Economic Impact of Apple

Written By:  Maurice Ondoy Project Contributor at AngelouEconomics | Did you realize the Economic Impact of Apple?

The usage and popularity of word “Apple” has changed since referring to a delicious healthy fruit. Fifty years ago, the word was used popularly in the quote, “An apple a day, keeps the doctor away.” However in the recent years, the same word is popular in the tech industry for a company referred in popular case studies for both business and economic courses as the maker of your favorite iPhones, iPods, and iPads,.

Apple is an American multinational technology company that designs, develops, and sells consumer electronics, computer software, and online services. The company was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976 in Cupertino, California.

In terms of revenue, Apple is the world’s largest information technology company, with 500 retail stores around the world. It is also the world’s second-largest mobile phone manufacturer, after Samsung – its South Korean rival. With that being said, Apple has been bringing positive economic impacts to the United States and to the cities and countries where it has local employees.

Image Source:  http://theconversation.com/three-problems-with-the-eus-13-billion-ruling-on-apples-irish-taxes-64648

What are the positive changes Apple has brought in the economy of the United States? Let’s take a look at the quantitative contribution the tech giant has brought to the country:

• 2,000,000 jobs created across all 50 states
• The company has created 80,000 direct job employment in the United States. 36,786 employees are in California, 8,407 are in Texas, while 4,291 employees are in New York City.
• Apple jobs span a wide range of roles, including designers, scientists, construction, manufacturing, retail, customer support, marketing, and hardware and software engineers
• 450,000 jobs were created through the company’s U.S.-based suppliers. Breaking it down, the Jobs through U.S.‑based suppliers in manufacturing is 112,600, 92,900 on other industries, 64,400 on technical services, 58,300 in retail, 40,300 on facilities management, 33,300 construction, 23,800 on financial services, and 24,200 on transportation and logistics.
• 1,530,000 U.S. jobs attributable to the App Store ecosystem
• Apple also announced, although it provided few details, a $1 billion fund aimed at creating more manufacturing jobs in the U.S.
• Apple reported a $215.6 billion in revenue and $45.7 billion in net income during the fiscal year of 2016
• Apple is the largest taxpayer in the world, paying over $35 billion in corporate income taxes in the last three years. 

From its technologically advanced smartphones, tablets and laptops, amazing music, exciting apps, while supporting civil rights as being the biggest and most profitable company in the world, Apple has helped change the world in so many ways. Without second thought, we can definitely say that “An Apple product a day, keeps the economy grow day-by-day!”

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