Apple Inc. and Amazon, the two tech giants are planning to open their new campuses.

Amazon announced its search for a second headquarters in North America in September of 2017.

It plans to invest over $5 billion in construction and operation of its second headquarters named HQ2.

HQ2 is expected to create as many as 50,000 high paying jobs.

Amazon asked its candidates a variety of detailed information about the available resources and manpower in their bids.

It also asked them about the tax incentives available to offset its costs for building and operating its second headquarters.

This created a huge bidding war between cities with some giving away billions of dollars in tax incentives to attract Amazon.

Amazon received a total of 238 applications from cities around U.S. and also from Canada and Mexico.

On Jan. 18, 2018, Amazon did a press release announcing its 20 finalists for the HQ2.

The list consists of 19 cities around U.S. and only Toronto as the only finalist outside U.S.

The winner of this huge public bidding will be announced later this year.

“There is obviously going to be a large economic benefit for whichever city wins the bid for HQ2, but the incentives being proposed by the cities are very high valued, so whether there will be a net benefit remains to be seen,” accounting and finance professor, Dr. Carl Kogut said.

Meanwhile, on Jan. 17, Apple announced opening its own new campus.

“The company plans to establish an Apple campus in a new location, which will initially house technical support for customers,” Apple said in a statement.

Apple said that it expects to invest over $30 billion in capital expenditures in the U.S. over the next five years and create over 20,000 new jobs through hiring at existing campuses and opening a new one.

The location of the new campus will be announced later this year.

“It’s great news for the U.S. workforce. This big investment by Apple is sure to boost the U.S. economy,” freshman premedical laboratory science major, Bibek Khanal said.

The new campus is a part of Apple’s effort to contribute $350 billion to the U.S. economy over the course of the next five years.

According to Reuters “Apple won’t follow Amazon’s highly public approach to finding a city to host its second outpost.”

According to ABC News, Apple is not planning to create the new campus in California or Texas because of its already significant presence in these states.

Apple which is the largest U.S. taxpayer also said that it will pay about $38 billion in repatriation tax to bring its overseas cash back to the U.S. making it the largest payment of its kind.

Both of these new facilities are expected to be great contributors to the local economy of the cities in which they get established and the increased investment in job formation by these tech giants is good news for the U.S. economy.