Apple Announces $350b Contribution to US Economy Over Next 5 Years

As part of its commitment to strengthen the U.S. economy and job market, Apple has announced a series of new investments in direct employment, domestic suppliers and app developments. On its official website, the Cupertino-based tech company explains that these investments will create new jobs while funneling additional money into the U.S. economy.

Of course, Apple is already a major employer in the United States. Through its contributions, Apple has created and supported more than 2 million jobs. Under these new initiatives, however, that number will likely rise even higher.

So, how exactly will these new initiatives affect the U.S. economy? According to Apple, its investments in direct employment, domestic suppliers and app developments will contribute approximately $350 billion to the country’s economy over the next five years.

Furthermore, Apple is planning to increase the expenditure of its Advanced Manufacturing Fund from $1 billion to $5 billion. In May 2017, Apple announced a $1 billion initiative to support the U.S. manufacturing industry. Known as the Advanced Manufacturing Fund, it signals Apple’s commitment to foster innovation in the American manufacturing industry. Rather than limiting the fund to just $1 billion, however, Apple has increased its investment by 500%. The company’s Advanced Manufacturing Fund will now receive $5 billion to further support the country’s manufacturing industry.

In a press release, Apple CEO Tim Cook explained that Apple’s success could have only happened in America. “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 has worked aggressively to help strengthen the U.S. economy and job market. In addition to the initiatives mentioned above, the company has launched coding classes and STEAM (science, technology, engineering, arts and math) programs. According to ValueWalk, Apple  is also planning to spend more than $10 billion to develop new data centers throughout the country. And with these new data centers comes new jobs.

In response to Apple’s latest announcements, the company’s stock rose by nearly 1%. Apple is currently ranked as the world’s latest information technology company by revenue and the third-largest mobile handset manufacturer.

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