HomeBusinessCox provides millions in economic boost to Central Florida
Cox provides millions in economic boost to Central Florida
March 10, 2022
Press release from Cox Communications
Central Florida’s economy is getting a $280 million boost from Cox operations annually in Alachua and Marion Counties, a recently released report concluded. That total includes the $13 million Cox pays in taxes to support local schools and governments, increasing their ability to provide vital services to our community.
Market Vice President Aimee Pfannenstiel said Cox commissioned the study in 2021 to track how the company’s local purchasing, wage, tax, and philanthropic investments benefit local businesses, nonprofits, governments, schools, and residents.
“We’re proud to be impactful members of the communities we serve,” Pfannenstiel said. “Not only do our team members live and work here, but we strive to make a difference in our communities because it’s our Cox culture. It’s engrained in our heritage dating all the way back to 1898 by our founder, Governor James M. Cox.”
Applied Analysis, an economic research and analysis consultancy that conducted the study, examined Cox operational data during the years 2019 and 2020. It used the IMPLAN model, one of three nationally recognized impact analysis software tools, to generate a comprehensive description of economic activity attributable to Cox.
The model includes the direct economic effects such as wages and other operating expenditures. It also cites indirect impacts such as the economic benefits the community accrues when employees spend their salaries at local restaurants, buy homes, pay property taxes, or otherwise inject money into local coffers. Cox employs over 180 people in Central Florida plus contract support, as well.
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The final measure included in the study is Cox’s social impact, which measures its philanthropic outreach and includes cash, in-kind services, and volunteer hours its employees contribute. During the 2019-2020 study period, Cox donated an average of over $500,000 in cash and in-kind services to Central Florida non-profits and logged over 1,300 volunteer hours during the two-year period.