(Photo Credit: UTC)
Manufacturers have been expanding at a record clip so far in 2018 as a surging economy and historic optimism is prompting manufacturers to expand, boost supply and invest back in their workforce. One U.S. manufacturer, United Technologies Corporation (UTC), is making a major life-changing investment that will impact tens of thousands of people for years to come. Tax reform, the company says, helped make the investment a reality.
On Wednesday morning, UTC, a U.S.-based manufacturer of high-technology systems and services for the building and aerospace industries, announced a $15 billion U.S. investment package that includes capital expenditures and initiatives in research and development. In addition, the company announced it is expecting to create 35,000 new jobs over the next five years.
“The competitive tax system resulting from U.S. tax reform is encouraging global companies, such as United Technologies, to make long-term investments in innovation in America,” the company said in a press release.
According to the UTC, the investment will include the following:
- $9 billion toward research and development that will include initiatives to accelerate UTC’s digital capabilities
- $6 billion toward capital expenditures that will drive innovation across its U.S. manufacturing facilities
That’s not all. According to the UTC, the company is expected to spend around $75 billion with U.S. suppliers over the next five years, further encouraging local job growth across hundreds of communities.
“United Technologies is growing globally and growing the fastest in the United States,” said United Technologies Corporation Chairman and CEO Gregory J. Hayes. “Over the past three years, we have created more jobs in the U.S. than in the rest of the world combined.”
United Technologies Corp. employs 67,000 workers across the United States at hundreds of sites. The 35,000 anticipated job openings are expected to cover all 50 states, with the greatest hiring needs in Connecticut, Florida and Georgia.
Learn more about UTC’s investment news here: https://www.utcinvestingintheusa.com/
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