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Apple announces $430 billion investment in US with 20000 new jobs

Apple this morning announced a sweeping plan to invest north of $430 billion over the next five years.

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The company says the deal involves “economic benefits” in all 50 states and would create, all told, 20000 additional jobs in the United States over that time period.

“At this moment of recovery and rebuilding, Apple is doubling down on our commitment to U.S. innovation and manufacturing with a generational investment reaching communities across all 50 states,” Apple CEO Tim Cook said in a statement.

“We’re creating jobs in cutting-edge fields — from 5G to silicon engineering to artificial intelligence — investing in the next generation of innovative new businesses, and in all our work, building toward a greener and more equitable future.”

The plan is an extension of one it announced in 2018, raising the original $350 billion goal by 20%. At the center of the announcement is the long anticipated creation of an additional campus in North Carolina. That involves a $1 billion investment in the Research Triangle, including 3,000 jobs that will focus on emerging fields like machine learning and AI.

The major investment in the U.S. economy represents a 20% increase from Apple’s original five-year goal of $350 billion set in 2018.

Contributions by the California-based tech giant will include direct spend with more than 9,000 American suppliers and companies in every state, data center investments, capital expenditures and other domestic spending, including dozens of Apple TV+ productions across 20 states, which are creating jobs and supporting the creative industry, according to a company press release.

As part of its investments and expansion, Apple plans to put over $1 billion into North Carolina where it will build a new campus and engineering hub in the Research Triangle area, creating at least 3,000 additional jobs. The company will also establish a $100 million fund to support schools and community initiatives in the greater Raleigh-Durham area and across the Tar Heel state, and will be contributing over $110 million in infrastructure spending to the 80 counties with the greatest need. Apple’s investments in North Carolina are expected to generate over $1.5 billion in economic benefits per year for the state, according to the press release.

“Innovation has long been North Carolina’s calling card and Apple’s decision to build this new campus in the Research Triangle showcases the importance of our state’s favorable business climate, world-class universities, our tech-ready workforce, and the welcoming and diverse communities that make so many people want to call North Carolina home,” state leaders said in a joint statement.

“This announcement will benefit communities across our state and we are proud to work together to continue to grow our economy and bring transformational industries and good paying jobs to North Carolina.”

The company has also outlined a $100 million fund for community and schools in the surrounding Raleigh-Durham area, as well as a $110 million spend on infrastructure.

Other US operation initiatives have been outlined for the company’s native California, as well as Colorado, Texas, Washington and Iowa. California gets the biggest initial boost here, with 5,000 more employees being added to its San Diego office and 3,000 more for Culver City. Indiana, Kentucky and Texas has already begun adding positions as part of the $5 billion Advanced Manufacturing Fund the company launched in 2017.

The news comes a week after Wisconsin announced plans to dramatically scale back the creation of a Foxconn plant set to manufacture flatscreen TVs. During his presidency, Donald Trump had called the planned factory, “the eighth wonder of the world,” and central to his plans to return manufacturing to the U.S. while courting various high profile tech executives, including Cook.

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