Report: CVS Caremark contributes $1.2 billion to Rhode Island economy

WOONSOCKET, R.I. — CVS Caremark on Tuesday released an economic impact study of its contribution to the economy of its headquarters state of Rhode Island.

The Pricewaterhouse Coopers-conducted study showed that the company's Rhode Island operations contributed more than $1.2 billion to Rhode Island's gross domestic product in 2010, approximately 12,000 jobs, $831 million in labor income, and $116 million in state and local taxes.

Over the next 10 years, the study found that CVS Caremark's contribution to Rhode Island's GDP is projected to be approximately $16.6 billion, assuming its growth matches the average annual growth for the national economy, which is projected by the Congressional Budget Office to be 4.7%. However, if CVS Caremark's growth over the next 10 years matches its historical growth, its contribution over the next decade would increase to approximately $35 billion, the PwC study projected.

"The results of this study are further evidence that as we have grown as a company, we have also helped Rhode Island to grow," CVS Caremark president and CEO Larry Merlo said.