recognition opens the door for up to $75 million in federal CHIPS Act funding and has spurred businesses and educational institutions – such as GE HealthCare, Exact Sciences, Accuray, and the Universities of Wisconsin – to work together more closely.
While this designation is important, the work behind it, happening here in Wisconsin, is next-level technology, and next-level exciting. These efforts are focused on personalized medicine, combining genomic innovation, advanced imaging technologies, data analytics, AI computing, population health trends and bioscience breakthroughs to develop cancer treatments carefully calibrated to a patient’s specific medical needs. This innovative approach stands to transform medical care so patients can heal faster, experience fewer side effects and need less long-term chronic care.
Wisconsin’s lead in innovation, its stellar workers and world-class educational institutions were among the reasons why Microsoft chose to build a multi-billion-dollar data center in Mount Pleasant this year. This is just the start of a long-term relationship with our state, Microsoft’s vice president of cloud operations and innovations, Bowen Wallace, told community leaders this fall.
“When we join a community, we bring our commitment to empowering people and organizations with us,” Wallace said. “We have a longstanding history of doing that in Wisconsin and as we look to a long and successful future in Mount Pleasant we will be making an investment not only the world-class data center facility, but also the vibrant, thriving community.”
Which brings us back to the investments we at WEDC are making in our state and our collective drive to keep moving forward. This year, WEDC launched the Wisconsin Investment Fund, using $50 million in federal funds to leverage another $50 million in private funding for the sole purpose of investing in Wisconsin companies. We are putting a $100 million stake in the ground that Wisconsin is innovating, and we want those companies to stay here, thrive here and grow here. We are not interested in exporting our talent.
Economic development means developing an economy that works for everyone. From our main streets to our interstates, rural and urban communities, and high-tech to handmade products, Wisconsin has had a big year. It’s our job to carry that momentum into next year, and the next — to keep looking forward with our sleeves rolled up.
The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing and maximizing opportunities in Wisconsin for businesses, communities and people to thrive in a globally competitive environment. Working with more than 600 regional and local partners, WEDC develops and delivers solutions representative of a highly responsive and coordinated economic development network.