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Apple plans to boost US spending
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Apple announced yesterday it plans to boost its investment plans in the United States to US$430 billion over the next five years, saying this would add some 20,000 jobs.
The updated plan includes more than US$1 billion for a new campus and engineering hub in the Research Triangle area of North Carolina with most of the jobs expected to focus on machine learning, artificial intelligence, software engineering and other technology fields. The new campus will house up to 3,000 employees, expand its operations in several other US states and increase its spending targets with US suppliers.
The iPhone maker said it would also establish a US$100 million fund to support schools in the Raleigh-Durham area of North Carolina and throughout the state, as well as contribute US$110 million to help build infrastructure, such as broadband Internet, roads, bridges and public schools, in 80 North Carolina counties.
“As a North Carolina native, I’m thrilled Apple is expanding and creating new long-term job opportunities in the community I grew up in,” Jeff Williams, Apple’s chief operating officer, said in a statement. “We’re proud that this new investment will also be supporting education and critical infrastructure projects across the state.”
Apple also plans to invest “tens of billions of dollars for next-generation silicon development and 5G innovation across nine US states.”
The California tech giant said it was increasing its 2018 goal of US$350 billion in US investments after Congress passed a measure lowering taxes on repatriated profits for American firms.
“At this moment of recovery and rebuilding, Apple is doubling down on our commitment to US innovation and manufacturing with a generational investment reaching communities across all 50 states,” said Apple chief executive Tim Cook.
“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 news comes with Apple and other tech giants facing heightened antitrust scrutiny for their growing dominance of key economic sectors, which has increased during the coronavirus pandemic.
Big Tech firms are also being targeted for tax reform both in the US and globally.
Apple said it is “the largest taxpayer in the US” and has paid almost US$45 billion in domestic corporate income taxes over the past five years.
The company said it was on track to meet its 2018 goal of creating 20,000 new jobs in the US by 2023 and that with the latest commitment, expects to create another 20,000 over the next five years.
The latest effort calls for expansion or new facilities in parts of California, Colorado, Massachusetts, and Texas.
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