FACT SHEET: The Biden Economic Plan: Delivering for Wisconsin
Companies have committed to invest over $4 billion in Wisconsin since President Biden Took Office
For decades, the U.S. exported jobs and imported products, while other countries surpassed us in critical sectors like clean energy, semiconductors, and biotechnology. Thanks to President Biden’s economic plan – including his American Rescue Plan, Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act – that is changing. Since the President took office in 2021, companies have invested over $4 billion in manufacturing across Wisconsin. These investments are increasing the productivity, competitiveness, and resilience of both Wisconsin and our nation’s economy. And they’re creating good-paying jobs, including union jobs and jobs that don’t require a college degree.
Manufacturing the Future in Wisconsin:
Thanks to the President’s economic plan, private companies have committed to invest over $4 billion in Wisconsin since 2021. The state’s economy is now a more attractive place for companies around the world to invest and expand, creating good-paying jobs in the critical industries and supply chains of the 21st century. Just in Wisconsin: Arrowhead Pharmaceuticals has invested in its first fully dedicated drug manufacturing facility, outside of Madison, that will employ 250 new workers. Georgia-Pacific has committed to a major expansion of its Green Bay paper-related production facility, bringing on 100 new employees and hiring over 500 construction workers. And Alliant Energy announced it will build utility scale battery storage facilities at solar farms across south-central Wisconsin using union workers.
The President is also making sure workers have the skills and resources they need to capitalize on these new opportunities. For example, his investments have equipped Wisconsin’s Workforce Innovation Grant program with $128 million, funding nearly 30 organizations across every Wisconsin county to address regional workforce challenges, including through career and skills training, childcare, entrepreneurship, health services, housing, and transportation.
Rebuilding Infrastructure and Investing in Wisconsin’s Communities:
Thanks to President Biden’s economic plan, about $2.9 billion in federal funding has already been announced for infrastructure projects across Wisconsin. That includes over $2.1 billion for better transportation – roads, bridges, and roadway safety – as well as about $150 million in investments for better access to clean water. Already, infrastructure funding has provided over 300,000 Wisconsin households with more affordable high-speed internet service. Some project spotlights include:
- The City of Racine received Federal Transit Authority funding to replace diesel buses with battery electric buses, improving air quality and growing the clean energy economy.
- The Port of Green Bay received a Federal Maritime Administration grant to redevelop a former power plant site into a new port terminal, including clearing the existing coal pile site.
- Wisconsin Department of Transportation received an $80 million award to replace the existing I-39/90/94 Wisconsin River Bridge in Columbia County with two new bridge spans dedicated to serve traffic in both directions as well as two overcrossing bridges on county roads – a critical route for the economic hubs of Madison, Milwaukee, and Chicago.
- EPA announced $1 billion to cleanup and restore the Great Lakes’ most environmentally degraded sites across Indiana, Illinois, Michigan, Minnesota, Ohio, and Wisconsin. This funding will secure clean water and a better environment for Americans in the Great Lakes region.
Getting Wisconsin Back to Work and Supporting Wisconsin’s Small Businesses:
Two years ago, the Wisconsin unemployment rate was 4.7% and nearly 30% of Wisconsin’s small businesses were permanently closing. Today, Wisconsin’s unemployment rate is down to 3.2%, while the number of new Wisconsin business filings have hit new records, with nearly 118,000 jobs created and 130,000 new businesses filed in the state over the past two years. Emergency relief from the Biden-Harris Administration helped to keep open over 2,000 restaurants and bars and over 7,000 child care programs across Wisconsin.
Giving Wisconsin Families More Breathing Room:
Thanks to President Biden’s economic plan, Wisconsinites will save money on their health care premiums and prescription drugs, which will result in better health outcomes and greater financial security for families. In fact, over 1.1 million Wisconsinites with Medicare will benefit from a range of new provisions, including a $2,000 yearly cap on out-of-pocket prescription drug costs, a $35 monthly cap per insulin prescription, and free vaccines. Additionally, over 220,000 individuals in Wisconsin signed up for health insurance through the ACA Marketplaces during the Open Enrollment Period for 2023 and will benefit from up to thousands of dollars per year in savings from lower health care premiums.