The largest taxpayer in the U.S. is about to go on a spending spree.
On Monday, Apple upped its commitments to U.S. investments over the next five years to $430 billion. The loosened purse strings will help fund a new North Carolina campus and investments in innovative fields like silicon engineering and 5G technology.
Apple In America
In a press release Monday, Apple reminded the public that its U.S. investments have “significantly outpaced” the company’s five-year goal of $350 billion set in 2018. But despite the bravado, the company isn’t resting on its laurels.
Apple is now raising its commitment to domestic investments by 20% to $430 billion over the next five years and planning to add 20,000 jobs in the process. Here’s how:
- Apple will invest over $1 billion in North Carolina, building a new campus and engineering hub in the Research Triangle near Raleigh. That will translate to 3,000 new jobs in A.I., machine learning, and other groundbreaking fields.
- The tech giant is also dedicating tens of billions of dollars to next-gen silicon and 5G development across 9 states, and working with over 9,000 suppliers to support job creation in manufacturing, silicon engineering, and 5G from sea to shining sea.
Additionally, Apple is setting aside cash for new clean energy projects and investments in green technology. CEO Tim Cook calls it a “generational investment” that will reach communities “across all 50 states.”
Capital To Carolina
Apple is bringing more to North Carolina than just bricks and mortar:
- The company is establishing a $100 million fund to support schools and community initiatives across the state.
- And Apple is budgeting another $110 million for infrastructure spending in 80 North Carolina counties to update public schools, roads and bridges, and broadband.
Once in full swing, Apple expects its investments to generate over $1.5 billion in annual economic benefits for the state.
Local Legends: Apple’s new facility won’t be the first North Carolina campus attended by some Apple higher-ups (and highest-ups). CEO Tim Cook and COO Jeff Williams have MBAs from Duke and senior vice president Eddy Cue has an undergraduate degree from the university.