Apple to establish North Carolina campus, increase U.S. spending targets
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Apple Inc on Monday said it will establish a new campus in North Carolina that will house up to 3,000 employees, expand its operations in several other U.S. states and increase its spending targets with U.S. suppliers.
Apple said it plans to spend $1 billion as it builds a new campus and engineering hub in the Research Triangle area of North Carolina, with most of the jobs expected to focus on machine learning, artificial intelligence, software engineering and other technology fields. It joins a $1 billion Austin, Texas campus announced in 2019.
North Carolina's Economic Investment Committee on Monday approved a job-development grant that could provide Apple as much as $845.8 million in tax reimbursements over 39 years if Apple hits job and growth targets. State officials said the 3,000 jobs are expected to create $1.97 billion in new tax revenues to the state over the grant period.
The iPhone maker said it would also establish a $100 million fund to support schools in the Raleigh-Durham area of North Carolina and throughout the state, as well as contribute $110 million to help build infrastructure such as broadband internet, roads, bridges and public schools in 80 North Carolina counties.
“As a North-Carolina native, I’m thrilled Apple is expanding and creating new long-term job opportunities in the community I grew up in," Jeff Williams, Apple’s chief operating officer, said in a statement.
"We’re proud that this new investment will also be supporting education and critical infrastructure projects across the state."
Apple also said it expanded hiring targets at other U.S. locations to hit a goal 20,000 additional jobs by 2026, setting new goals for facilities in Colorado, Massachusetts and Washington state.
In Apple's home state of California, the company said it will aim to hire 5,000 people in San Diego and 3,000 people in Culver City in the Los Angeles area.
Apple also increased a U.S. spending target to $430 billion by 2026, up from a five-year goal of $350 billion Apple set in 2018, and said it was on track to exceed.
The target includes Apple's U.S. data centers, capital expenditures and spending to create original television content in 20 states. It also includes spending with Apple's U.S.-headquartered suppliers, though Apple has not said whether it applies only to goods made in those suppliers' U.S. facilities.
