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New Report Shows FedEx Job Growth and Positive Impact to U.S. Economy During the Pandemic
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FedEx Corp. (NYSE: FDX) released a report detailing its significant economic impact, totaling nearly $70 billion on the U.S. economy. The study, in collaboration with Dun & Bradstreet (NYSE: DNB), highlights FedEx's role in supporting approximately $8 billion in economic activity through the transportation sector, while employing over 375,000 team members in the U.S. Notably, despite the pandemic's challenges, FedEx achieved a 9.4 percent increase in employment and supported an additional 400,000 jobs indirectly, contributing to economic stability and growth.
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Contributed nearly $70 billion direct economic impact on the U.S.
Supported $8 billion in U.S. economic activity through the transportation sector.
Increased employment by 9.4% in 2020 despite industry job losses.
Added 44 new facilities in the U.S., enhancing economic growth.
Invested approximately $40 billion annually with U.S.-based supply chain partners, 70% of which are small businesses.
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Highlights $70 billion direct economic impact on national economy; positive impact in local markets
MEMPHIS, Tenn.--(BUSINESS WIRE)--
FedEx Corp. (NYSE: FDX) today released the findings from a new report that analyzed the company’s impact on the United States economy and ten specific local economies throughout the country. The report, produced in consultation with Dun & Bradstreet (NYSE: DNB), a leading global provider of business decisioning data and analytics, finds that FedEx delivers nearly $70 billion in direct impact on the national economy through its revenue and related business activity including $8 billion in U.S. economic activity created by operations with other companies within the transportation sector, supporting millions of jobs across the country through direct employment and indirect economic activity.
In the face of the pandemic, FedEx helped to sustain economic and social functionality across the country, accommodating a record 39 percent surge in e-commerce volumes in the U.S. between the first quarters of 2020 and 2021 while delivering lifesaving healthcare shipments and COVID-19 vaccines. As outlined in the report, FedEx employs more than 375,000 U.S. team members across 50 states and territories. This represents a 9.4 percent increase in employment in 2020, despite 870,000 U.S. transportation sector jobs lost in the same timeframe. While many sectors were forced to cut jobs, FedEx continued to hire and even increased wages for its employees. FedEx also helps support an additional 400,000 jobs through its supply chain.
“While the numbers are compelling, behind the statistics are real benefits and expanded opportunities in the daily lives of FedEx team members and their families, entrepreneurs, small businesses, and communities from coast to coast,” said Raj Subramaniam, President and COO, FedEx Corporation. “We remained steadfast when it mattered and helped our customers large and small adapt when the U.S. economy was upended during the pandemic. FedEx was successful in its efforts to create reliable, quality job opportunities, foster wide-reaching economic growth, and provide relief to businesses and the communities we serve.”
Delivering to every ZIP code in the U.S. and serving as a critical conduit between U.S. businesses and customers around the world, FedEx now delivers more than 19 million shipments a day worldwide. The report goes on to detail the company’s role in fueling innovation, creating and supporting local jobs, and helping lift individuals and their communities in 10 major markets across the country.
Key Findings:
As of April 2021, the FedEx supply chain consisted of 166,000 direct suppliers in the U.S., who employ more than 6.1 million people and generate an estimated combined $115 billion in annual revenue.
On average, the company spends about $40 billion each year with its U.S.-based supply chain partners of which ~70 percent are small businesses, as defined by the Small Business Administration.
In 2020, FedEx added 44 new facilities throughout the country, bringing its U.S total to more than 4,200 facilities. This increase in facilities created quality job opportunities and boosted national and local economic growth. FedEx investments in facilities, equipment, and infrastructure directly correlate to economic growth.
The report shows how FedEx contributes to the communities where its team members live and work through charitable contributions and direct efforts to deliver a more sustainable future. From Fiscal Year 2019 through Fiscal Year 2021, the company donated more than $160 million in direct charitable contributions as well as support for communities and non-profit organizations through other avenues. It also shows how the company is committed to connecting the world responsibly, through its stated goal of carbon-neutral operations by 2040 and pursuit of investments in renewable energy to power its operations.
Read the full FedEx U.S. Economic Impact Report and explore the FedEx Effect in communities throughout the country at fedex.com/economicimpact.
About FedEx
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $87 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively, and innovating digitally under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its 560,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit about.fedex.com.
