US - New research from the California Public Employees' Retirement System (CalPERS) said the organisation generated more than US$4bn in economic activity to the Los Angeles region in 2006.
A report completed by the Applied Research Center of California State University said the economic impact of CalPERS in 2006 created more than 36,000 jobs in the Los Angeles region, returned state and local tax revenues of more than $209m and generated employee compensation of nearly $1.4bn. This was driven by the fund’s real estate, private equity, and construction-related projects.
Fred Buenrostro, CEO of CalPERS, said: “This research contains impressive evidence that CalPERS is a powerful economic engine in Los Angeles and its surrounding communities.”
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