Apple says it will add $350 billion to U.S. economy

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Apple Park1
A new Apple HQ is already on the way!
Photo: Duncan Sinfield

Apple’s big tax break is about to unleash an avalanche of spending from the iPhone-maker.

In a public statement this morning, Apple revealed its plans to contribute $350 billion to the U.S. economy over the next five years now that the fee for repatriating its mountain of overseas cash has been significantly lowered.

“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,” said Tim Cook on Apple’s website. “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.”

How Apple will spend its billions

Even though construction on Apple’s new spaceship campus just finished, the company says its already looking to build a new one. Plans (including the location) for the third Apple HQ will be revealed later this year. The building will initially house technical support for customers.

Apple says it will add over 20,000 new jobs in the next five years by hiring for new jobs at its existing campuses and the new one. $30 billion will be spent on capital expenditures in the US over next 5 years with $10 billion of that going to data centers.

With the new tax law in effect, Apple expects it will only pay $38 billion to bring its money home. That would still be the largest ever payment to the IRS.

The company also says it plans to increase the size of its advanced manufacturing fund from $1 billion to $5 billion. The fund is used to invest in U.S. manufacturing companies and suppliers.