Apple Plans To Create 20000 Jobs, And Build New Campus

Apple CEO Tim Cook takes in a standing ovation from the crowd as he is introduced at the groundbreaking ceremony for Apple's downtown reno facility on Jan

Combining the new investments and current spending with United States suppliers, Apple estimated it would contribute US$350 billion to the United States economy over the next five years, the newspaper said.

The new campus is part of a larger effort from Apple to contribute more money to the US economy as it repatriates, or brings home, overseas cash.

Chief executive Tim Cook said Apple is "focusing our investments in areas where we can have a direct impact on job creation".

Apple also added that about $10 billion of the planned United States investments will go into data centers, and that it will break ground on a new center in Reno, Nevada, today.

Apple is also increasing the size of the Advanced Manufacturing Fund - announced last spring - that was established to support innovation among American manufacturers.

The company did not say how much, if any, of its reported $250 billion stockpile it planned to bring back to the U.S. However, the new tax plan has been created to make such transactions easier.

Apple claimed this would be the largest ever payment of its kind.

Apple employs about 84,000 people in the U.S. and expects to spend $55bn with domestic suppliers and manufacturers this year.

Apple's plans to repatriate overseas cash follow the 2017 charges by the European Union that Apple owed 13 billion Euro ($15.4 billion) in back taxes because of an alleged unfair tax deal in Ireland.

Apple would not say if it had already selected the location of the new campus, only that it would release more information later this year. It now has data centers and co-located facilities in seven states.

Most of us already know that Amazon is already making cities trip over each other in the hopes of securing the company's second headquarters, and today Apple announced that it's planning on building a second campus for its employees as well. The new location, which Apple said it will announce later this year, will be similar to the company's existing campus in Austin, Texas, for supply chain and technical support employees. For more analysis on Apple, visit the IBD Stock Checkup.

This move follows other moves by tech companies to invest in the USA economy and workforce.

Apple said on Wednesday that it will pay US$38 billion in USA taxes in a one-time payment. The company will expand its current coding initiatives that are designed to help people learn how to create iOS apps using Swift and it will increase funding for ConnectED to help students in "historically underserved communities" learn coding skills.

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