American multinational tech giant Apple announced Monday it plans to invest more than $430 billion in the United States and create 20,000 new jobs over the next five years. This will help the country’s economic recovery from the coronavirus pandemic.
Apple CEO, Tim Cook, said in a statement: “At this moment of recovery and rebuilding, Apple is doubling down on our commitment to U.S. 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.”
The grand investment in the US economy represents a 20% increase from Apple’s original five-year goal of $350 billion set in 2018. Apple’s contributions will include direct spend with more than 9,000 American suppliers and companies in every state, data centre investments, capital expenditures and other domestic spending, as well as dozens of Apple TV+ productions across 20 states. The investment will create thousands of jobs and support the creative industry, as stated in a company press release.
Apple plans to put over $1 billion into North Carolina to build a new campus and engineering hub in the Research Triangle area, which will create at least 3,000 new jobs. The company intends to establish a $100 million fund to support schools and community initiatives in the greater Raleigh-Durham area and across the Tar Heel state. The contribution estimated to be over $110 million in infrastructure spending to the 80 counties with the greatest need. The North Carolina investment is expected to generate over $1.5 billion in economic benefits per year for the state.
Apple COO, Jeff Williams, said in a statement: “As a North Carolina native, I’m thrilled Apple is expanding and creating new long-term job opportunities in the community I grew up in.
“We’re proud that this new investment will also be supporting education and critical infrastructure projects across the state. Apple has been a part of North Carolina for nearly two decades, and we’re looking forward to continuing to grow and a bright future ahead.”
Apple is the US’ largest taxpayer and it supports more than 2.7 million jobs nationwide, with expanding teams and operations in other states including California, Colorado, Massachusetts, New York, Texas and Washington.
