Apple has announced that it plans to invest $430 billion in the United States economy over the next five years. The plans will see 20,000 new jobs created across the country over the coming years and the establishment of a new campus and engineering hub in the Research Triangle area in North Carolina. Some of the money will also be directed towards schools and infrastructure to help uplift the state.
Apple had initially set a five-year goal of $350 billion back in 2018 but its contributions over the last three years have outpaced the expectations so now the firm has increased its commitment by 20% over the next five years. In terms of results, Apple hopes the money will help it build next-generation silicon and propel 5G innovation.
Commenting on the funding, Apple CEO Tim Cook said:
“At this moment of recovery and rebuilding, Apple is doubling down on our commitment to US innovation and manufacturing with a generational investment reaching communities across all 50 states. We’re creating jobs in cutting-edge fields — from 5G to silicon engineering to artificial intelligence — investing in the next generation of innovative new businesses, and in all our work, building toward a greener and more equitable future.”
Regarding the new campus in North Carolina, Apple will create 3,000 new jobs centered around machine learning, artificial intelligence, software engineering, and cutting edge fields. These jobs could have involvement in Apple’s planned AR products, any self-driving car technology it pursues, and its virtual assistant Siri.
North Carolinian schools in the greater Raleigh-Durham area will benefit from a $100 million fund and 80 of North Carolina’s poorest counties will receive a portion of $110 million of infrastructure spending that will improve broadband, roads, bridges, and public schools. The investments in North Carolina are expected to create economic benefits of $1.5 billion annually.
Apple’s investment in jobs, infrastructure, and education is in addition to the work it has been doing to fight climate change. Earlier this month, the firm announced the establishment of the Restore Fund in collaboration with Conservation International and Goldman Sachs which will see $200 million go into forest restoration.