— WEDC says Wisconsin’s manufacturing industry has the potential to establish a “globally competitive cluster” around electric vehicles.
In a recent report, the Wisconsin Economic Development Corp. highlighted the “tremendous opportunity” presented by the growing EV market given the state’s established automotive sector. It currently employs more than 92,000 workers around the state, the report shows.
WEDC highlights existing firms in Wisconsin that provide raw materials for the auto industry and produce parts for these machines, as well as original equipment manufacturers that assemble vehicles.
But to leverage these resources effectively in the EV space, report authors said manufacturing challenges in the state must first be addressed, pointing to “below-average productivity” and a shortage of qualified workers.
“Concurrently, the state will need to strengthen innovation and entrepreneurship around electrically powered technologies, and it will need to prepare the infrastructure and regulatory framework that enables widespread EV adoption,” they wrote.
And because this industry is so labor-intensive and therefore vulnerable to labor shortages, the report argues Wisconsin needs to boost productivity by investing in training workers as well as advanced manufacturing technologies.
The report, prepared for WEDC by California based research institute SRI International, includes six main recommendations for developing an EV manufacturing hub.
These include: improving productivity; scaling up the “middle-skill” worker pipeline through technical college investments; boosting access to out-of-state markets; building ties with the EV industry; aligning related policymaking with economic development priorities; and preparing for the “future of mobility and sustainability.”
WEDC Secretary and CEO Missy Hughes says the state needs to provide businesses with “the tools to help them invest and mitigate the risk associated with leaping into transitioning markets.”
See the full report: https://wedc.org/wp-content/uploads/2023/03/Wisconsin-EV-Supply-Chain-Strategy-2023-03.pdf
See the release: https://wedc.org/blog/wedc-report-shows-wisconsin-manufacturers-will-benefit-from-strategic-investments-in-expanded-ev-supply-chain/
— A Madison-based cryptocurrency expert is urging investors to spread out their investments in these assets and prepare for volatility.
Spencer X Smith is the founder of AmpliPhi Digital, a digital marketing and consulting company, and a board member with the Wisconsin Technology Council. In a recent newsletter, he described investing in cryptocurrencies as “early-stage investing with instant liquidity,” noting investors in this area need to learn patience as prices fluctuate.
Because the cryptocurrency market is decentralized and largely unregulated, prices often change quickly due to media coverage, changes in investor perspectives and other factors, Smith notes. Plus, it’s smaller than traditional stock markets and is therefore more likely to see price swings.
He says those interested in getting into this market should start small and consider investing across a range of different cryptocurrencies to reduce risk. He notes this approach “will help protect you against the potential loss of any single investment.”
But he also recommends doing independent research on market conditions and specifics for the currency in question.
“Look for cryptocurrencies with strong technology, a solid development team, and a clear use case,” he wrote. “This will help you avoid potential scams and make informed decisions about which cryptocurrencies to invest in.”
See the full post here:
Watch an earlier episode of “WisBusiness: the Show” featuring Smith: https://www.wisbusiness.com/2018/wisbusiness-the-show-spencer-x-smith/
— Almost one-fourth of those who would see an individual income tax cut under Gov. Tony Evers’ budget have adjusted gross incomes of between $30,000 and $50,000, according to an analysis from the Legislative Fiscal Bureau.
Meanwhile, 7,458 filers making more than $1 million who would see a tax hike under Evers’ plan would pay an average of $54,070 more in tax year 2023.
The LFB yesterday broke down the impact of the guv’s budget on the individual income tax. Among other things, Evers has proposed creating a nonrefundable tax credit for up to 10 percent targeted at the middle class along with limiting the exclusion of nonfarm capital gains. But majority Republicans in the Legislature are likely to rewrite much of Evers’ tax plans.
The Evers package includes $665.1 million in reductions to the individual income tax in tax year 2023 and $358.2 million in increases.
According to LFB:
*66.7 percent of the expected 2.2 million filers in tax year 2023 would see a decrease under Evers’ plan, while 37,671 would see a hike.
*for those with an adjusted gross income of $30,000 to $50,000 who would see a tax decrease, the average reduction would be about $210.
*about 174 filers with incomes of $1 million or more would still see a tax decrease with an average reduction of $8,690.
See the memo: https://www.wispolitics.com/wp-content/uploads/2023/04/230403LFB.pdf
— State officials are now taking applications for the second round of Military Pathways Grant Program funding, which aims to help current and former military members enter the workforce.
The Department of Safety and Professional Services will provide up to $50,000 to educational institutions and training programs that help participants meet occupational licensing requirements with training from their military service.
The grant program last year provided nearly $50,000 to Milwaukee Area Technical College after DSPS launched it alongside the state Department of Veteran Affairs.
DSPS Secretary Dan Hereth says the program aims to combat Wisconsin’s workforce shortage.
“The brave men and women who serve our country have so much to offer our state, and this grant reflects our commitment to acknowledging their invaluable skills and training and helping them achieve their civilian career goals,” he said in a release.
The application period opened April 1 and runs through the end of the month.
See the release: https://www.wispolitics.com/2023/dept-of-safety-and-professional-services-second-round-of-dsps-military-pathways-grant-program-open-for-applications
See more details: https://dsps.wi.gov/Pages/Programs/Military/PathwaysGrant.aspx
<br><b><i>Top headlines from the Health Care Report …</b></i>
— Officials with the USDA and Grant Regional Health Center held a groundbreaking for a new family practice clinic in Fennimore.
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
Sign up here: http://forms.gle/o8FtqTLviGJPja8C9
#TOP STORIES#
# Brewers’ head of business operations shares outlook on stadium funding, new fan offerings, group sales demand
# Republican union busting sends endorsements to Democrats, COVID lockdowns sending endorsements to Republicans
# New Berlin’s ECM Industries to be acquired for $1.1 billion
#TOPICS#
# AGRIBUSINESS
– Wisconsin farmers plan to increase corn and soybean plantings in 2023
http://wisconsinagconnection.com/story-state.php?Id=398&yr=2023
# CONSTRUCTION
– Immel Construction onboards two new general superintendents
– Madison philanthropist donates $10 million to new veterans museum project
– Caledonia residential developments progressing
# ECONOMY
– Report: Wisconsin could become epicenter for electric vehicle manufacturing
– Wisconsin economy grew 1.7% in 2022 but lags Great Lakes region
– What Green Bay home buyers need to know about a tough, seller’s market
# ENTERTAINMENT
– Lauren Gunderson explores private lives in Forward Theater premiere
# ENVIRONMENT
– National Weather Service confirms six more tornadoes, pushing Friday’s total to nine in southcentral Wisconsin
# FOOD AND BEVERAGE
– Pat’s Rib Place is permanently closing in Waukesha
– Nute’s Cafe, serving farm-to-table plates, coming to Crossroads Collective
# HEALTH CARE
– Wisconsin pediatrician says improving social media requires input from teenagers
– ‘Not everyone in every county has the same opportunity to be healthy’: Outcomes among Wisconsin counties are unequal
# MANUFACTURING
– Region’s manufacturing sector continued to slow in March
# POLITICS
– State Representative Dallman collaborates with agricultural leaders to boost local farming industry
http://wisconsinagconnection.com/story-state.php?Id=399&yr=2023
# RETAIL
– Shoppes at Brookfield Commons acquired by Chicago-based CapRock Real Estate
# SMALL BUSINESS
– Amalgam Bakery owner finds humility and joy in fussy macarons
# SPORTS
– Brewers’ home opener among MLB’s cheapest, could be cheaper if not for beer and hot dogs
– Lambeau Field gets big picture upgrade in time for Packers season
# TECHNOLOGY
– Microsoft’s $1 billion project puts Mount Pleasant on the map for data center development
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
St. Norbert College: Two professors awarded prestigious Franklin Research Fellowship
