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Apple to contribute $350 billion to US economy and 20,000 job creation over next five years

Apple $350 Billion Contribution

Yesterday via a press release, Apple announced a series of investments for supporting the American economy and workforce on three major aspects, based on which the company is known to expand in creating jobs. These aspects are direct employment, investments in domestic suppliers and manufacturers, and accelerating the fast-growing app economy.

Apple Job Creation

First of the new investments is of more than $30 billion in capital expenditures that will create more than 20,000 jobs, not just in existing campuses but also in a new one. This new campus will be built in downtown Reno to support existing Nevada facilities. Apple is presently breaking ground in Reno. More than $10 billion investments of the capital expenditures will go to the data centers of the nation.

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Secondly, Apple is investing $5 billion in the advanced manufacturing fund. Capital expenses, tax payments after the recent repatriation, and investments in manufacturing in the U. S. collectively account for $75 billion that they are directly contributing to the nation’s economy. The tech titan, being the largest taxpayer in the States, expects to pay about $38 billion as repatriation tax, according to recent tax law changes.

Apple Investments

Thirdly, the company is coming up with new plans in education based on its 40-year history in the same in terms of coding. Apart from expanding in the existing initiatives for the students, new programs are as well to be introduced for ‘teachers and teacher training.’ One highlight in this regard is Apple’s increment in funding for the ConnectED program that aims at the development of students belonging to historically underserved communities.

The new Apple investments, along with the tech giant’s present incremental expenditure on domestic suppliers and manufacturers, together make about $55 billion in this year. This is expected to go to over $350 billion in the span of coming 5 years. It does not include the company’s current tax payments, tax revenues derived from wages of employees, and its product-sales.

Source: Apple

Apple to contribute $350 billion to US economy and 20,000 job creation over next five years