Apple Will Pour $430 Billion into the U.S. Economy over the Next Five Years

In a move that will hopefully allay some of the more cynical fears that Apple’s domestic investment plans have been politically motivated, the company has announced that it’s not only staying the course on its U.S. investment plans, but in fact accelerating them.

This is coming to the tune of spending more than $430 billion dollars and creating 20,000 new jobs across the country over the next five years.

Apple notes that its contributions over the past three years have already “significantly outpaced” its original five-year goal of $350 billion, which it set back in 2018, and perhaps as a result of this it’s raising that level of commitment by 20 percent over the next five years — and it’s going to be doing it across a variety of different areas, and across all 50 states.

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.

Apple CEO Tim Cook

Perhaps the biggest project Apple has planned is the creation of a new campus in North Carolina, marking an investment of over $1 billion in that state to build an engineering hub in the Research Triangle area. This is expected to create at least 3,000 new jobs in cutting-edge fields like machine learning, artificial intelligence engineering, and software engineering.

As part of this, Apple is also establishing a $100 million fund to support schools and community initiatives in the Raleigh-Durham area and elsewhere in the state, along with $110 million in infrastructure spending to help 80 North Carolina counties establish necessary broadband services, roads, bridges, and public schools.

Apple already expects to meet its goal of creating 20,000 new U.S. jobs by 2023, but now it’s setting the bar even higher, promising to create an additional 20,000 jobs across the country by 2026.

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.

Apple CEO Tim Cook

Apple also highlights what it’s doing in over a dozen individual states, including adding 5,000 more employees in San Diego and expanding its Apple TV+ production teams in Culver City by 3,000 more employees.

It also notes several hundred more jobs being added in Colorado, Massachusetts, Texas, and Iowa, and notes that it’s already surpassed its 2018 hiring commitments in Florida, New York, Pennsylvania, and Oregon.

Manufacturing Partners

With so much of Apple’s supply chain news coming out of places like China, Taiwan, and Vietnam, it’s easy to forget that Apple also works with more than 9,000 suppliers and companies in the U.S., covering such disciplines as silicon engineering, 5G, and manufacturing.

As part of its $430 billion commitment, Apple plans to help these suppliers expand their operations, creating even more jobs through the $5 billion Advanced Manufacturing Fund that it already launched back in 2017, where it’s continuing to invest in businesses in Indiana, Kentucky, Texas, California, Colorado, Maine, Massachusetts, New York, Oregon, Texas, Vermont, and Washington.

Much of this money is going into new cutting-edge technologies. Corning, which is based in Kentucky, received $450 million to support the research and development that led to the iPhone 12’s Ceramic Shield, while Texas-based II-VI manufactures the laser technology that powers Face ID.

Meanwhile, Apple is spending tens of billions of dollars across nine states — California, Colorado, Maine, Massachusetts, New York, Oregon, Texas, Vermont, and Washington — to further the silicon engineering behind its M1 chips along with leading-edge 5G technology.

In addition, Apple has made a $4.7 billion Green Bond investment in solar and wind projects in Nevada, Illinois, and Virginia, both solidifying its place as a clean energy leader while also creating more high-paying jobs in local communities.

Lastly, Apple notes that the iOS app economy drove $138 billion in commerce in 2019 in the U.S. alone, with more than 85 percent of that going straight to third-party developers. Today, the App Store alone supports more than 2.1 million jobs in the United States.