BRIEF: CVS estimates economic contribution to RI
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[February 15, 2012]

BRIEF: CVS estimates economic contribution to RI

Feb 15, 2012 (The Providence Journal - McClatchy-Tribune Information Services via COMTEX) -- Woonsocket-based CVS Caremark Corp. contributed more than $1.2 billion to Rhode Island's gross domestic product, about 12,000 jobs, $831 million in labor income, and $116 million in state and local taxes, according to a study done by PricewaterhouseCoopers LLP for the drug store and pharmacy benefits company.


Over the next decade, the study projected CVS' contribution to Rhode Island's GDP would be $16.6 billion, assuming its growth matches the nation's average annual growth.

"We are committed to Rhode Island and are proud to be a part of this community where we put down roots at our founding in 1963," said CVS Caremark President and CEO Larry J. Merlo.


CVS Caremark's operations in the state include its corporate headquarters, a customer support center, finance center and marketing center. CVS also maintains two distribution facilities a customer care call center and 58 CVS/pharmacy stores.

___ (c)2012 The Providence Journal (Providence, R.I.) Visit The Providence Journal (Providence, R.I.) at www.projo.com Distributed by MCT Information Services

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