Apple to Bolster US Economy by committing $350 Bn over 5 Yrs

Published By : 18 Jan 2018 | Published By : QYRESEARCH

Dollars from private players are pouring in to the U.S. economy, with an aim to offer robust thrust to the national economy and to create new jobs. Apple Inc. plans to commit huge dollars to the domestic shores, primarily focused on ramping investment on suppliers and manufacturers and for boosting digital software market, particularly the App Store. During the next five years, the technology giant has announced to pump in a whopping $350 billion into the domestic economy, with the plan to spend $55 billion by the end of 2018. The broad-range investment will notably include spending on creating as many as 20,000 new jobs in the existing campuses, as well as through opening a new one.

$38 Bn Planned from Repatriation Taxes on Offshore Profits

Apple hasn’t made it clear how it plans to achieve this number, but it categorically said that the massive investment doesn’t include the current tax payments, or tax revenues from payroll taxes, or through the sale of its products. Howbeit, it will certainly include repatriation taxes on offshore profits, currently estimated at $38 billion, a major part of which is from the capital expenditure component. In total, the company announced publicly that $75 billion will come from capital expenditures alone. Of note, the company will bring $252 bn, in terms of cash, back to the US. economy.

New Campus to be Opened Later this Year

To start with, the American technology behemoth intends to commit $30 billion, committed at project funding and for roping in technical expertise for customers. $10 billion of that spending will be spent in building new data centers in the nation, with seven are being planned or already are in operation. The expansion spree doesn’t stop here; the company hopes to up its advanced manufacturing fund from $1 to $5 bn, to create new jobs in companies engaged in advanced manufacturing. The company plans to open a new campus in the U.S. this year itself, the infrastructure which will be powered by 100% renewable energy sources. 

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