Apple plans to contribute $350 billion into the US economy over the next five years

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Apple plans to contribute $350 billion into the US economy to build a new campus in the United States, the company announced on Wednesday. The company is picking up some 20,000 new Apple employees in the process over the next five years.

According to a report, there are three peelers of this investment: direct employment by Apple, spending and investment with Apple’s domestic suppliers and manufacturers, and the digital “App economy.”

Apple’s new contribution area includes “The iOS app economy” which contains efforts to support coding education and STEAM (science, technology, engineering, arts, and math) programs.

This investment will create more than 2 million jobs and the company is expected to generate even more jobs as a result of the initiatives announced on Wednesday.  

The iPhone maker said that just $75 billion of that total number will come from “planned capital expenditures in the US,” new investments in manufacturing, and its repatriation tax payment.

Apple CEO Tim Cook said during the announcement, “We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.”

Apple estimates its tax payment on cash repatriation at about $38 billion, as part of the new investment. Apple also plans to bring $252 billion in cash back to the US. The company is also expected to invest over $30 billion in capital expenditures in the US over the next five years.