Apple announces $1 billion campus in Texas, part of plan to create 20,000 US jobs

Apple is expanding its presence in the U.S. as a part of a billion-dollar investment that the company said would generate at least 5,000 new jobs.

The iPhone maker will build a new $1 billion campus in Austin, Texas, and open new offices in Seattle, San Diego and Culver City, California, to broaden its U.S. footprint, according to a statement released early Thursday morning.

"Apple is proud to bring new investment, jobs and opportunity to cities across the United States and to significantly deepen our quarter-century partnership with the city and people of Austin," Apple CEO Tim Cook said in a press release. "[W]ith this new expansion, we're redoubling our commitment to cultivating the high-tech sector and workforce nationwide."

Apple expects the 133-acre Austin campus to generate 5,000 jobs initially and potentially 10,000 more later. It also plans to expand in other U.S. cities, including Pittsburgh, New York and Boulder, Colorado, over the next three years, "with the potential for additional expansion elsewhere."

New jobs at Apple's planned Austin outpost will include engineering, research and development, operations, finance sales, and customer support positions.

Apple already has about 6,200 employees in Austin, making it the company's largest enclave outside of its Cupertino, California, headquarters.

Texas Governor Greg Abbot and Austin Mayor Steve Adler celebrated the news in a statement.

"Apple has been a vital part of the Austin community for a quarter century, and we are thrilled that they are deepening their investment in our people and the city we love," Adler said.

Abbot praised the tech giant as one of "world's most innovative companies" and a creator of jobs in his state.

"Their decision to expand operations in our state is a testament to the high-quality workforce and unmatched economic environment that Texas offers," he said.

In addition to the new $1 billion campus, Apple also said it added 6,000 U.S. jobs in 2018 and is on track to generate about 20,000 jobs nationwide by 2023.

Apple has a market capitalization of about $803 billion, making it one of the world's most valuable firms, but the company's stock price has been under pressure due to concerns about declining demand for new iPhones. Shares have declined almost 30 percent since October, after the stock hit a year-to-date high of $233 per share.