New Apple campus will bring 9,200 constructions jobs to Cupertino

5am PDT Updated: Jun 4, 2013, 3:41pm PDT

Apple spaceship campus to bring 9,200 construction jobs to Cupertino

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What's the Apple Campus 2 worth to the region? A new report lays out the impact.

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Nathan Donato-Weinstein

Real Estate Reporter- Silicon Valley Business Journal

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Apple's radical new spaceship campus is about to bring a massive infusion of economic impact to Cupertino and Santa Clara County.
How much? For starters, try 9,200 direct construction jobs over the three-year construction period -- and 12,600, when you factor in the indirect economic impact.
That's just one tidbit contained in a seriously in-depth economic impact report Apple released today. The report was prepared by Keyser Marston Associates Inc.
Also of note: The report essentially confirms the projected cost of the 2.8-million-square-foot circular office building at $3 billion for the "market value of Apple Campus 2 land and improvements."
The impact is breathtaking, and the report details employee expenditures at area businesses, salaries, sales taxes, property taxes, permit fees and so on. Apple says it had 16,000 employees in the Cupertino area in 2012, and expects that to reach 23,400 with the new campus.
The report also offers a rare look into Apple's local operations, including its employee salaries and distribution. Where do Cupertino-based Apple employees live? Only 8 percent live in Cupertino, according to the report; 25 percent live in San Jose, 14 percent live in San Francisco, 8 percent live in Sunnyvale and 6 percent live in Santa Clara.
Those employees collectively earned $2 billion in 2012, and that's expected to bump up to $2.9 billion with the new campus. Including indirect and induced impacts, the report says Apple will generate $3.9 billion in employee compensation in Santa Clara County.
On the real estate front, I turned up this tidbit.
"It is not certain whether Apple will continue to occupy all buildings outside the boundaries of the Infinite Loop and Apple Campus 2 after the construction of Apple Campus 2," the report states, touching on a question that commercial real estate professionals often discuss. "However, it has been assumed that if Apple does not continue to occupy all existing facilities, vacated space will be re-leased to other tenants without any change in assessed property values."

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Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.