Karl Mondon/Digital First Media/The Mercury News via Getty Images
- Apple said it plans to invest $430 billion in tech, engineering, and manufacturing across the US.
- This includes a new campus and engineering hub in North Carolina.
- In total it expects to create around 20,000 new jobs across the country across the next five years.
- See more stories on Insider's business page.
Apple plans to invest $430 billion in the US over the next five years, it announced Monday.
It said that this would create around 20,000 new jobs in industries including silicon engineering, 5G, artificial intelligence, and manufacturing.
The iPhone maker said the investment would include direct spend with more than 9,000 American suppliers and companies, alongside data-center investments and capital expenditures.
It also said it would make "dozens" of Apple TV+ productions across 20 states.
Apple said it planned to invest more than $1 billion in North Carolina, including building a new campus and engineering hub that would create at least 3,000 new jobs.
Alongside other investments in the state, including funding for schools, infrastructure, and community initiatives, Apple said its investments would generate more than $1.5 billion in economic benefits annually for North Carolina.
Apple also said that construction for its $1 billion Austin campus was underway, and that it expected employees to start moving in in 2022.
Apple added that it plans to keep expanding its teams in California, too. It said it expected to have more than 5,000 employees in San Diego by 2026, as well as more than 3,000 in Culver City.
The investment, and the number of jobs created, are higher than Apple committed to in 2018, when it said it would spend $350 billion and create 20,000 over the next five years.
Hiring is rebounding in the US as the economy reopens, but the unemployment for March was around 6% - nearly double the 3.5% rate for March 2020.
"At this moment of recovery and rebuilding, Apple is doubling down on our commitment to US innovation and manufacturing with a generational investment reaching communities across all 50 states," Apple CEO Tim Cook said.
Apple said that it was the largest taxpayer in the US and had paid almost $45 billion in domestic corporate income taxes over the past five years.
This is a developing story.