President Trump said Wednesday that electronics giant Foxconn will build a $10 billion factory in Wisconsin that's expected to initially create 3,000 jobs, the largest economic development project in state history. The announcement comes at a critical juncture for a Trump administration that pledged to generate manufacturing jobs but has struggled to deliver results as quickly as the president promised, the AP reports. In a White House speech, Trump said the financial commitment by Foxconn CEO Terry Gou was a direct result of his electoral win. "If I didn't get elected, he definitely would not be spending $10 billion," Trump said. "We are going to have some very, very magnificent decades."
But the decision to build the plant in Wisconsin also stemmed from $3 billion in state economic incentives over 15 years if Foxconn invests $10 billion in the state and ultimately adds 13,000 jobs. The incentives would only be awarded if Foxconn creates the jobs and pays an average salary of nearly $54,000. The Wisconsin factory, scheduled to be open by 2020, would be massive. The campus, dubbed "Wisconn Valley," would cover nearly 1.6 square miles and be three times the size of the Pentagon. The plant—which will produce liquid-crystal display panels, or LCDs, that are used in televisions and computer screens—will be located in the congressional district of House Speaker Paul Ryan. (Read more Foxconn stories.)