Apple to repatriate overseas cash stash, invest heavily in US

Joanna Estrada
January 21, 2018

According to a, Apple plans to create 20,000 new jobs in the United States over the next five years thanks to a $350 billion capital investment. Over the last decade, Apple has invested billions of dollars in data centers and co-located facilities in seven USA states, including North Carolina, Oregon, Nevada, Arizona and a recently announced project in Iowa. Nevertheless, the new corporate tax laws are definitely advantaging the tech giant. Apple claims its plans will contribute more than $350 billion to the US economy over the next five years.

Since that time, Nevada has added almost 250,000 jobs statewide, the governor said Wednesday.

An additional Apple campus will be set up in a location yet to be announced to provide technical support.

Apple CEO Tim Cook waves as he arrives on stage to deliver his keynote address at the Worldwide Developers Conference in San Francisco, California, June 8, 2015. Over 100,000 students and teachers have also attended coding classes at Apple retail stores.

The president then announced Apple's plans of adding $350 billion to the US economy, prompting cheers from the crowd.

Last year, US President Donald Trump said that Apple chief executive Tim Cook had promised he would build "three big plants, handsome plants", in the US. That incudes investments in current co-located facilities and a newly announced project in Iowa.

After the speech, Trump continued to praise Apple on its announcement on Twitter.

A GBH research note in January that Apple would be bringing $200 billion in foreign cash back to the United States as a result of the GOP tax reform bill.

Furthermore, out of the 2 million jobs that Apple claims responsibility for, a quarter of them are not direct employments but indirect jobs through Apple's US -based suppliers.

"Just as the president promised, making our businesses more competitive internationally is translating directly into benefits for the American worker, through increased wages, better benefits, and new jobs", White House spokeswoman Lindsay Walters said.

"Financial analyst Gene Munster told NPR, "[Apple's] testing have found that people really want to talk to someone for support that's based in the country that they're calling from and so Apple U.S.is their biggest base so they want to accommodate that.

"I hope - I have that faith - that it will be used for great goal for the country, whether that's infrastructure or education, or what have you, that will further supply jobs in the U.S", Apple said about the $38 billion tax payment.

Other reports by Click Lancashire

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