Following President Donald Trump’s election victory, it seemed that every other day he’d emerge from a meeting with a business leader to announce they’d be investing billions in the US economy, creating hundreds of thousands of jobs combined.
Among the companies promising new jobs (thanks to Trump specifically) include Alibaba, Softbank, General Motors, Samsung, LG Electronics, Foxxconn, Hyundai, Toyota, among others. As you may have noticed, there are a lot of foreign companies on that list, presumably enticed by the tax and regulatory reform Trump has promised for a healthier business environment.
The latest firm we can add to the list is Charter Communications, the $100 billion cable telecommunications behemoth, who Trump just announced today has committed to investing $25 billion in the US economy, and hiring 20,000 workers over four years. Charter also pledged to close all their offshore call centers and move them into the US at a White House meeting their CEO had with the president. Thus far there’s a plan to open a call center in McAllen, Texas, which will employ 600 people by the end of 2018.It’s also worth noting that much of that $25 billion in spending will indirectly create jobs (for example, business-to-business spending will help the businesses they’re making purchases from employ more people).
As Trump noted, Charter is one of the fastest growing firms in their space, and that shows. Since just 2010, their company’s stock has increased nearly nine times that of the S&P.And that’s a trend that’ll probably continue, given Trump’s plan to revitalize American infrastructure was also a topic of discussion at his meeting with Charter. A couple Republican lawmakers on the House subcommittee on Communications and Technology said they’re confident broadband will be part of Trump’s infrastructure package, and Democrats have even said they’d support such inclusion.
Note that some of these changes were going to occur anyway, such as the 20,000 jobs created, and the call center in Texas, however, the $25 billion in pledged investment and closing of all offshore call centers is new.[Note: This post was authored by Matt Palumbo. Follow him on Twitter @MattPalumbo12]