The Home Depot has released its economic contributions for the fiscal year of 2022. According to the U.S. Bureau of Economic Analysis, the Home Depot contributed $215 billion to the U.S. economy in 2022, which is greater than the current gross domestic product (GDP) of 18 U.S. states. This report, conducted in partnership with PwC, details the impact of the company’s US operations on the economy at the national and state levels in fiscal year 2022.
Based on the IMPLAN modeling system, PwC discovered that every one job in the company supports more than four additional jobs in the U.S. economy, which is twice the retail average. This includes jobs in construction, manufacturing, agriculture, transportation and warehousing. The Home Depot supported 2.2 million jobs in 2022, more than 400,000 of which were directly created by the company, and supported billions of dollars in wages, salaries and benefits. The company also promoted 65,000 associates in the U.S. in the same year.
The Home Depot’s economic impact goes far beyond the jobs it creates and supports. The taxes paid and generated by the company contribute significantly to the communities it serves, helping build roads, schools and other core infrastructure. PwC’s analysis found that the ecosystem of jobs and commerce created by The Home Depot contributed $60 billion of total tax impact at the federal, state and local levels. The company directly contributed over $22 billion to government finances in 2022, including taxes paid by The Home Depot, collected on its sales and paid by its associates in income taxes. The Home Depot paid approximately one per cent of the total net corporate income taxes collected by the U.S. government in 2022.
“When The Home Depot opens in a neighborhood, we are committed to doing our part – whether that is helping people improve their homes, building careers for our associates and Pro partners, or contributing to our communities through the taxes we pay,” said Richard McPhail, Executive Vice President and Chief Financial Officer of The Home Depot.
“Our core values guide everything we do, and the way our associates give back to their neighborhoods is an enduring legacy of our company’s success.”
Other key highlights from the fiscal year include:
In the United States, The Home Depot stores, warehouses, and offices occupy around 300 million square feet of building space, which is equivalent to more than 5,200 football fields. This is more than the combined area of all college and professional football fields.
Since 2011, The Home Depot’s associates have volunteered over two million hours for various communities in the United States through Team Depot. This volunteer project is in partnership with The Home Depot Foundation. This equates to more than 228 years’ worth of service hours.
The Home Depot Foundation has surpassed $500 million invested in veteran causes since 2011 and updated its commitment with an incremental $250 million, now planning to invest $750 million by 2030.
The Home Depot and The Home Depot Foundation have supported more than 14,700 nonprofits and, in 2023, the Foundation committed more than $6 million for disaster preparedness, response and long-term recovery in communities impacted by natural disasters.
The Home Depot Foundation’s trades-focused partnerships have also trained more than 41,000 participants and introduced more than 200,000 people to the skilled trades, surpassing its commitment to training 20,000 people – six years ahead of schedule.
For more information about The Home Depot’s economic impact on the United States, visit https://corporate.homedepot.com/page/our-economic-impact. For more information about The Home Depot Foundation, visit http://homedepotfoundation.org.