Apple Inc. is increasing its U.S. investments by 20% over the next five years, allocating $430 billion to develop next-generation silicon and spur 5G innovation across nine U.S. states.
The iPhone maker will create 20,000 new jobs across the country and fund a new campus in North Carolina, the company said in a statement Monday.
“At this moment of recovery and rebuilding, Apple is doubling down on our commitment to U.S. innovation and manufacturing with a generational investment reaching communities across all 50 states,” said Chief Executive Officer Tim Cook.
In the past three years, Apple’s investments have outpaced its original five-year goal of $350 billion in investments set in 2018.
As part of its expansion, Apple plans to invest more than $1 billion in North Carolina to build a new campus and engineering hub in the Research Triangle area. The investment will create at least 3,000 new jobs in machine learning, artificial intelligence, software engineering, and other advanced fields.