Apple has fielded plenty of criticism over the large cash reserves it stores internationally. On Wednesday, the Cupertino-based company announced plans to bring some of that money home through a set of investments that’ll benefit its home economy.
The company said it will concentrate on three areas it feels have had the greatest impact on job creation: direct employment by Apple, spending and investing with domestic suppliers and manufacturers and fueling the fast-growing app economy.
Over the next five years, Apple anticipates pumping more than $350 billion into the US economy.
Details were a bit sparse but Apple did say it plans to invest over $30 billion in capital expenditures over the next half decade and create more than 20,000 new jobs, both through hiring at existing campuses and opening a new one.
Apple Park, the brainchild of co-founder Steve Jobs, opened to employees in April 2017. The new facility will be announced later this year, we’re told, and will initially house customer-facing technical support staff.
Apple also anticipates investing heavily in data centers across the country and is increasing the size of the Advanced Manufacturing Fund it announced last spring from $1 billion to $5 billion.
That’s a lot of money no matter how you slice it, especially considering it doesn’t include Apple’s ongoing tax payments, tax revenues generated from employees’ wages and the sale of Apple products.