Apple Inc. will spend over $430 billion and employ 20,000 more in the United States in the next five years, the company announced in a statement.
- The investment is 20% higher than previous. Apple originally set a five-year goal of $350 billion in 2018.
- The amount covers expenses for suppliers, data center investments, capital expenditures, and other domestic spend in the U.S.
- Apple will spend over $1 billion for its North Carolina campus and engineering hub. This will make 3,000 new jobs related to machine learning, artificial intelligence, and software engineering, among others.
- $110 million will be for infrastructure spending in over 80 counties in North Carolina which need it the most.
- $100 million will be used to fund school support initiatives across the state.
- North Caroline will reap an estimated $1.5 billion in economic benefits once the investments are completed.
- Chief Executive Officer Tim Cook said generational investments will reach communities across all 50 states.
- Tens of billions will go to California, Colorado, Maine, Massachusetts, New York, Oregon, Texas, Vermont, and Washington for silicon engineering and 5G technology.
AAPL:Nasdaq is up 0.20% premarket.