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Apple Says It Will Invest $350 Billion In The US

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Apple Says It Will Invest $350 Billion In The US
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Apple Inc. (NASDAQ: AAPL) announced a $350-billion investment in the United States over the next five years on Wednesday. 

What Happened

As part of Apple's commitment to "support the American economy and its workforce," the iPhone maker will spend $350 billion over five years in areas where it said it can have the greatest job creation impact:

  • Direct employment by the company itself.
  • Spending and investment with suppliers and manufacturers.
  • Through the "app economy."

Why It's Important

Apple is the largest individual taxpayer in the U.S. and has already created and supported more than 2 million jobs across the U.S., the company said. It now expects to generate "even more jobs" through its initiatives and has already earmarked $55 billion to spend in 2018.

The planned investment includes $30 billion in capital expenditures and the creation of 20,000 new jobs; the opening of a new Apple campus in a new location; substantial data center investment; increasing the size of the advanced manufacturing fund from $1 billion to $5 billion; and strengthing coding and STEAM education efforts nationwide. 

What's Next

"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 U.S. 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."

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A sheet metal fabricator saw-cuts material for Apple’s data center expansion in Reno, Nevada. Photo courtesy of Apple. 

Posted-In: repatriation Tax Reform Tim Cook US economyNews Top Stories Tech Best of Benzinga

 

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