Express Scripts Injects $226 Million Into Arizona Economy, Study Finds
PHOENIX, April 5, 2011 /PRNewswire/ -- Express Scripts contributed more than $226 million to Arizona's economy in 2010, according to an economic analysis of the company's data by a university professor.
The economic impact study, presented today to state economic development officials and legislators, showed that the company's operations support 2,665 direct and indirect jobs in the state.
The analysis was conducted by Edward C. Lawrence, PhD, finance professor at the University of Missouri-St. Louis College of Business and calculated the payroll impact of these jobs to be $183 million last year.
"We are proud of our role as a key employer in Arizona, and especially pleased to be able to serve the Department of Defense from this site," said Jen Pein, vice president & general manager of pharmacy operations for Express Scripts. She is based in Tempe. "We appreciate the support we have received from the state and the business environment of Arizona."
The study further projects that the company will continue to provide significant value for the local area and state over the next 10 years. Assuming a modest 2 percent increase in spending and wages annually, Express Scripts would produce $2.4 billion in economic benefits for the state of Arizona in the next decade.
The study also found that:
- Express Scripts generates $8.4 million annually in local and state taxes.
- New capital investment is expected to grow to $5.4 million in 2011, an increase of 125 percent from 2010.
- Food and lodging expenses by out-of-town employees contributed an additional $350,000 to the local economy last year.
Express Scripts operates facilities at two locations in Arizona that serve the U.S. Department of Defense TriCare program an