Apple to make $350B contribution to US economy over 5 years

VIDEO: iPhone users spent nearly $1B on apps between Christmas and New Years

WATCH Apple users spent nearly $1B on apps between Christmas and New Year's

Apple announced today that it will be investing $350 billion in the U.S. economy over the next five years, creating more than 20,000 jobs.

In a news release, the company also said it would make a $38 billion tax payment to the U.S. as required by recent changes to the tax law. Apple said this would be the largest tax payment of its kind.

"We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible," CEO Tim Cook said in the release.

Apple slashes iPhone battery replacement cost by $50 amid criticism

Apple said it would focus on three areas: direct employment by Apple; spending and investment with its domestic suppliers and manufacturers; and fueling the fast-growing app economy that it's created with the iPhone and its App Store.

Amid today's news, the company also broke ground on a new site in Reno, Nevada.

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