On Monday, Apple announced plans for a $1 billion investment to build a campus and engineering hub in North Carolina’s Research Triangle. When completed, this can generate at least 3,000 new jobs for the area.
Apple’s $1 Billion Investment Its First In East Coast
Apple’s Research Triangle plans are its first major East Coast investment. It also represents its first new US campus in 20 years.
Last time, the tech giant decided to extend its Austin, Texas campus in 2018 instead of creating a new one in North Carolina. The State’s governor, Roy Cooper welcomed Apple’s $1 billion investment.
“I believe this project is much more transformational than the expansion we would have gotten in 2018,” he said. The hub will bring plenty of jobs to the local technology industry including machine learning, artificial intelligence, software engineering, and others.
Once completed, Apple said its investments will generate upwards of $1.5 billion in annual economic benefits for the state. Jeff Williams, Apple's Chief Operating Officer, is thrilled for his home state. “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.
We're proud that this new investment will also be supporting education and critical infrastructure projects across the state. Apple has been a part of North Carolina for nearly two decades, and we're looking forward to continuing to grow and a bright future ahead,” he said.
Immediate Hiring for the Campus
Apple expects hiring for the new campus to begin immediately. The company will lease local office space to accommodate new workers until construction on the 1,000,000 square foot campus completes. Apple’s campus will rise in Wake County near the Research Triangle Park.
“Even in a pandemic, North Carolina has been on a run with 10 companies and thousands of new jobs in both rural and urban North Carolina announced within just the last two months. Well it's about to be 11 and this may be the biggest of them all,” Governor Cooper said. The projected salary for Apple’s new jobs in North Carolina will average $185,000 per year.
At Least 3,000 Jobs To Rise
Meanwhile, State Senate President pro tempore Phil Berger agreed with Apple’s investment. “There's no question North Carolina is the best state in the country to live, work and do business. There's a reason this transformative project isn't happening somewhere else,” he said.
NC State economist Mike Walden said he expects Apple’s projected 3,000 jobs to double. He said other ancillary jobs will surface that caters to the Apple campus and new high-income earners.
“This is just an amazing investment catch for the Triangle for North Carolina,” Walden said. Machelle Sanders, North Carolina Secretary of Commerce, will help ensure Apple prioritizes diversity and inclusion.
“The marginalized communities need to be lifted, need to be part of and consideration of economic development and they need to feed the pipeline of the workforce of companies,” she said.
Apple’s $1 Billion Investment Is Just The Beginning
Apple’s Research Triangle investment is just part of their commitment to investing more in the US. The company also announced Monday it’s increasing its investment by 20% and adding 20,000 new jobs.
Apple’s investment now totals $430 billion. This new round stretches across 9,000 companies in all 50 US states. It includes ventures supporting new technology such as 5G and silicon engineering.
Currently, Apple employs 147,000 workers. Its commitment to add new jobs will spread across five years and into states such as Colorado, Massachusetts, Texas, Washington, New York, California, and other states.
Also, the company pointed out its status as the largest taxpayer in the country, with over $45 billion in domestic income taxes in the last five years.
Stepping Up As Suppliers Fail
Apple's massive investment comes as its suppliers’ earlier commitments fell short of expectations. Notably, Apple supplier Foxconn earned a massive fail in its attempt to build a massive electronics factory in Wisconsin.
Instead of its pledge of $10 billion and 13,000 jobs, Foxconn is now projecting less than 1,500 jobs. Meanwhile, its incentives package shriveled to $80 million.
Watch the Fox 46 Charlotte video report where Apple announces new campus, 3K jobs in Research Triangle Park:
Given Apple’s extensive investments in its home country, will you support Apple by buying its products and services? Do you support companies who commit to investing locally?
Let us know what you think about American companies staying put when investing. Share your comments in the comment section below.
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