Apple is dropping $1 billion on a huge new campus in Austin, Texas

Richard Drew/AP

• Apple is establishing a new campus in Austin, Texas.
• The campus will initially house 5,000 employees, and Apple is going to spend $1 billion building it.
• Austin was recently in the running for Amazon's second headquarters, HQ2, but was passed over.

Apple announced on Thursday that it is building a new $1 billion campus in Austin, Texas.

In a press release, Apple said the new campus will span 133 acres, and house an initial 5,000 employees, with the potential to expand to 15,000 staff.

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