In a Wednesday announcement, Apple Inc. (NASDAQ: AAPL) outlined in broad strokes how the company will “support the American economy and its workforce” over the next five years. Based on what Apple is currently spending with domestic suppliers the company said it expects its direct contribution to the U.S. economy to exceed $350 billion over five years.
That massive total does not include Apple’s own tax payments, taxes generated from employee pay, or the sale of Apple products. The $38 billion Apple expects to pay to repatriate the $250 billion the company currently holds offshore is not included in the $350 billion total.
Apple’s “direct contribution” of $75 billion of the total includes the repatriation tax, planned capital spending, and a $5 billion investment in advanced manufacturing over five years.
CEO Tim Cook said:
Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy. We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.
The company said it will invest more than $30 in capital spending and create more than 20,000 U.S. jobs over the next five years. Apple currently employs 84,000 Americans in all 50 states.
Apple plans to build a second campus in a “new location” that will house customer technical support. The company said it will announce the location later this year.
More than $10 billion of the company’s capital spending will be invested in data centers across the county.