Data for this analysis was provided by CVS Health and included operating expenditures, capital spending, pay and benefits, direct taxes paid and total employees. Colleague data represents everyone who worked in the state at any time during 2024, while the average number of colleagues reflects a point-in-time estimate in 2024. Primary and secondary data were used to build input-output models in IMPLAN. These models measure not only CVS Health’s direct employment but also the additional jobs supported through supplier activity and household spending by CVS Health employees and vendor employees.

Direct Economic Impact

All direct expenditures made by CVS Health for its operations in Fiscal Year 2024 (FY24). These include operating expenses, capital investments, and employee pay and benefits.

Direct Employment
The total number of CVS Health colleagues, including both full-time and part-time positions. For reporting purposes, colleague counts are presented as a point-in-time census and reflected as an average in the narrative. Economic impact models incorporate all colleagues employed at any time during FY24 to fully capture CVS Health’s employment footprint.

Dollar Year

All figures are presented in 2024 dollars.

Labor Income
For CVS Health, labor income represents the total compensation paid to colleagues in exchange for their work. This includes employee compensation (wages, salaries, and benefits) as well as proprietor income (earnings of self-employed individuals working within CVS Health’s supply chain or contracted services).

Local and State Tax Impact

Government revenues generated at the state and local levels, in addition to those paid directly by CVS Health. This includes taxes paid by the company, its employees, and its vendors, as well as household-level taxes supported by CVS Health’s economic activity.

IMPLAN
IMPLAN (Impact Analysis for Planning) is an industry-standard economic modeling system used to measure the effects of economic activity within a defined region. It uses input–output analysis to track how spending flows through local economies, capturing direct impacts (such as CVS Health’s operations and spending), as well as indirect (supply chain effects) and induced impacts (household spending effects). IMPLAN provides multipliers and data that allow organizations like CVS Health to quantify their total economic contribution in terms of jobs, labor income, value added, and tax revenues.

Indirect Economic Impact

The impact created when local industries purchase goods and services from other local industries in order to support CVS Health’s operations. This spending reverberates through supply chains until money exits the local economy, either through imports or payments outside the region (multiplier effect).

Indirect Employment

Additional jobs supported as a result of CVS Health’s economic activity. Local businesses and vendors expand their workforce as demand from CVS Health increases, generating employment multiplier effects.

Induced Economic Impact

The additional economic activity generated when employees of CVS Health, its vendors, and suppliers spend their earnings within the local economy. This household spending further circulates money throughout the region, creating another wave of economic impact (multiplier effect).

Induced Employment

Jobs supported as a result of household spending by CVS Health employees and the employees of its suppliers and vendors.

Multiplier Effect

The overall amplification of CVS Health’s economic contributions. Direct company spending generates indirect impacts (supply-chain effects) and induced impacts (household spending). Multipliers used in this study are derived from IMPLAN.

Study Year

CVS Health’s fiscal year runs the calendar year from January 1 to December 31. For example, Fiscal Year 2024 (FY24) spans from January 1, 2024, to December 31, 2024, and is used for budgeting, reporting, and administrative functions.

Total Economic Impact

The combined effect of CVS Health’s operations, including direct, indirect, and induced impacts. This encompasses operating and capital spending, labor income, and value added to the economy.

Value Added

The total market value of all final goods and services produced within the geography as a result of CVS Health’s activities. It represents the sum of wages, business income, and other economic contributions that remain in the regional economy.

The study represents a snapshot of CVS Health’s economic impact as of December 31, 2024, unless otherwise noted.