Watch Newsy On TV

Apple Says It's Investing $350 Billion In The US Economy

SMS
Apple Says It's Investing $350 Billion In The US Economy
That investment is planned to go toward jobs, manufacturing and education, the company says.
SHOW TRANSCRIPT

Following the initiatives of other tech companies, Apple says it's committing billions of dollars to the U.S. economy through jobs, manufacturing and education.

The company said Wednesday over the next five years, it would create 20,000 jobs at Apple and contribute $350 billion to the U.S. economy. Those jobs and contributions will go into existing facilities and campuses, as well as a new one to be announced later this year.

Other investments will go into domestic suppliers, manufacturing partners and education focused on app development.

Apple's investments don't include the company's ongoing tax payments, which are already pretty lofty. Apple claimed in its press release it's the "largest U.S. taxpayer" and notes it's now expecting to pay an additional $38 billion in taxes on repatriated overseas profits.

This move follows other moves by tech companies to invest in the U.S. economy and workforce. Back in the fall, Apple co-founder Steve Wozniak and Google head Sundar Pichai each announced initiatives to train people to work in tech.

But these apparent commitments to the U.S. aren't without controversy. Companies like Apple, Google and Amazon have each been accused of monopolizing their respective industries and displacing jobs through automation.