According to a recent series published by the Minneapolis Star-Tribune, eight biotech companies are relocating to Wisconsin from Minnesota, North Dakota, Massachusetts, and Florida. Uline Inc., for example, is relocating across the state line in 2010, with plans to invest $100 million in Pleasant Prairie. Governor Walker has mentioned reducing state income taxes, which would undoubtedly help recruit more corporations, and many of the companies are wanting to avoid politics.
While the number of businesses relocating to Wisconsin is minimal (less than 1% migrated within the state in the last decade), the great majority relocate within short distances. A service-related business with four or fewer employees and yearly sales of less than $250,000 is the average establishment moving. As a result, establishment migration is unlikely to be considerable - and is more likely to follow current tendencies in the state.
A 114-year-old printing company in Mundelein, Illinois, is one linchpin in the expanding trend of companies moving to Wisconsin in Lake County. Nosco will be located in Pleasant Prairie's LakeView Corporate Park. Around 300 jobs will be lost in Waukegan as a result of the transfer. Other companies, such as Mundelein-based RealChem Manufacturing, are looking at Wisconsin locations.
While Mercury Marine is one of the most well-known corporations relocating to Wisconsin, the relocation will boost the whole state's biotechnology industry, which now numbers 400 companies and is worth $8 billion. This represents an annual rise of 7%. According to local authorities, Wisconsin biotechnology has plenty of space for expansion. This trend is projected to continue in the future years as the state continues to recruit new businesses.
While Wisconsin is regarded for its business climate, there are a few obstacles for businesses looking to relocate to the state. The main stumbling block is high taxation. Closed car factories have plagued the Milwaukee 7, a notorious target of political and economic hostility. Nonetheless, business advocates in northern Illinois are wailing about job losses, citing Illinois' "unfriendly" business climate as a reason. But it's not the end of the world.
While many corporations from the East Coast are relocating to Wisconsin, others are leaving the state to establish their headquarters. As a result, employees who relocate to Wisconsin may have a sense of alienation from their employer. According to recent assessments from the Technology Councils of North America, those relocating to Wisconsin are often more comfortable and productive. Despite the recent increase in IT companies, Wisconsin still requires more tech workers to fill open positions. Wisconsin needs to grow by 16.7% to sustain its present levels of tech employment, according to TechNet.
Wisconsin, in addition to dairy, is one of the main dairy-producing states in the United States. Cheese is very well-known in this region. The three main industries for businesses and residents are agriculture, health care, and manufacturing. The state also has three major league sports teams, including the Green Bay Packers of the National Football League. The Milwaukee Brewers and Milwaukee Bucks both play at Milwaukee's Bradley Center. Furthermore, the state's diverse landscape offers numerous prospects for expanding businesses and expanding activities.
Wisconsin is recognized for its beer and dairy goods, but it also has a strong defense contracting and engine manufacturing industry. Companies in Wisconsin can benefit from the state's booming economy by boosting the state's defense budget and using Wisconsin-based defense contractors. The state's personnel is highly-skilled, and the infrastructure is first-rate. The state's excellent economic environment may provide a competitive advantage for enterprises wanting to relocate to Wisconsin.
Wisconsin is home to some of the world's top exporters, including the People's Republic of China and the People's Republic of Korea, in addition to dairy production. These countries also import a lot of Wisconsin-made products, including as military vehicles. As a result, Wisconsin does business with every country on the planet, including those at war. The presence of Foxconn in the state is projected to have a significant impact on the state's exports and GDP.
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