CVS-Caremark contributes more than $1B to state GDP

PROVIDENCE, RI – Woonsocket-based CVS-Caremark says it's contributed more than a billion dollars to Rhode Island's Gross Domestic Product in 2010.

The PricewaterhouseCoopers economic impact study looked at how much CVS-Caremark contributed to the market value of all goods and services produced in Rhode Island. It found that the pharmaceutical giant contributed more than $1.2 billion to Rhode Island's GDP.

That number includes $831 million in paychecks and $116 million in state and local taxes. CVS-Caremark operates a customer support center, finance and marketing centers, and two distribution facilities in the state.

It's headquartered in Woonsocket. And the study points out that CVS-Caremark contributed to the hospitality industry by attracting some 54,000 vendors and suppliers.

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