Apple is expanding spending in the U.S. and announced plans Monday to build its first East Coast campus, in North Carolina.
The iPhone maker is boosting U.S. spending to $430 billion over the next five years and doubling its hiring plans by 20,000 jobs. It had said it would spend $350 billion in January 2018, just after Congress approved a big tax overhaul that cut corporate taxes.
Apple says it is stepping up investment as the U.S. begins rebuilding from the COVID-19 pandemic. The company for years has emphasized its role in the U.S. economy to help counter criticism about its reliance on overseas factories, often taking advantage of local tax breaks.
Apple will invest $1 billion in North Carolina and the campus, in the Raleigh-Durham area’s Research Triangle Park, is expected to bring at least 3,000 new jobs to the state in machine learning, artificial intelligence, software engineering, and other fields.
The exact timeline for the project was not immediately given.
“This is an important milestone that strengthens our position as a tech hub," said Michael Haley, Executive Director of Wake County Economic Development.
Apple also said it plans to establish a $100 million fund to support schools and community initiatives in the Raleigh-Durham area and contribute more than $110 million in North Carolina infrastructure spending.
The company is also expanding its teams in Colorado, Massachusetts, Texas, Washington, New York, California, and other states.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
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