06.04.24
The Personal Care Products Council (PCPC) has released its latest report, "The Beauty of Impact," showing the economic and social contributions of the U.S. cosmetics and personal care products industry. The report highlights the industry's role in job creation, economic growth, scientific advancement, sustainability, and community support throughout 2022.
PCPC President and CEO Tom Myers, said, "On every measure, our industry is thriving and contributing to the U.S. economy while serving as an agent for positive change for people and the planet. Our member companies are committed to creating employment opportunities, driving innovation through scientific research, and supporting consumers' health and well-being."
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PCPC President and CEO Tom Myers, said, "On every measure, our industry is thriving and contributing to the U.S. economy while serving as an agent for positive change for people and the planet. Our member companies are committed to creating employment opportunities, driving innovation through scientific research, and supporting consumers' health and well-being."
Industry Highlights:
- Small Business Support: 71% of employees work for businesses with fewer than 50 employees, showcasing the industry's role in fostering entrepreneurship.
- Sustainability Efforts: Industry leaders reduced Scope 1 greenhouse gas emissions by 8.7%, highlighting their commitment to environmental responsibility.
- Diversity and Inclusion: Employment rates for women (nearly 80%) and people of color (33%) significantly exceed national averages, demonstrating the industry's commitment to equity.
- STEM Investment: Over 5,700 professionals are employed in science, technology, engineering, and mathematics (STEM), driving innovation and ensuring product safety.
- Charitable Contributions: The industry donated $170 million to various causes, translating to $1,500 for every $1 million in revenue, significantly above the national average.
Economic Contributions:
- 4.6 million jobs: The industry supports direct and indirect employment across various sectors, highlighting its role as a significant job creator.
- $203.3 billion in labor income: This substantial figure reflects the industry's commitment to providing well-paying jobs.
- $308.7 billion added to the gross domestic product (GDP): Cleary indicates the industry's significant impact on the national economy.
- $82.3 billion in federal, state, and local taxes: These contributions support public services and infrastructure.
- 15% increase in GDP contributions since 2020.
- 17% rise in total employment, underscoring the industry's expanding workforce.
- 19% boost in labor income, reflecting increased wages and salaries.
- 27% increase in tax payments, contributing more to government revenues.
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