SAN FRANCISCO, Feb. 20, 2014 /PRNewswire/ -- A new report released today shows that Pacific Gas and Electric Company (PG&E) not only provides more than 15 million Californians with safe, reliable and affordable gas and electricity, but also helps drive California's economy. New research shows that PG&E contributed $22.2 billion of economic activity and supported nearly 71,600 jobs in its service area in 2012.
The findings were released in the utility's newly-completed, comprehensive economic impact study, conducted by the Sacramento-based Center for Strategic Economic Research (CSER). The report finds that PG&E accounted for two percent of all economic activity and supported about one percent of all jobs in its service area, which stretches from the Oregon border to Bakersfield.
Direct impact plus a 'ripple' effect
The economic impact study provides compelling statistics about the economic contributions of PG&E's general operations in 2012, accounting for the utility's direct economic activities, as well as the multiplier or "ripple" effect of those activities throughout the state, regional and local economies."The ripple effect shows that for every dollar of revenue created by PG&E, another 50 cents of economic activity is created in the economy," said Ryan Sharp, the director of the Center for Strategic Economic Research. "And for every job supported by PG&E, more than two jobs are supported in the economy." Among other significant findings:
- PG&E economic contributions in 2012 also included $5.8 billion in labor income and $3.4 billion of state and local taxes.
- PG&E's impact exceeded other industries such as software publishing, wineries and scientific research and development services.
- The impact is distributed across all of PG&E's service area as the economic output ranges between $4.1 billion and $6.6 billion in each of the company's four regions (Bay Area, Central Coast, Central Valley and Northern).