Apple has come under fire in recent years for its use of foreign factories to build and manufacture products. The big-name tech company has dozens of factories operating in foreign countries, which it uses to manufacture products like the iPhone, iPad, iWatch and more. While this strategic move has likely saved the company in costs associated with employment and taxes, Apple has been crticized for its lack of manufacturing presence in the United States.
This may soon change, however, as Apple recently announced plans to invest more than $1 billion into American manufacturing. Earlier this month, Apple CEO Tim Cook say his company is looking to start a $1 billion fund dedicated towards the creation of advanced manufacturing jobs here in the United States. While Cook didn’t provide much detail into the plan, this is welcoming news for market experts who had previously viewed Apple in a different light.
But if we look at Apple’s current structure, you’ll notice that it already hires a pretty substantial amount of Americans. Statistics show that more than 80,000 Americans are currently employed by Apple. When speaking about his company’s new plan to strengthen the American manufacturing industry, however, Cook said it will create thousands more jobs.
Unfortunately, we still don’t know much about Apple’s plan to strengthen the manufacturing industry. Cook did, however, say Apple will make an announcement regarding the project towards the end of May. And during a video announcing the project, Cook further said that the creation of new jobs on American soil will have a “ripple” effect, promoting the formation of other manufacturing jobs in the United States.
“By doing that, we can be the ripple in the pond. Because if we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them,” explained Apple CEO Tim Cook in a video discussing the company’s plans.
Of course, Apple isn’t the only company that’s taking a proactive approach towards bringing jobs back to the United States. Other major companies like Carrier have announced similar plans, signaling a positive trend for the nation’s job market and economy as a whole.
What do you think of Apple’s decision to strengthen the American manufacturing industry with a $1 billion investment?