Apple to invest $350 billion in U.S. economy over next five years; plans creation of 20,000 new jobs
- jan
- 17
Apple has announced a number of investments that it plans to make in the next few years as it commits to supporting the U.S. economy and workforce. Over the next five years, Apple estimates that it will contribute $350 billion to the U.S. economy, a sum that Apple says doesn't figure in its taxes, nor the taxes of employees wages or sales of Apple products.
From Apple:
"Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy," said Tim Cook, Apple's CEO. "We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible."
In addition to the $350 billion over the next five years, Apple plans to create around 20,000 jobs in the United States in the next five years. The company will also be increasing the size of its successful Advanced Manufacturing Fund from $1 billion to $5 billion. Apple now works with some 9,000 manufacturers, both large and small, in the U.S., which each supply different kinds of parts for the millions of devices that Apple ships each year.
Apple will also be concentrating on expanding its U.S. operations through a new campus in a new, as-yet-unrevealed location. The initial purpose of this new campus will be technical support for Apple customers. Additionally, the company is planning a $10 billion investment in data centers around the country. This includes a new facility in Reno, Nevada, which just broke ground today. Apple also notes that its U.S. facilities, including stores, offices, and data centers, are all now utilizing 100% renewable energy, which Apple generates itself or purchases from local green power projects.
With the app economy having generated $5 billion in revenue for American app developers in 2017 while accounting for 1.6 million jobs over the existence of the App Store, Apple says it wants to help prepare students for the increasing number of coding jobs opening up out there. To that end, Apple is working on expanding its current initiatives in teaching people how to code. In addition to increasing the coding courses that it already offers at its retail stores, Apple will also be creating new programs that support teachers and teacher training in this arena. The company is also putting more focus on underserved communities through its ConnectED program.
This news comes as Apple plans to repatriate billions of dollars in overseas profits into the United States.