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Amazon's new headquarters is in search of a city

Amazon's massive hiring spree
Amazon's massive nationwide hiring spree underway 02:31

Amazon is asking cities whether they might be a prime location for its new second headquarters. 

The online retailing giant said it plans to spend more than $5 billion on the new corporate campus, which it said would be equal to its Seattle campus. The company said it plans to create up to 50,000 new full-time jobs at the location, with the positions providing an average total compensation of $100,000 over the next 10 to 15 years. 

The announcement Thursday will set off a scramble among cities vying to make the short list. Amazon is asking cities or regional economic development organizations in North America to submit bids to be considered for the second office campus. The company said it would prefer to consider cities with more than 1 million people and in either "urban or suburban locations with the potential to attract and retain strong technical talent."

Amazon (AMZN) said its requirements necessitate a city with a strong university system and "a highly educated labor pool."

The company estimates that investments in Seattle between 2010 and 2016 added $38 billion to the city's economy.

Amazon has posted a link where cities and states that are interested in submitting a bid can gather more information. Cities have until October 19 to submit their proposals. Amazon said it expects to announce the new location next year. 

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