Apple has committed $430 billion in investments over five-year to strengthen the U.S economy. The new 5 years plan is said to create 20,000 by contributing to direct spending with American suppliers, data center investments, capital expenditures in the US, and other domestic spend which includes several original productions for Apple TV+ across 20 states.
Over the past three years, Apple’s contributions in the US have significantly outpaced the company’s original five-year goal of $350 billion set in 2018. Apple is now raising its level of commitment by 20 percent over the next five years, supporting American innovation and driving economic benefits in every state. This includes tens of billions of dollars for next-generation silicon development and 5G innovation across nine US states.
Apple’s new multi-billion dollars 5-year plan is designed to uplift U.S economy by building new engineering center, creating jobs, and more
Distributed among various projects, the investment will be spent on building a new engineering hub, creating jobs in several states, and on American suppliers to across the country for the development of next-generation Apple silicon and 5G innovation across nine states. The division of the investment funds is as the following:
- Over $1 billion in North Carolina and construction of a new campus and engineering hub in the Research Triangle area. The investments is said to create around 3,000 jobs in artificial intelligence, machine learning, software engineering, and other fields.
2. As an extension of its 2018 goal of creating 20,000 jobs by 2023, the new investments aim to create 20,000 more jobs in different U.S states over the next five years including California, Colorado, Massachusetts, Texas, Washington, and Iowa.
3. In addition, the new $430 billion U.S investments plan includes working with over 9,000 American suppliers and companies across the country to create jobs in sectors like 5G, silicon engineering, and manufacturing.
- Indiana: $100 million investment to open state-of-the-art facility and distribution center in Clayton, operated by XPO Logistics to boost delivery timelines and personalization. It is expected to create 500 new jobs.
- Kentucky: Corning U.S operations will be awarded Advanced Manufacturing Fund.
- Texas: Advanced Manufacturing Fund awarded to II-VI for development of laser technology.
- Apple will spend multi-billion dollars in California, Colorado, Maine, Massachusetts, New York, Oregon, Texas, Vermont, and Washington for the development of 5G and silicon engineering.
4. The company will also invest in new clean energy projects and green technology in the U.S and around the world to achieve its aim of 100% carbon neutral goal by 2030.
Apple CEO, Tim Cook said:
“At this moment of recovery and rebuilding, Apple is doubling down on our commitment to US innovation and manufacturing with a generational investment reaching communities across all 50 states. We’re creating jobs in cutting-edge fields — from 5G to silicon engineering to artificial intelligence — investing in the next generation of innovative new businesses, and in all our work, building toward a greener and more equitable future.”
Currently, the Cupertino tech giant supports over 2.7 million jobs in the U.S through direct employment, developer jobs in the iOS economy, and spending with U.S suppliers and manufacturers. It is reported to be the largest taxpayer in the country which paid $45 billion in the last five years in domestic corporate income taxes.