Ohio is gambling with Intel, but Barry D. Wood wonders if it will pay off or be a repeat of what Wisconsin experienced with Taiwan’s Foxconn.
Because Michigan is a laggard in knowledge-based industry, he argues, employment in Michigan is down, with wages that have declined to 91% of the national average compared to 109% in 1990. Glazer writes, “We now live in an economy where talent attracts capital. Where talent — particularly those with a four-year degree or more — is the asset that matters most and is in the shortest supply for high-growth/high-wage employers.
In 2017, Foxconn committed to a $7 billion investment to build flat-screen computer displays in Wisconsin, creating up to 13,000 jobs. But $3 billion in promised subsidies couldn’t be arranged and the project has been scaled back to a $600 million investment and 1,400 workers.
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