Apple pledged to invest $350 billion into the economy of the United States over the next five years, and part of this plan is to open its second campus.
The investments will focus on the three areas where Apple believes it has had the biggest impact in creating jobs. These are direct employment at the company, spending and investments with domestic manufacturers and suppliers, and the app economy that Apple created with the iPhone and its App Store.
Apple Pledges $350 Billion Contribution To US Economy
In a post on the Apple Newsroom, the company announced its plan to directly contribute $350 billion to the U.S. economy over the succeeding five years, not including the company's tax payments and product sales.
Apple did not make it specifically clear how it arrived at that figure, but most of that amount is just part of the massive company's regular impact on the economy of the United States.
In addition to its $350 billion contribution, Apple said that it will be increasing its Advanced Manufacturing Fund from $1 billion to $5 billion. Announced in May 2017, the purpose of the fund is to create jobs for Americans by investing in suppliers of Apple.
New Apple Campus Coming Soon
Part of Apple's $350 billion contribution to the U.S. economy is a plan to open a new campus. The location of the facility, which will house technical support at first, will be announced within the year.
Apple, which recently completed renovations worth $5 billion in its Cupertino campus, will now look to create 20,000 more jobs, covering both the current headquarters and the new one.
Apple's announcement of its plan to open a second campus follows the footsteps of Amazon, which is also looking to put up a second headquarters in addition to the one in Seattle. Cities are locked in a race to be selected as the site for the Amazon HQ2, which will also likely happen for Apple's second campus.
Trump Approves Apple's Plans
U.S. President Donald Trump, through a tweet, tagged Apple's announcement as a "huge win for American workers and the USA."
Apple unveiled one of the biggest corporate spending plans since tax cuts that were signed into passage by Trump. The company has been under pressure to increase investments into the United States since the presidential campaign in 2016, with Trump offering Apple incentives to manufacture its products within the country.
It appears that Apple will not dial back its overseas production, but it has started to emphasize its economic contributions to the United States.