Apple has announced their newest campus will open in North Carolina’s Research Triangle Park in 2023. The campus opening comes with a promise from Apple to invest $1 billion in areas across the state as well as the addition of 3,000 new jobs for software engineers and machine learning experts.
With the opening of this new campus comes the largest incentives package in the state’s history, which could be worth close to $1 billion. The biggest portion of this incentives package comes from the Job Development Investment Grant which includes $845.8 million in payments to Apple through 2061, given Apple meets the hiring needs, investment targets and employee retention rates.
The award of the JDIG is also the largest in the state’s history, more than doubling the value of the incentive for Centene Corp announced in July 2020. This is a result of the scale of hiring needed, which qualifies the campus creation as a “transformative project”, enabling the normal incentive restrictions to be lifted. To meet the hiring needs established by Apple, it is anticipated that hiring will begin immediately and new employees will be accommodated in a leased office space until the 1,000,000 square foot campus has been built.
Over the next 40 years the incentives package will be paid back to Apple primarily through their employee’s state income tax payments. It is estimated campus employees will have an average salary of $187,000 starting in 2023.
This latest announcement from Apple is evidence of how quickly the technology industry is growing and how wide its reach is expanding. With major hubs and development centers opening around the world, the need for highly-trained professionals to fill the newly created roles is growing more quickly than ever.
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