Many people know that Chevron U.S.A. Inc. (Chevron) is the largest employer and taxpayer in Richmond, contributing millions of dollars in taxes, local spend and social investments each year. But what is Chevron’s ripple effect on the local, regional and statewide economy?
Recently, Chevron commissioned Beacon Economics, a well-respected research firm based in San Francisco, to find out just how much Chevron’s presence in Richmond impacts the economy, both statewide and locally. The results might surprise you.
Between 2009 and 2013, the study found that, in addition to the 3,600 employees and contractors employed by Chevron Richmond, the refinery supported more than 500 additional jobs right here in Richmond and West County, and 3,200 additional full-time jobs in California. The refinery also pays $58 million in taxes to the City of Richmond each year and generates an additional $525 million in statewide economic activity and in excess of $25 million in state and local tax revenues.
The Beacon study also found that in 2012, Chevron and its employees contributed a total of $5.1 million to 98 non-profit organizations in Richmond. This support helped sustain an additional 81 local jobs and generate $7.7 million in revenue.
Contributions were distributed across a broad spectrum, from community foundations and residents in need, to education programs that help city schools.
The Beacon study notes that each year, nearly $82 million in revenue is generated for local businesses in Richmond and West County. Recently, for example, Chevron encouraged Harder Mechanical to move offices to Richmond, which creates tax revenue for Richmond. We remain committed to continuing to look for opportunities to work with local businesses and contractors, ensuring that we help support small businesses and create jobs right here in Richmond.
You can see a larger breakdown of Chevron’s economic impact in Richmond by checking out the February issue of the Richmond Today community newsletter, available by clicking here. To download the full Beacon report, click here.