New Study by PwC Reveals Company's Total
Economic Impact Across the United States
ATLANTA, Dec. 6, 2023
/PRNewswire/ -- 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
HomeDepot.com/Foundation.
About The Home Depot
At the end of the third quarter,
the company operated a total of 2,333 retail stores in all 50
states, the District of Columbia,
Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs approximately
470,000 associates. The Home Depot's stock is traded on the New
York Stock Exchange (NYSE: HD) and is included in the Dow Jones
industrial average and Standard & Poor's 500 index.
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SOURCE The Home Depot