Apple Commits $350B To U.S. Economy Over 5 Years

From direct employment to supporting domestic manufacturers, Apple on Wednesday committed to contributing more than $350 billion to the U.S. economy over the next five years.

That figure includes the company’s existing impact on the U.S. economy -- which includes employing about 84,000 people from coast to coast -- while it does not include tax payments, the tax revenues generated from employees' wages and the sale of Apple products.

For Apple, the investment is being driven by a “deep sense of responsibility to give back to our country and the people who help make our success possible,” CEO Tim Cook said in a statement.

In 2018 alone, the tech titan plans to direct about $55 billion toward domestic suppliers and manufacturers.

Over five years, Apple estimates that domestic capital expenditures, investments in U.S. manufacturing, and a tax payment upon repatriation of overseas profits will account for approximately $75 billion.

As required by recent changes to U.S. tax laws, Apple said it anticipates repatriation tax payments of approximately $38 billion.

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In addition, Apple expects to invest over $30 billion in capital expenditures in the U.S. over the next five years, and to create more than 20,000 new jobs through hiring at existing campuses, and one in the works.

While its location has yet to be announced, Apple says the new campus will initially house technical support for customers.

To date, Apple has already invested billions of dollars in data centers and co-located facilities in seven U.S. states, including North Carolina, Oregon, Nevada, Arizona and a recently announced project in Iowa.

Apple is presently breaking ground on a new facility in downtown Reno, which will support its existing Nevada facilities, the company announced on Wednesday. Apple also said it plans to increase financial support for its Advanced Manufacturing Fund from $1 billion to $5 billion.

Last spring, the fund was established to support innovation among American manufacturers, as well as to help others establish a presence in the country.

At present, Apple estimates that it works with roughly 9,000 U.S. suppliers.

On Wednesday, Apple also said it plans to increase its support of coding education as well as programs focused on science, technology, engineering, math, and the arts -- and estimated that the iOS app economy has created more than 1.6 million jobs in the U.S. and generated $5 billion in revenue for domestic app developers in 2017.

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