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Johnson & Johnson announced on Friday that it will invest over $55 billion in the U.S. over the next four years, according to the Associated Press.
The news marks a 25 percent increase over the company’s previous four years with an expected economic impact of more than $100 billion annually.
“Our increased U.S. investment begins with the ground-breaking of a high-tech facility in North Carolina that will not only add U.S.-based jobs but manufacture cutting edge medicines to treat patients in America and around the world,” Chairman and CEO Joaquin Duato said in a statement.
The new North Carolina location will be located in Wilson, near Raleigh. The company’s other new locations were not specified.
The expansion adds to a growing number of companies that have announced new investments in the U.S. since President Donald Trump’s return to the White House.
Trump shared a new report on Thursday revealing that AI semiconductor company Nvidia will spend hundreds of billions of dollars in the U.S. over the next four years. The president highlighted the Axios report on his Truth Social account Thursday with the breaking news.
“Overall, we will procure, over the course of the next four years, probably half a trillion dollars’ worth of electronics in total,” Nvidia CEO Jensen Huang told the FT in San Jose, California, where Nvidia is hosting a developer conference.
“[W]e can easily see ourselves manufacturing several hundred billion of it here in the U.S.,” he added.
Nvidia, one of the world’s most valuable companies, marks another financial win for the Trump administration as it seeks to promote American investment. The move follows a major announcement in February when Apple said it will invest $500 billion in the U.S. over the next four years, adding 20,000 American jobs and building a factory in Texas by 2026.
The well-known iPhone and computer maker will work with Hon Hai Precision Industry’s Foxconn to build a 250,000-square-foot facility in the Houston area to assemble servers to power Apple’s AI efforts.
“APPLE HAS JUST ANNOUNCED A RECORD 500 BILLION DOLLAR INVESTMENT IN THE UNITED STATES OF AMERICA. THE REASON, FAITH IN WHAT WE ARE DOING, WITHOUT WHICH, THEY WOULDN’T BE INVESTING TEN CENTS. THANK YOU TIM COOK AND APPLE!!!” Trump posted to Truth Social.