Latest in Apple

Image credit:

Apple releases economic impact report for new headquarters


Apple's new headquarters building is still years away from completion in 2016, and as part of the approval process for the new facility, Apple has just released a report prepared by Keyser Marston Associates for the City of Cupertino, Calif., that details the "Economic and Fiscal Impacts Generated by Apple in Cupertino."

Apple Campus 2 will include the "spaceship" office building that will house about 12,000 employees, plus other buildings (research and development labs, a central plant, auditorium and fitness center) that add another 1,000 people to the mix. The report doesn't include the impact of 1,200 more employees who will eventually be added as part of a Phase 2 building program.

Apple's existing Infinite Loop campus will remain in place, so the report looks at the total impact as both locations are filled with employees. It's expected that by 2016, the company will directly employ 23,400 people in Cupertino -- impressive growth considering the company currently has about 16,000 people at Infinite Loop and leased space in the city.

Some of the other projections provided in the report detail the tax revenue that the addition of the new facility will generate. Apple currently provides about US$24.8 million in property tax revenue to local agencies; that number is expected to more than double to $56.5 million with the completion of Apple Campus 2.

Other benefits include one-time revenues to the City of Cupertino for construction taxes and fees of about $38.1 million and $13.9 million of sales and use tax revenue from the purchase of construction materials. The full report is included below for your reading pleasure.

[via The Next Web]

Apple Economic Impact Report

From around the web

ear iconeye icontext filevr