Apple plans to open new U.S. campus, add 20,000 jobs

Jan. 17 (UPI) -- Apple on Wednesday announced a five-year plan to add $350 billion in support of the U.S. economy.

As part of the plan, Apple will spend $30 billion over the next five years to create 20,000 jobs by hiring at existing Apple campuses as well as opening a new one at a location to be announced later this year.

"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 U.S. economy," said Apple CEO Tim Cook. "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. We have a deep sense of responsibility to give back to our country and the people who help make our success possible."

The company said it will make about $38 billion in one-time tax payments on its overseas funds.

Apple also promised to expand initiatives geared toward teaching its Swift coding language, noting there are more than 500,000 unfilled programming-related positions across the country.

Apple said the new investments, combined withits current pace of spending with domestic suppliers and manufacturers, estimated to be $55 billion in 2018, will result in a direct contribution of $350 billion to the U.S. economy in the next five years.

The company also announced Wednesday it will make $2,500 in restricted stock units available to some employees.

"To show our support for our team and our confidence in Apple's future, we'll be issuing a grant of $2,500 in restricted stock units to all individual contributors and management up to and including senior managers worldwide," Cook said. "Both full-time and part-time employees across all aspects of Apple's business are eligible. "