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Intel's Economic Impacts on the US Economy, 2008-2012

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Intel's Economic Impacts on the US Economy, 2008-2012 www.pwc.com/us/ Intel’s Economic Impacts on the US Economy, 2008 - 2012 Intel’s Economic Impacts on the US Economy, 2008 - 2012 December 17, 2013 Prepared for Intel Corporation Intel’s Economic Impacts on the US Economy, 2008 – 2012 Contents Executive Summary 1 I. Introduction 5 II. Industry Classfication 7 III. Intel’s Economic Impact through its Operations, Capital Investments, and Distribution Channels 9 IV. Intel’s Economic Impact by Sector 16 V. Intel’s Products and Services Impacts 18 VI: Case Studies 28 Appendix A: Data Sources and Methodology 58 Appendix B: Intel’s Indirect and Induced Impacts on the US Economy by Sector 61 Appendix C: Literature Review 66 Intel’s Economic Impacts on the US Economy, 2008 – 2012 Intel’s Economic Impacts on the US Economy, 2008 - 2012 Executive Summary Intel Corporation and its wholly-owned subsidiaries (“Intel”) design and manufacture advanced integrated digital technology platforms. A platform consists of a microprocessor and chipset, and may be enhanced by additional hardware, software, and services. The platforms are used in a wide range of applications, such as PCs, laptops, servers, tablets, smartphones, automobiles, automated factory systems, and medical devices. Intel also develops and sells software and services primarily focused on security and technology integration. Intel Corporation engaged PwC to assess its economic impacts on the US economy. This report provides PwC’s economic impact estimates for Intel in terms of employment, labor income, and gross domestic product (or GDP) for 2008 - 2012.1 These impacts are further highlighted through a series of case studies on important contributions Intel makes to the US national and local economies. Key Findings Intel, the world’s largest semiconductor manufacturer,2 has a widespread economic impact throughout all sectors of the US economy through its operations and investments. Intel not only provides a large number of jobs to US workers,3 but also invests heavily in the United States: since 2009, the company has announced plans to build two new factories in Oregon and Arizona and upgrade its existing manufacturing facilities in those two states and in New Mexico with next-generation technology. Intel is currently ranked first in R&D among US public companies and it is the fifth largest capital investor in the United States.4 In addition, Intel’s products and services directly boost economy-wide productivity. 1 A company’s GDP is also known as its value added, i.e., the additional value created at a particular stage of production. It is equal to the company’s sales less its purchases from other businesses. It can also be measured as the sum of employee compensation, proprietors' income, income to capital owners from property, and indirect business taxes (including excise taxes, property taxes, fees, licenses, and sales taxes paid by businesses). 2 See IBISWorld Industry Report 33441a, “Semiconductor and Circuit Manufacturing in the US,” August 2013, pg. 29. 3 According to Intel’s 2012 Annual Report, approximately 51 percent of its 105,000 worldwide employees are located in the United States, with the majority of the company’s microprocessor manufacturing being done at facilities in Arizona, Oregon and New Mexico. 4 Scott Thurm, “Behind the Big Profits: A Research Tax Break,” The Wall Street Journal, June 14, 2013; Diana G. Carew and Michael Mandel, “U.S. Investment Heroes of 2013: The Companies Betting on America’s Future,” Progressive Policy Institute, September 2013. 1 Intel’s Economic Impacts on the US Economy, 2008 – 2012 A. Quantitative Analysis In 2012: Intel employed 53,200 full- and part-time workers in the United States. Each job at Intel is estimated to support more than 13 other jobs elsewhere in the US economy. Intel paid out a total of $9.3 billion in wages and salaries and benefits and directly contributed $26.0 billion in GDP in 2012. Counting economic impacts through operations, investments, and distribution channels, Intel’s total employment impact on the US economy was 774,600 jobs. Counting economic impacts through operations, investments, and distribution channels, Intel’s total impact on labor income (including wages, salaries, benefits, and proprietors’ income) was $52.2 billion. Counting economic impacts through operations, investments, and distribution channels, Intel’s total impact on US GDP was $95.8 billion. Cumulative Economic Impact, 2008-2012: Intel’s direct employment in the United States increased from 44,800 in 2008 to 53,200 in 2012. Intel paid out a total of $39.4 billion in wages and salaries and benefits (in current dollars) over this period and directly contributed a total of $120.7 billion (in current dollars) to GDP. Intel’s total employment impact on the US economy through operations, investments, and distribution channels rose from 581,600 jobs in 2008 to 774,600 jobs in 2012, or an increase of 33 percent. Intel’s total impact on labor income through operations, investments, and distribution channels for the period was $214.6 billion (in current dollars). Intel’s total impact on US GDP through operations, investments, and distribution channels for the period was $408.5 billion (in current dollars). Between 2007 and 2011, the most recent 5-year period for which relevant data are available, Intel’s products and services are estimated to have contributed $54.8 billion in GDP (in current dollars) to the US economy through its impact on total factor productivity and capital deepening. Intel’s direct, upstream, and downstream impacts on the US economy for the 2008 – 2012 period are summarized in Table E-1. 2 Intel’s Economic Impacts on the US Economy, 2008 – 2012 Table E-1.− Intel’s Impacts on the US Economy, 2008 – 2012 Item 2008 2009 2010 2011 2012 Employment* 581,600 584,500 600,900 708,900 774,600 Directimpact 44,800 44,500 44,100 50,100 53,200 Indirect and induced impacts Upstream (operations and capital investment) 441,800 444,400 460,100 554,300 606,300 Downstream (distribution channel) 95,000 95,600 96,700 104,500 115,100 LaborIncome($millions)** $37,328 $37,541 $40,032 $47,503 $52,226 Directimpact $6,700 $6,854 $7,743 $8,859 $9,283 Indirect and induced impacts Upstream (operations and capital investment) $25,090 $25,004 $26,452 $32,328 $35,878 Downstream (distribution channel) $5,538 $5,683 $5,837 $6,316 $7,065 GDP($millions) $74,974 $73,434 $76,196 $88,075 $95,802 Directimpact $23,951 $22,801 $22,939 $25,001 $26,044 Indirect and induced impacts Upstream (operations and capital investment) $41,541 $40,940 $43,293 $52,307 $57,720 Downstream (distribution channel) $9,483 $9,694 $9,964 $10,767 $12,038 Source: Intel data on direct employment and labor income and PwCcalculations using the IMPLAN modeling system. Note: Details may not add to totals due to rounding. * Direct employment isdefined as the number of full-and part-time jobs. Indirect and induced employment includes payroll employment and self-employment. ** Direct labor income is defined as wages and salaries and benefits. Indirect and induced labor income includes wages and salaries, benefits, and proprietors'income. 3 Intel’s Economic Impacts on the US Economy, 2008 – 2012 B. Qualitative Case Studies In addition to the significant economic impact generated from Intel’s operations and capital investments at locations with large Intel manufacturing facilities in Oregon, Arizona and New Mexico, there are other impacts related to job creation and talent growth, innovation, industry leadership, supplier benefits and clustering impacts. To qualitatively assess Intel’s impacts in these areas, PwC and Intel jointly identified three themes that would be the focus of three field-level case studies of Intel’s operations and investments in the United States.5 PwC developed these case studies through interviews of external stakeholders and industry experts. Quotes from some of these respondents are included in the highlights below. 1. Research and Development (“R&D”) – In 2012 Intel’s global R&D spending was $10.1 billion, with a five-year R&D spend of over $36.5 billion. US-based R&D spending accounted for the majority of the total global spend in 2012. In a 2013 survey conducted by Booz & Co, Intel was the number one R&D spender among publicly traded US companies in all sectors. Interview respondents called Intel’s R&D efforts in the United States “rich with innovation” and “industry- leading,” pointing to years of being on the “leading-edge of development” and “bringing forward technology that matters.” 2. Supply Chain Ecosystem – Intel maintains and interacts with a vast supply chain as both a consumer and a supplier. With $11B in global capital expenditures (about 80% in the US) and $53.3 billion in global sales, the company operates in the middle of a supply chain that is continuously improving the usability and interactivity of technology. Interview respondents described Intel’s impact on its Oregon supply chain as “the most important economic factor in Oregon” and that Intel “makes a difference and is stable in our economy.” Furthermore, industry veterans viewed Intel as a company that “kept the manufacturing and expertise in this country [US]” and noted that “without Intel, the semiconductor industry would be considerably less US-centric and further behind.” 3. Venture Capital – Since its inception in 1991, Intel Capital has invested more than $10.8 billion in over 1,276 companies in 54 countries. Intel Capital’s investment in the US Technology industry has been evident with $6.7 billion, or 62% of its total capital investment going to US-based companies. Furthermore, Intel Capital’s focus on company building has resulted in over 500 acquisitions, mergers, and IPOs.
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