Wisconsin Governor
Jim Doyle; Photo by AP
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Wisconsin is the latest state to take advantage of the federal American Recovery and Reinvestment Act (ARRA). Governor Jim Doyle has just signed new legislation aimed at increasing the states access to the federal bonds and other monies created by the ARRA that will create hundreds of jobs stateside.
Recovery Zone Bond Bill Signed
Doyle signed SB440 the Recovery Zone Bond Bill this past Friday at a wind blade manufacturing plant in Wisconsin Rapid called Energy Composites. The bill was designed to allow cities and counties access to unused bonding authority given under the federal stimulus law. The Wisconsin Governor says the state Department of Commerce will administer the money to help companies like Energy Composites move forward with expansion projects that will create jobs.
Clean Energy Jobs
Energy Composites plans to use the funds provided by the bill to break ground on a 535,000 square foot wind blade manufacturing plant next month. This project alone will create more than 600 clean-energy jobs for Wisconsin residents. The signing of SB 440 will allow the company to request bonds from Commerce to help move the project forward.
In addition to SB440, Gov. Jim Doyle has called for the passage of the Clean Energy Jobs Act and CORE Jobs Act, to further build the state’s economy and create jobs. If passed, the Clean Energy Jobs Act create an additional 15,000 jobs in the emerging clean energy economy, and the passage of the CORE Jobs Act will provide millions more in tax credits for angel and venture capital investments. The Governor is also creating the Wisconsin Green to Gold Fund to help manufacturers reduce energy costs, improve their bottom line, and create and retain jobs.
Stimulus Funds Must be Used this Year
Under the federal American Recovery and Reinvestment Act certain local units of government are allowed to issue Recovery Zone Facility bonds for private sector economic development projects. Wisconsin received $238 million in bonding authority to be divided among 63 counties, plus the cities of Milwaukee, Madison and Green Bay. Under the Recovery Act, most counties did not receive a large enough share of the funding to effectively provide assistance to businesses that need it. These bonds must be issued by January 1, 2011.
Under SB 440, any county or city that does not use its original bond allocation in a timely manner has its share re-entered into the statewide pool. The Department of Commerce will then administer that pool to provide needed financing to help companies like Energy Composites move forward projects to expand and create jobs.
Will Clean Energy Jobs Take over the Construction Industry
It seems like the residential new construction industry will shrink into a niche business as it is replaced by green-building and clean energy industries. Unemployment in the construction industry has grown to nearly 30% in most areas while clean-energy and green-building continue to grow. Support from federal and state authorities continues to pour into this fledgling branch of our economy. Certification courses, continuing eduction and new building codes give those with a construction background who take advantage of these outlets the edge needed to find employment in these changing times.
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