Apple To Create 7,400 Jobs For New ‘Campus 2’ Headquarters In Cupertino By 2016; Promotes Economic Benefits For The City

Apple (NASDAQ:AAPL) will create 7,400 new “high-quality” jobs in its hometown of Cupertino, Calif., by 2016, increasing its employee base by 46 percent to 23,400, the company said in a report on Tuesday.

By the time “Campus 2” -- the company's new headquarters, which is expected to resemble a spaceship -- is completed in 2016, the total number of jobs supported by Apple in Santa Clara County is expected to grow to about 41,100, the company claimed in an 82-page report, prepared by consulting firm Keyser Marston Associates Inc.

Currently, about 12,100 additional jobs are created in the county indirectly through expenditures by Apple and its employees, the report said.

According to Apple, Cupertino-based employees collectively earned $2 billion in base salary in 2012. Upon the completion of the new headquarters, the employee base salary income is expected to exceed $2.9 billion.

The report also projected that Apple’s efforts would support local businesses and improve tax revenues for Cupertino and other surrounding municipalities. With the increased employment supported by Apple’s “Campus 2,” local business revenues generated by the new headquarters are expected to hit $8.6 billion.

As for property taxes, Apple claims it contributed $9.2 million of annual tax revenue to Cupertino in the 2012-2013 financial year, accounting for about 18 percent of the city’s general fund.

In 2012, properties occupied by Apple in Cupertino generated approximately $25 million in local property tax revenue. “Campus 2” is expected to annually generate an additional $32 million of property tax revenue to local public agencies. Total recurring property tax revenues to fund local community services are expected to exceed $50 million each year.

Building the new campus will also create 9,200 construction jobs over the next three years and the new headquarters will generate a "one-time” revenue of approximately $38.1 million to the City of Cupertino in the form of construction taxes and fees.

The new campus, will be located about a mile east of its current location in Cupertino and was first pitched to the city council by the late Steve Jobs. The 2.8 million square feet structure will be surrounded by green space (with 6,000 various species of trees) and will be about 4-stories tall.

In addition, Apple is also expected to open new retail stores in Virginia, Utah and New Jersey in the coming months.

The new Virginia store will be located at the Stonebridge at Potomac Town Center mall in the city of Woodbridge, while the Utah store will be located at the Station Park shopping mall near Interstate 15 in Farmington. The third store is expected to open at the Quaker Bridge Mall, near Princeton University in New Jersey, Apple Insider reported.

All these developments are reported at a time when a new comScore report has ranked Apple as the top smartphone manufacturer in the U.S. during the three-month period, ending in April.

Apple has extended its lead over rival Samsung, holding 39.2 percent of the U.S. smartphone market during the period, up 1.4 points from the 37.8 percent held in January of this year. On the other hand, Samsung accounted for 22 percent of the U.S. smartphone market, up 0.6 points from the 21.4 percent it held in January.