Apple plans to accelerate job creation with $350 Billion

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Apple plans to accelerate job creation with $350 Billion

 
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POSTED ON Jan 17, 2018
 

Apple announced today that the technology company plans to accelerate job creation with a $350 Billion contribution to the US economy over the next five years.

“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, Apple’s CEO.

“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.”

Apple’s  iOS app economy has created more than 1.6 million jobs in the US and generated $5 billion in revenue for American app developers in 2017.

Combining new investments and Apple’s current pace of spending with domestic suppliers and manufacturers — an estimated $55 billion for 2018 — Apple’s direct contribution to the US economy will be more than $350 billion over the next five years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products.

With demand for coding skills stronger than ever, today there are more than 500,000 unfilled programming-related positions across the country, and the Bureau of Labor Statistics predicts that by 2020 there will be 1.4 million more software development jobs than applicants qualified to fill them.

Building on the initial success of the Advanced Manufacturing Fund, Apple is increasing the size of the fund from $1 billion to $5 billion. The fund was established to support innovation among American manufacturers and help others establish a presence in the US. It is already backing projects with leading manufacturers in Kentucky and rural Texas.

Apple works with over 9,000 American suppliers — large and small businesses in all 50 states — and each of Apple’s core products relies on parts or materials made in the US or provided by US-based suppliers.

Apple also plans to accelerate its efforts across the US in support of coding education as well as programs focused on Science, Technology, Engineering, Arts and Math (STEAM).

To address the coding skills gap and help prepare more people for jobs in software development, Apple created a coding language and a free curriculum, which are available to anyone and are already being used by millions of students at K-12 schools, summer camps and leading community colleges across the country. Over 100,000 students and teachers have also attended coding classes at Apple retail stores.

Already the largest US taxpayer,  Apple anticipates repatriation tax payments of $38 billion as required by recent changes to the tax law.

The technology company will spend an estimated $55 billion with US suppliers and manufacturers in 2018.

Apple also expects to invest over $30 billion in capital expenditures in the US over the next five years and create over 20,000 new jobs through hiring at existing campuses and opening a new one. Apple already employs 84,000 people in all 50 states.

The company plans to establish an Apple campus in a new location, which will initially house technical support for customers. The location of this new facility will be announced later in the year.

Over $10 billion of Apple’s expanded capital expenditures will be investments in data centers across the US.

Over the last decade, Apple has invested billions of dollars in data centers and co-located facilities in seven US states, including North Carolina, Oregon, Nevada, Arizona and a recently announced project in Iowa.

All of Apple’s US facilities, including offices, retail stores, and data centers, are powered by 100 percent renewable energy sources like solar, wind and micro-hydro power, which Apple generates or purchases from local projects. A new campus announced today will also be powered entirely by green energy.

Planned capital expenditures in the US, investments in American manufacturing over five years and a record tax payment upon repatriation of overseas profits will account for approximately $75 billion of Apple’s direct contribution.

Apple’s new set of investments to support the American economy and its workforce are concentrated in three areas where Apple has had the greatest impact on job creation: direct employment by Apple, spending, and investment with Apple’s domestic suppliers and manufacturers, and fueling the fast-growing app economy which Apple created with iPhone and the App Store, the company said in its press release.

According to code.org, there are currently 503,338 open computing jobs nationwide. The company is also increasing funding for its ConnectED program, so students in historically underserved communities have a chance to learn app coding skills and enjoy other benefits of technology in the classroom.

Apple leads innovation with iPhone, iPad, Mac, Apple Watch and Apple TV and the company’s 100,000 employees are dedicated to making the best products on earth.

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