Apple Plans Massive Hiring Spree

(RTTNews) - Tech giant Apple Inc. (AAPL) Wednesday announced that will contribute $350 billion to the U.S. economy and will create over 20,000 jobs over the next five years.

Apple said planned capital expenditures in the US, investments in American manufacturing over five years and a record tax payment upon repatriation of overseas profits will account for about $75 billion of Apple's direct contribution.

"Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy," said Tim Cook, Apple's CEO. "We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness."

Apple expects to invest over $30 billion in capital expenditures in the US over the next five years and create over 20,000 new jobs through hiring at existing campuses and opening a new one. Apple already employs 84,000 people in all 50 states.

Over $10 billion of Apple's expanded capital expenditures will be investments in data centers across the US.

Apple plans to increase the Advance Manufacturing fund from $1 billion to $5 billion, which was established to support innovation among American manufacturers.

Apple added that the new tax bill will make the company pay a $38 billion tax payment on repatriated earnings. "A payment of that size would likely be the largest of its kind ever made," the company said in a statement.