ATLANTA, GA / ACCESSWIRE / December 6, 2023 / The Home Depot's total contribution to the U.S. economy was $215 billion in 2022, which exceeds the current-dollar gross domestic product (GDP) of 18 U.S. states, per the U.S. Bureau of Economic Analysis. This and other findings were released in the company's fiscal year 2022 Economic Impact Project, conducted in partnership with PwC, which provides details on the economic impact of the company's U.S. operations at the national and state levels.
Using the IMPLAN modeling system, PwC found that for every one job at the company, more than four additional jobs are supported across the U.S. economy, which is more than twice the retail average. This includes jobs in construction, manufacturing, agriculture, transportation and warehousing. The Home Depot supported 2.2 million jobs last year, more than 400,000 of which were directly created by the company, and supported billions of dollars in wages, salaries and benefits. In 2022, the company promoted 65,000 associates in the U.S.
The Home Depot's economic impact goes far beyond the jobs it creates and supports. The taxes paid and generated by the company contribute significantly to the communities it serves, helping build roads, schools and other core infrastructure. PwC's analysis found that the ecosystem of jobs and commerce created by The Home Depot contributed $60 billion of total tax impact at the federal, state and local level. The company directly contributed over $22 billion to government finances in 2022, including taxes paid by The Home Depot, collected on its sales and paid by its associates in income taxes. The Home Depot paid approximately 1% of the total net corporate income taxes collected by the U.S. government in 2022.
"When The Home Depot opens in a neighborhood, we're committed to doing our part - whether that's helping people improve their homes, building careers for our associates and Pro partners, or contributing to our communities through the taxes we pay," said Richard McPhail, executive vice president and chief financial officer of The Home Depot. "Our core values guide everything we do, and the way our associates give back to their neighborhoods is an enduring legacy of our company's success."
Other key highlights include:
In the U.S., The Home Depot stores, warehouses and offices occupy approximately 300 million square feet of building space - equivalent to 5,200 football fields, which is more than all college and pro football fields combined.
Since 2011, The Home Depot's associates have volunteered more than 2 million hours to communities across the U.S. through Team Depot volunteer projects in partnership with The Home Depot Foundation. That's equal to more than 228 years in hours served.
The Home Depot Foundation has surpassed $500 million invested in veteran causes since 2011 and updated its commitment with an incremental $250 million, now planning to invest $750 million by 2030.
The Home Depot and The Home Depot Foundation have supported more than 14,700 nonprofits and, in 2023, the Foundation has committed more than $6 million for disaster preparedness, response and long-term recovery in communities impacted by natural disasters.
The Home Depot Foundation's trades-focused partnerships have trained more than 41,000 participants and introduced more than 200,000 people to the skilled trades, surpassing its commitment to train 20,000 people six years ahead of schedule.
For more information about The Home Depot's economic impact on the United States, visit https://corporate.homedepot.com/page/our-economic-impact. For more information about The Home Depot Foundation, visit http://homedepotfoundation.org.
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SOURCE: The Home Depot
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