Business leaders in Wisconsin are overcoming a challenging economic environment, highlighting the resilient nature of U.S. manufacturing.
I had the pleasure of having lunch with a dozen or so business leaders in Wisconsin last week. They are doing well and seemed to be thriving in the national and state economies. This struck me as interesting given that our Opportunity Index ranks Wisconsin as 45thout of 50 states for businesses.
Lack of infrastructure and high taxes are two reasons why. The firms in the room were doing well despite local conditions. That is a testament to business leaders who do not stop growing, planning, hiring, changing, adapting just because of extant circumstances. We may not like all the changes in tax law, etc, coming out of Washington, but that does not mean we have an excuse for not going forward.
Additionally, one of the firms (who asked to remain unnamed) is doing something that I found interesting. The firm is making a technical product in the US that is then sold in fifty-five countries around the world. Some of their products go to a UK manufacturer who uses the product as part of a larger composition that is sold into China and other countries.
This firm receives no special tax incentives, utilizes Wisconsin labor at local labor rates, pays a stiff tax burden, and can still compete globally. I am impressed. This is only one example, but it an example of how US manufacturing is succeeding.