ZEPHYRHILLS, Fla., Jan. 14, 2020 /PRNewswire/ -- Nestlé Waters North America (NWNA) today announced the results of a new study detailing the significant economic benefits that its three water bottling facilities and 10 branch offices and distribution centers bring to the state of Florida.
The study, conducted by Orlando-based PFM Group Consulting LLC (PFM), formerly Fishkind and Associates, examined the economic and fiscal impacts of NWNA properties and business activities throughout the state.
According to the study, NWNA's operations in 2018 had a total economic impact of $256,841,566 in the state of Florida. This includes supporting 1,737 direct, indirect, and induced Florida jobs with annual total wages of $93,202,483. Additionally, NWNA purchased $125,644,721 of goods and services, and other operating expenditures made in the state.
In 2018, NWNA paid $7,094,288 in state and local taxes. This included $3,210,167 paid in property taxes; $1,535,601 in fuel taxes; $1,448,520 in sales and use taxes; and approximately $900,000 in income tax. Tax revenues like these are especially important because they are used to fund fire and police departments, roads, utilities, human services, parks and recreation, and other essential public services.
In conducting the research, Economic impact was determined by examining three primary contributors: direct impacts from actual employment and local spending by NWNA; indirect impacts from employment and NWNA's spending on local goods and services; and spending from both direct and indirect employee households. Fiscal impacts, or those that directly impact local government budgets, were determined by examining the taxes and other payments NWNA makes to the government that are used to provide services to its business and employees.
In addition to these significant ongoing contributions, in the past year the state of Florida has also benefited from NWNA's renovation and expansion of its recently purchased High Springs bottling facility in Gilchrist County. In further modernizing that facility, NWNA is expected to spend more than $13 million, resulting in an average of 171 jobs per year with total wages of more than $8 million. Once complete, the total economic output from the High Springs expansion is projected to contribute more than $23 million to the state.
"Simply put, our research findings illustrate the positive benefits that Nestlé Waters' business operations have upon communities," Steven Schriever, Senior Managing Consultant with PFM Group Consulting. "These benefits are enjoyed not only by those who work directly for the company, but by many others who support the company through the provision of goods and services. Such indirect economic impacts are incredibly important because they have a cascading multiplier effect upon local communities. As Nestlé Waters employees earn wages, they spend their money with other Florida businesses, whose employees, in turn, do the same, resulting in an ongoing ripple effect as money is re-spent throughout our state's economy."
NWNA directly provided 920 good-paying jobs with benefits to Floridians and paid more than $52 million in annual salaries and benefits. The company is currently among the top employers in Gilchrist, Pasco, and Madison Counties, where it operates water bottling facilities. In all three counties, the average wage paid to NWNA bottling facility employees is significantly higher than the average wage paid to workers in other industries operating in those same counties.
Pasco County
- NWNA's Zephyrhills bottling facility,the third largest employer in Pasco County, generates a total economic impact of $29.1 million that includes supporting 357 direct, indirect, and induced jobs with wages totaling $18.2 million. 277 of these jobs are at the Zephyrhills bottling facility, where the average weekly wage of NWNA employees is 39.7% higher than the average weekly wage in Pasco County.
Madison County
- The Lee bottling facility in Madison County generates a total economic impact of $13.5 million, which includes supporting 209 direct, indirect, and induced jobs with wages totaling $9.5 million. 173 of these jobs are at the Lee bottling facility, where the average weekly wage of NWNA employees is 51.1% higher than the average weekly wage in Madison County.
Gilchrist County
- The High Springs bottling facility in Gilchrist County generates a total economic impact of $3.3 million, which includes supporting 53 direct, indirect, and induced jobs with wages totaling $2.3 million. 44 of these jobs are at the High Springs bottling facility, where the average weekly wage of NWNA employees is 48.4% higher than the average weekly wage in Gilchrist County.
- In 2021, after completing the modernization of the two existing bottling lines within this facility, the total economic impact of NWNA's operations is projected to increase to $5.7 million supporting 80 jobs with wages totaling $3.9 million.
"We are proud that consumer demand for natural spring water like our popular Zephyrhills® brand has enabled us to expand both our operations and our economic contributions to the Florida communities where we live and work," said Dave Sommer, Vice President, Regional Technical & Production, NWNA. Sommer, who is responsible for overseeing all NWNA bottling facilities in the southeast United States, continued "In my daily work, I see firsthand how the good, family-wage jobs we provide positively impact the labor force in northern Florida, especially in the rural counties of Madison and Gilchrist. We remain steadfast in our commitment to being a good neighbor and an employer of choice in the state."
A more detailed, comprehensive copy of the study is available for viewing here.
About PFM
At PFM, over 600 employees - asset managers, financial advisors and consultants - partner with clients in every region of the country to transform their world. We combine superior financial advice, disciplined management and ingenuity to build, power, move and educate.
PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation.
For more information regarding PFM's services or entities, please visit www.pfm.com. For important disclosure information, please visit www.pfm.com/disclosures.
About Dr. Hank Fishkind
With over 30 years of experience in economic analysis and forecasting, Dr. Henry Fishkind is widely regarded as one of Florida's premier economists and financial advisors. Dr. Fishkind's career began in the public sector where he worked as an economist and associate professor at the University of Florida. In 1980 Dr. Fishkind became the associate director for programs at the University of Florida's Bureau of Economic and Business Research. During his tenure at the university, Dr. Fishkind served from 1979-1981 on the governor's economic advisory board. He began his career as a private sector consultant when he became president of M.G. Lewis Econometrics in Winter Park, Florida. In 1988 Dr. Fishkind formed Fishkind & Associates, Inc. as a full service economic and financial consulting firm. From 2001-2003 Dr. Fishkind was a member of Governor Bush's Council of Economic Advisors, and also served on the board of directors of Engle Homes and Summit Properties until the companies were sold.
About Nestlé Waters North America
Nestlé Waters North America offers an unrivaled portfolio of bottled water brands for healthy hydration, including Zephyrhills® Brand 100% Natural Spring Water , Nestlé® Pure Life® , Perrier® and S. Pellegrino®. The company also owns and operates ReadyRefreshSM by Nestlé® , a customizable water and beverage delivery service. Just Click and QuenchSM.
Based in Stamford, Connecticut with more than 7,000 associates in the United States , we manage natural resources for long-term sustainability, and we conserve nearly 21,000 acres of natural watershed area. We currently source water for our six regional spring water brands from 47 springs across North America. We are also committed to creating shared value and being a good neighbor in the 140 communities where we operate in the U.S. For more information, visit us at https://www.nestle-watersna.com/en and follow us on Twitter, Instagram and Facebook: @NestleWatersNA.
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SOURCE Nestlé Waters North America
