Building on prior announcements of its plans to invest in U.S. manufacturing and job creation, Apple today announced that it will increase its Advanced Manufacturing Fund from $1 billion to $5 billion, create 20,000 new jobs, and contribute over $350 billion to the U.S. economy over the next five years.
Made public just ahead of its February 1 earnings call, Apple’s new plan anticipates over $30 billion in U.S. capital expenditures over the next five years, including the opening of a new Apple campus in a new location, initially housing technical support for customers. Over $10 billion of the expansion will be used on U.S. data centers, including a new facility in downtown Reno, Nevada, a recently announced location in Iowa, and centers in five other states.
Details of the expanded $5 billion Advanced Manufacturing Fund were sparse, but Apple notes that it “support[s] innovation among American manufacturers and help[s] others establish a presence in the US.” It’s possible that the expanded fund will be used to help finance previously discussed Foxconn manufacturing locations within the U.S.
Apple also noted that it will be expanding initiatives to teach software coding to students, as well as programs focused on science, technology, engineering, arts, and math (STEAM). The plan calls for new programs to support teachers and teacher training, as well as more funding for Apple’s ConnectED program, which teaches app coding skills to students in historically underserved communities.