Business & Tech
Apple Report Says New HQ Will Mean 46 Percent Increase in Hiring
New employees will generate $32 million in property tax alone, and the building will create 9,200 construction jobs, a consultant's report for Apple says.
Written by L.A. Chung
Apple has released an economic impact report that says it plans to increase its employee count by an eye-popping 46 percent—to 23,400 and spend an estimated $2.9 billion in annual wages, when the company builds its new headquarters in 2016.
The massive 2.8 million square-foot oval-shaped main building will also generate 9,200 construction jobs and $38.1 million in construction taxes and fees for the city, according to the report by consulting firm Keyser Marston Associates Inc.
The Apple 2 campus will pump an additional $32 million in revenue from local property taxes, the report said, and an influx of 12,000 well-paid employees in an already affluent community.
That will have cascading effect on the local economy:
"Including indirect and induced impacts, Apple will generate $3.9 billion of employee compensation in Santa Clara County. Employee compensation translates directly into investment in local communities through expenditures on retail goods, housing, services, and entertainment."
Taxes paid by Apple generated 18 percent of Cupertino’s general fund in 2012, according to the report.
The project has not yet received city approval, and additions to the plans were filed earlier in April.
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