Apple is doubling down on its commitment to support the US economy with the announcement of an additional $350 billion investment over the next five years.
The company will concentrate on the three areas where it has been able to create the most US jobs: directly employing more US citizens, spending and investing geared towards its domestic suppliers and manufacturers, and continuing to support the app economy (opens in new tab) which it pioneered with the creation of the iPhone and App Store.
Apple will spend $55 billion on new investments with its domestic suppliers and manufacturers in this year alone and over the next five years it will contribute more than $350 billion to the US economy. This does not factor in the company's ongoing tax payments and after repatriating overseas profits, it will pay the US government $75 billion in taxes.
Apple's CEO, Tim Cook stressed that the company's success was directly tied to America, saying:
“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. 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.”
Over the next five years, Apple plans to create over 20,000 new jobs by hiring additional staff at its current campuses and by creating a new one in a new location that will be announced later this year. The company will also make investments in data centres across the country (opens in new tab) which will be powered by clean energy from local projects.
Last year's Advanced Manufacturing Fund created to support innovation among American manufacturers will be a part of Apple's domestic investment plans and its size will be increased from $1 billion to $5 billion. The company also plans to address the digital skills gap (opens in new tab) by accelerating its STEM (opens in new tab) related initiatives across the US.
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