RALEIGH — Apple is expanding spending in the U.S. and announced plans Monday to build its first East Coast campus, in North Carolina.
The iPhone maker is boosting U.S. spending to $430 billion over the next five years and doubling its hiring plans by 20,000 jobs. It had said it would spend $350 billion in January 2018, just after Congress approved a big tax overhaul that cut corporate taxes.
The development comes as part of an effort by Apple to up investment as the U.S. begins rebuilding from the COVID-19 pandemic, according to a statement from the company.
The North Carolina project falls under a commitment to invest $430 billion and add a total of 20,000 new jobs over the next five years, expanding teams in Colorado, Massachusetts, Texas, Washington, New York, California and other states, officials said.
Democratic Gov. Roy Cooper said that once Apple creates the jobs, the tech giant will be eligible for incentives he considers “transformational.” Apple is slated to receive nearly $846 million in tax reimbursements over the next 39 years. Cooper believes Apple’s announcement will encourage other companies to move to North Carolina and have a positive ripple effect on local businesses in the Raleigh area.
“Once this campus is up and running, it’s expected to generate more than $1.5 billion a year in economic impact to our state,” Cooper said in a news conference Monday morning.
The construction timeline is not yet clear, though state officials said Apple has told them it wants to get the new campus up and running as soon as possible.
Apple also said it plans to establish a $100 million fund to support schools and community initiatives in the Raleigh-Durham area and contribute more than $110 million in North Carolina infrastructure spending.
“We are excited to welcome Apple to our thriving technology ecosystem,” said Michael Haley, Executive Director of Wake County Economic Development. “This is an important milestone that strengthens our position as a tech hub. Apple’s decision to invest in the Triangle is a testament to our community’s talent, resources, and overall quality of life.”
Apple also said it plans to establish a $100 million fund to support schools and community initiatives and contribute more than $110 million in infrastructure spending to go toward broadband, roads, bridges and public schools across the state.
The company said it already employs 1,100 workers in North Carolina and expects its investments there to generate more than $1.5 billion in economic benefits annually for the 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,” said Jeff Williams, Apple’s chief operating officer. “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.”
