Apple investing $430B in US, North Carolina campus first on East Coast
Apple is creating over 20,000 jobs in North Carolina, Colorado, Massachusetts, Texas, Iowa, Washington, New York, Southern California
Tech giant will invest $430 billion into the U.S. economy; FOX Business' Susan Li reports on 'Varney & Co.'
Apple is investing $1 billion to open its first-ever East Coast operations, a move expected to bring at least 3,000 new jobs to the state.
Its campus and engineering hub in North Carolina will create employment opportunities in areas including machine learning, artificial intelligence and software engineering, according to the company.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 225.00 | -3.22 | -1.41% |
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The move is part of the company's $430 billion investment to create 22,000 jobs over the next five years, outpacing its earlier five-year goal of $350 billion set in 2018.
As part of this effort, the company will infuse tens of billions of dollars "for next-generation silicon development" as well as "5G innovation" across nine states.
Apple store in Manhattan. (Getty images)
Not only will its latest commitment drive "economic benefits in every state" but it will build "toward a greener and more equitable future," its chief executive, Tim Cook, said in a statement Monday.
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"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," said Cook, who received his MBA from Duke University, located in the state.
Aside from its campus and research hub, Apple is also creating a $100 million fund to support local schools and community initiatives throughout North Carolina and plans to invest over $110 million in the state's infrastructure – particularly in "counties with the greatest need."
The company's financial support is expected to result in more than $1.5 billion in economic benefits every year for the state.
To date, the technology behemoth supports more than 2.7 million jobs nationwide through direct employment, spending with US suppliers and manufacturers as well as developer jobs in the iOS app economy.