Apple Details $350 Billion Contribution to US Economy Over Next 5 Years

Tim Cook chief executive officer of Apple gestures during the Apple Worldwide Developers Conference in San Francisco

Apple has the largest offshore cash reserves of any USA company, with about $252 billion in at the end of September, the most recently reported fiscal quarter. This doesn't include ongoing tax payments, plus tax from employee wages and Apple product sales. It will initially house employees who provide technical support for customers.

Applicants have to have their own high-speed Internet connection from a provider that meets the minimum requirements of five megabits per second download and one megabit per second upload.

Tech companies like Apple and Amazon, which announced plans for a second headquarters outside Seattle a year ago, have been under a microscope recently for their impact on jobs.

Over $30 billion will be invested in capital expenditures, which will result in 20,000 new jobs hired at existing Apple campuses.

A small surprise was nestled in the middle of Apple's announcement of a $350 billion contribution to the USA economy today: Apple confirmed that it will repatriate the giant pile of cash it has held overseas.

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"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", said Apple chief executive Tim Cook in a statement.

"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 USA economy", said Tim Cook, Apple's CEO.

Apple Inc. said it will bring hundreds of billions of overseas dollars back to the USA, pay about $38 billion in taxes on the money and invest tens of billions on domestic jobs, manufacturing and data centers in the coming years.

Amid Wednesday's news, the company also broke ground on a new site in Reno, Nevada.

Apple declined to comment to CNBC on the specific repatriation size.

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