Gov. Evers Announces Historic Proposed Long-Term Investments in State's Infrastructure

Statement

Gov. Tony Evers today released $3.8 billion in recommended investments in his 2023-25 Capital Budget for the renovation and renewal of the state's existing infrastructure and to support major projects across the state in 28 counties. The announcement represents one of the strongest investments to date for Wisconsin's facility infrastructure without the burden of 20 years of debt service for general obligation debt. At a four percent comparison interest rate, the governor's proposal to fund $1.9 billion of the capital improvement projects instead of borrowing will save taxpayers nearly $1 billion in future debt service payments.

The recommended investments will also help grow the economy by providing family-supporting jobs and supporting businesses throughout the state. According to Associated General Contractors of Wisconsin, for every $1 in construction spending, there is $1.84 of economic activity generated in Wisconsin. Additionally, for every $1 million of construction spending, 12 jobs are supported in the state's economy. As a result, it is estimated the governor's proposed Capital Budget supports approximately $6.8 billion in economic activity and 45,000 jobs throughout Wisconsin.

"Our budget is all about investing in the future of our people, our communities, and our state to bolster our workforce, prepare our state and our economy for the future, and maintain our economic momentum by building our economy from the ground up. Our historic surplus means we have historic opportunity and responsibility--to invest in key projects that have long been neglected while still staying well within our means, keeping borrowing low, and saving taxpayers money in the long run, and that's exactly what our Capital Budget does," said Gov. Evers.

"From investments in our UW System campuses so we can grow the next generation of scientists, leaders, educators, and innovators, to our state parks and ensuring Wisconsinites can enjoy our vast and valuable natural resources, to finally addressing deferred maintenance projects and the safety of our public facilities, these are critical projects that will help us build the infrastructure of the 21st century. I look forward to taking these recommendations up with the rest of the State Building Commission next month."

Source