Apple plans to generate $350B, create 20K jobs in US next five years

Apple on Wednesday announced plans to spend more than $350 billion and add 20,000 jobs over the next five years.

In addition to hiring and spending at existing campuses, the California-based company said it plans to build a new facility at a location that will be disclosed later this year. The new site will house technical support for customers, Apple said in a press release.

Apple also announced it broke ground on Wednesday at a new facility in Reno, Nev., to support its existing facilities in the state.

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The company’s planned investments will focus on U.S. operations, domestic suppliers and manufacturing partners. Apple will also expand its initiatives aimed at educating students on the app development economy. 

In addition to company projects, Apple said it will pay $38 billion in taxes based on recent changes to the tax law. The company touted that payment as likely the largest of its kind.

Republican leaders quickly credited their tax bill passed last month for Apple’s announcement. 

This is great news for the American economy and for America’s workers. https://t.co/v7obxUbbYW

— Paul Ryan (@SpeakerRyan) January 17, 2018

The #TaxCutsandJobsAct continues to bring great news for hardworking everyday Americans. https://t.co/360Cwyl8r1

— House Republicans (@HouseGOP) January 17, 2018

The Financial Times estimated that the GOP tax bill would help Apple make as much as $47 billion in additional profits.