Apple announced in a press release on Wednesday that the company will be investing $350 billion into the U.S. economy over the next five years.
According to a press release, Apple plans to create 20,000 new jobs in the United States over the next five years thanks to a $350 billion capital investment.
Combining new investments and Apple’s current pace of spending with domestic suppliers and manufacturers — an estimated $55 billion for 2018 — Apple’s direct contribution to the US economy will be more than $350 billion over the next five years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products.
Apple specifically laid out in the press release their plans to create 20,000 new jobs through hiring at their current campuses as well as the creation of new ones.
“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,” the press release reads.
A GBH research note revealed in January that Apple would be bringing $200 billion in foreign cash back to the United States as a result of the GOP tax reform bill.
“With Apple & Cook set to repatriate roughly $200 billion of cash based on our estimates we believe accelerated buybacks, another dividend hike, and potentially larger M&A will be the trifecta of benefits shareholders could expect to see in 2018,” the research note read.