Apple has outlined plans to step up its investment in the US, saying it expects to make a contribution of USD 350 billion to the American economy over the next five years. That includes a record USD 38 billion tax payment to bring back its foreign cash to the US after the recent corporate tax reform.
Planned capital expenditures in the US, investments in American manufacturing over five years and the tax payment upon repatriation of overseas profits will account for around USD 75 billion of Apple's direct contribution. The company said it also expects to spend an estimated USD 55 billion this year alone with American suppliers.
Apple expects to invest over USD 30 billion in capital expenditures in the US over the next five years and create over 20,000 new jobs through hiring at existing campuses and opening a new one. Apple already employs 84,000 people in the US. Over a third of the capex will go to investing in data centres.
The company said it plans to establish an Apple campus in a new location, which will initially house technical support for customers. The location of this new facility will be announced later in the year. In addition, Apple has broke on a new facility in downtown Reno, which will support its existing Nevada facilities.
Apple also is increasing the size of its Advanced Manufacturing Fund announced last spring, from USD 1 billion to USD 5 billion. The fund was established to support innovation among American manufacturers and help others establish a presence in the US. It is already backing projects with manufacturers in Kentucky and rural Texas.
In addition, Apple plans to increase support of coding education in the US as well as programs focused on Science, Technology, Engineering, Arts and Math (STEAM). This includes expanding programmes with its Swift programming lanmguages and adding new programs to support teachers and teacher training. The company is also increasing funding for its ConnectED program, so students in historically underserved communities have a chance to learn app coding skills.
