Amazon Shares Latest Economic Impact Figures with Over $9.5 billion Invested in Connecticut
/Amazon has announced the findings included in its 2024 U.S. Economic Impact Report, indicating that the company has invested more than $9.5 billion in Connecticut since 2010, including infrastructure and compensation to employees, and created more than 17,000 jobs in Connecticut, including its operations and logistics functions.
As a result of these investments, Amazon has supported more than 17,100 indirect jobs across the state in 2023, in fields like construction, transportation, retail, healthcare, hospitality and more. A total of $9 billion was added into state GDP as a result of Amazon's investments, the company noted.
The report, produced by economists at Keystone Strategy, provides estimates of the company’s 2023 U.S. investments in areas including infrastructure and compensation, and the downstream effects of those investments.
Amazon's main investments in Connecticut, according to the company, include:
6 Fulfillment and sortation centers
10 Delivery stations
11 Whole Foods Market locations
7 On-site solar locations
In addition, 5,000+ independent sellers—most of which are small and medium-sized businesses—in Connecticut, are selling in Amazon's store, the company noted.
The overall report also provided a closer look at Amazon’s investments, estimating that the company has invested over $280 billion in in small towns and rural areas across the country since 2010, further expanding access to good jobs, great benefits, and new opportunities.
“For 30 years, Amazon has made meaningful investments across the U.S. that have contributed over $1 trillion to the American economy since 2010 alone,” said Holly Sullivan, Vice President of Worldwide Economic Development at Amazon. “Our focus on delivering for our customers has led us to invest across the country, in communities big and small. From our operations footprint, to our logistics network, to our cloud infrastructure, we’ve created 1 million good jobs with great benefits that help unlock opportunity for individuals and their communities across the U.S.”
Amazon also shared that it was named the #1 Investment Hero of 2024 by the Progressive Policy Institute, investing more in the U.S. than any other American company for the fifth straight year. The Progressive Policy Institute attributes the ranking to Amazon’s consistent investment in infrastructure, citing over $36 billion in capital expenditures in 2023 alone.
Further research by Amazon economists has also uncovered that places that have Amazon facilities see improved economic outcomes, including increases in household income and employment-to-population ratios.
Specifically, the researchers found that a typical mid-sized county that received Amazon’s investment had on average 4,400 more new jobs than a similar county that did not receive an investment by the company. Similarly, the median household income increased by up to 2.2% in counties that received Amazon investment. This translates into families in these places receiving on average an additional $1,350 per household per year after Amazon opens a facility in their communities.
Amazon officials also point out that small and medium businesses now make up approximately 60% of physical product sales and have created an estimated 2.2 million jobs.
Additional information on Amazon’s economist study can be reviewed here. To learn more about the ways Amazon has invested in Connecticut, click here.
