Apple unveils significant spending plans

1 min read

Apple is to significantly increase its investment in its US-based operations between 2018 and 2023, with plans to spend $430 billion on establishing a new campus in North Carolina, expanding its operations in several other US states and raising its spending targets with US suppliers.

“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,” said Apple CEO, Tim Cook, “we’re creating jobs in cutting-edge fields - from 5G to silicon engineering to artificial intelligence - investing in the next generation of innovative new businesses, and in all our work, building toward a greener and more equitable future.”

Apple is to spend $1 billion on a new campus and engineering hub in the Research Triangle area of North Carolina, with the focus on machine learning, artificial intelligence, software engineering and other technology fields. This new campus joins a $1 billion Austin, Texas campus announced in 2019.

The company has also set up a $100 million fund to support local schools and communities in the cities of Raleigh and Durham.

Apple has also expanded hiring targets at other US locations, with the aim of hitting a goal of 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's increased spending target of $430 billion by 2026, represents a significant increase on its previous five-year goal of $350 billion set in 2018 and includes US data centres, capital expenditures and spending to create original television content in 20 states. It also includes spending with Apple's US headquartered suppliers, though the company didn't say whether it applies only to goods made in those suppliers' US facilities.