© Apple Electronics Production | January 18, 2018
Apple accelerates US investment and job creation
The Cupertino company has announced a new set of investments targeted at supporting the American economy and its workforce.
The investments are concentrated in three areas where the company says it has the greatest impact on job creation; direct employment by Apple, spending and investment with Apple’s domestic suppliers and manufacturers, as well as fueling the fast-growing app economy. Apple’s planned investments in American manufacturing over five years, along side a record tax payment upon repatriation of overseas profits, will account for approximately USD 75 billion of Apple’s direct contribution, the company states in a press release. “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,” said Tim Cook, Apple’s CEO. Growing Apple’s US Operations Apple expects to invest over USD 30 billion in capital expenditures in the US over the next five years and create over 20’000 new jobs through hiring at existing campuses and opening a new one. The company plans to establish an Apple campus in a new location, which will initially house technical support for customers. The location of this new facility will be announced later this year. Over USD 10 billion of Apple’s expanded capital expenditures will be investments in data centers across the US. Apple has already started the construction of a new facility in downtown Reno, which will support its existing Nevada facilities. Investing in Apple’s Domestic Suppliers and Manufacturing Partners Building on the success of the Advanced Manufacturing Fund announced last spring, the company is increasing the size of the fund from USD 1 billion to USD 5 billion. The fund was established to support innovation among American manufacturers and help others establish a presence in the US. It is already backing projects with manufacturers in Kentucky and rural Texas. Combining new investments and Apple’s current pace of spending with domestic suppliers and manufacturers – an estimated USD 55 billion for 2018 – Apple says that its direct contribution to the US economy will be more than $350 billion over the next five years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products.