TECHNOLOGY

Apple Announces $1 Billion Fund to Boost U.S. Manufacturing Jobs

The news comes as the tech giant says it has been responsible for creating 2 million jobs in the U.S.

Share on
BY Emily Canal - 04 May 2017

PHOTO CREDIT: Getty Images

Apple plans to start a $1 billion fund to promote advanced manufacturing jobs in the U.S., CEO Tim Cook told Mad Money host Jim Cramer on Wednesday. The announcement comes in the wake of President Donald Trump's call for American businesses to bring their manufacturing stateside.

"We can be the ripple in the pond," Cook said, adding that Apple will announce its first investment later in May. "Those manufacturing jobs create more jobs around them because you have a service industry that builds up around them."

The tech giant already is responsible for creating 2 million jobs in the U.S., according to a Wednesday update on its job creation page. The number of people employed by Apple, including positions at the company's retail stores, grew to 80,000 in 2016 from 76,000 the previous year. The company added 90,000 supplier and manufacturer jobs last year, increasing the total number to 450,000. Apple also says 1,530,000 American jobs can be attributed to the App Store universe.

"A lot of people ask me, 'Do you think its a company's job to create jobs?' and my response is [that] a company should have values because a company is a collection of people," Cook said on Mad Money. "And people should have values, so by extension, a company should. And one of the things you do is give back."