Jan 17, 2018

Apple says it will add $350 billion to US economy in next five years

Ina Fried, author of Login

Apple CEO Tim Cook (Photo: Justin Sullivan/Getty Images)

Apple plans to open a second corporate campus as part of a broader plan to "directly contribute" $350 billion to the U.S. economy over the next five years, a figure that doesn't include its regular taxes, tax revenue from the wages it plays employees or the sale of Apple products.

Why it matters: While it manufactures nearly all its products outside the U.S., Apple has been eager to show how much it contributes domestically including all the developers, Apple suppliers and contract manufacturers that are based here.

Here are some of the stats Apple is touting:

  • Apple expects to pay around $38 billion in repatriation taxes thanks to the new law (the largest such payment of its kind).
  • Apple expects to spend more than $30 billion in U.S. capital expenses over the next five years. (Over $10 billion will be in data centers.)
  • Apple is increasing the size of an advanced manufacturing fund to $5 billion from $1 billion.
  • Apple plans to create 20,000 new U.S. jobs on top of its 84,000 existing U.S. workers.

As for the new campus, Apple said it will initially handle technical support, with the location to be announced later this year.

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