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Report: CVS Caremark Contributes Billions to Rhode Island Economy
Date:2/14/2012

WOONSOCKET, R.I., Feb. 14, 2012 /PRNewswire/ -- CVS Caremark (NYSE: CVS) today released an economic impact study of CVS Caremark's contribution to the economy of Rhode Island, the state where the company's national headquarters is located.  According to the findings of the study, which PricewaterhouseCoopers LLP (PwC) conducted for CVS Caremark, the company's Rhode Island operations contributed more than $1.2 billion to Rhode Island's Gross Domestic Product (GDP) in 2010, approximately 12,000 jobs, $831 million in labor income, and $116 million in state and local taxes. 

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Over the next ten 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 ten years matches its historical growth, its contribution over the next ten years would increase to approximately $35 billion, the PwC study projects.

"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.  "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 maintains its corporate headquarters in Rhode Island.  These operations include a Customer Support Center, Finance Center and Marketing Center.  The Company also maintains two distribution facilities with more than 800,000 square feet of distribution space, a Customer Care Call Center and 58 CVS/pharmacy stores in Rhode Is
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SOURCE CVS Caremark
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