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 GDP 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," said CVS Caremark president and CEO Larry J. Merlo.
U.S. retail sales rise solid 0.4% in January
Washington, D.C. — A report released Tuesday by the Commerce Department showed that consumer spending on retail goods rebounded in January after a flat holiday season.
Retail sales rose at a seasonally adjusted 0.4% last month, as consumers upped spending at department and general merchandise stores, as well as bought more electronics, home and garden supplies and sporting goods. Excluding autos, building materials and fuel sales, retail spending leaped 0.7%.
Retail sales have risen about 21% since recessionary lows. Latest results put sales almost 6% above their pre-recession highs. However, results in January still missed views, as a median forecast of economists surveyed by Bloomberg predicted a 0.8% rise for the month.
Nine of 13 major categories showed gains in January, led by a 2% increase at general merchandise stores, including department stores – the largest gain in five years.
Publix names head of charitable division
LAKELAND, Fla. — Publix Super Markets has promoted Kelly Williams-Puccio to executive director of Publix Super Markets Charities.
In her new position, Williams-Puccio will be responsible for the strategic direction of the foundation, managing foundation giving policies and processes and maintaining the charitable legacy of company founder, George Jenkins.
Williams-Puccio began her Publix career in 1979 as a cashier in Boca Raton, Fla. In 1989, she became manager of personnel records for Publix’s Miami division, and in 1995 she was promoted to human resources investigations manager. She has been the director of associate relations since 2000.
“Giving back to our communities is an important part of our culture,” said Publix Vice Chairman Barney Barnett. “It’s a core value George instilled in us 82 years ago. I am pleased we have leaders like Kelly who are prepared to take on new roles and continue the legacy of giving.”