Building a slide deck, pitch, or presentation? Here are the big takeaways:
- Apple will contribute $350 billion to the US economy over the next five years, including a $5 billion Advanced Manufacturing Fund.
- Apple will create 20,000 new jobs over the next five years at its existing campuses and through the opening of a new one.
Apple detailed plans to contribute $350 billion to the US economy over the next five years in a Wednesday press release, including a new $5 billion dollar Advanced Manufacturing Fund and the creation of 20,000 jobs.
The contribution will come from direct employment from Apple, spending with domestic suppliers and manufacturers (estimated $55 billion for 2018), and through the mobile app economy, according to the release. Apple is currently creating and supporting 2 million jobs in the US, the release noted.
The economic contribution will not include tax payments, the release said, nor will it include tax revenues from products sales or employee wages. However, Apple has estimated its planned repatriation tax payments at $38 billion which, combined with other capital expenditures in the US and manufacturing investments, will total $75 billion, the release said.
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Apple is already the largest tax payer in the US, the release said, and this $38 billion tax payment would be the largest of its kind.
“Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy,” Apple CEO Tim Cook said in the release. “We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.”
The 20,000 jobs that Apple is planning to create will come through hiring at existing Apple campuses and the opening of a new Apple campus. According to the release, Apple’s current workforce across the 50 US states is 84,000. The new campus will focus on tech support for customers, but its location has not been disclosed.
Roughly $10 billion of the money will go to US data centers. That includes a new Reno facility that will support other Nevada facilities. All of the facilities in the US are powered by renewable energy, the release said.
Apple’s Advanced Manufacturing Fund was launched in early 2017 as a $1 billion fund. As part of these new investments, Apple is increasing the fund to $5 billion.
Additionally, Apple will be increasing its investment in coding and STEAM education, the release said. This includes expanding its efforts with the Swift Playgrounds app and App Development with Swift, as well as investing more in its ConnectED program.