Global technology giant, Apple has joined the list of top companies to make investments in Austin, Texas. One of the largest global corporations, Apple Inc. has just made a huge announcement to invest a $1 billion investment to develop a new campus in Austin.
The maker of the ‘revolutionary’ iPhone, Apple has decided to develop a new 133-acre complex capable of holding 5,000 employees, with room space for 10,000 more. The new state-of-the-art complex will be located at a mile’s distance of Apple’s existing campus in Austin. The decision to have a new campus in Texas comes a month after Amazon decided to overlook Texas in favor of East Coast, to have its second headquarters.
Besides Apple, other major corporations to invest in Texas are medical supplies giant McKesson, Abbott, tech giant Oracle and investment biggie Pimco. More than two dozen giant global corporations are looking to invest in Texas. The move by big corporations to open campuses in Texas is a result of Texas having low taxes and top universities. Recently, many corporations listed Texas at the top spot on their list of ‘Top State for Business list’, edging out California.
Not just Austin but other cities in Texas are fast catching up to the likes of New York, Los Angeles and San Francisco as the favorite business destination of large corporations. Dallas is home to global telecommunication giant AT&T, and American Airlines while Houston is home to Aon Hewitt and Chevron. Plano, Texas has US headquarters of automaker giant, Toyota. Not only privately held companies, but Houston is also the hub of ‘NASA’ space training program. Aside from these, convenience store distributor Core-Mark and Charles Schwab also have corporate offices in Northern Texas.
In a statement released by Apple, the company said that it had applied for a $25 million grant from Texas. This grant was payable over the next 15 years, as well as a rebate in property-tax from Williamson County. A close source to Apple has revealed that the rebates are in terms of tens of millions of dollars over 15 years.