Apple accelerates US investment and job creation, $350 Billion Contribution to US Economy Over Next Five Years.
Cupertino, California — Apple today announced a new set of investments to build on its commitment to support the American economy and its workforce. Concentrated in three areas where Apple has had the greatest impact on job creation:
- Direct employment by Apple
- Spending and investment with Apple’s domestic suppliers and manufacturers
- fueling the fast-growing app economy which Apple created with iPhone and the App Store.
Apple is already responsible for creating and supporting over 2 million jobs across the United States and expects to generate even more jobs as a result of the initiatives being announced today.
Planned capital expenditures in the US, investments in American manufacturing over five years and a record tax payment upon repatriation of overseas profits will account for approximately $75 billion of Apple’s direct contribution.
Apple, already the largest US taxpayer, anticipates repatriation tax payments of approximately $38 billion as required by recent changes to the tax law. A payment of that size would likely be the largest of its kind ever made.
“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.”
Apple expects to invest over $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. Apple already employs 84,000 people in all 50 states.
Today, Apple is breaking ground on a new facility in downtown Reno, which will support its existing Nevada facilities.
Apple’s new jobs, new investments and the repatriation of billions of dollars are a direct result of the recently passed Tax Cuts and jobs Act. Results that many, who opposed the tax cuts, said just wouldn’t happen. The announcement by Apple comes just days after Walmart announced minimum wage hikes, bonuses and more. This is one more in a continuing parade of American business making sinilar announcements since the tax cuts were passed.
In response to the announcement, the Stock Market Dow Jones CLOSED above 26,000 for the first time in its 121 year history.