New Global Report Shows FedEx’s Economic Impact
The company’s supply chain has had an impact in Canada and globally, with 360,000 direct suppliers supporting 16.5 million jobs
MISSISSAUGA, ON, October 26, 2022 /CNW/ – FedEx Corp. (NYSE: FDX) today released the findings of its 2022 report which analyzed the company’s impact on the global economy with regional and specific analysis of key markets around the world as of the end of its 2022 fiscal year ( financial year 2022). The report, produced in consultation with Dun & Bradstreet (NYSE: DNB), a leading global provider of business decision data and analytics, analyzed for the first time FedEx’s impact on economies around the world. . Over the past 49 years, FedEx has extended service to more than 220 countries and territories and invested in a global network that enables businesses of all sizes to access and grow the global economy.
The report found that FedEx has played a vital role in helping businesses recover from the pandemic while overcoming strained supply chains and economic challenges. With nearly 550,000 employees worldwide, FedEx transported an average of 16 million shipments every day across its 5,000 facilities in fiscal year 2022. Network optimization and company investments have improved l efficiency and capacity of FedEx customers.
“Around the world, FedEx has helped people, businesses and communities emerge from the pandemic by moving goods and providing services that connect humanity and fuel the global economy,” said Raj Subramaniam, President and CEO of FedEx Corporation. “The report illustrates the ongoing and important work we do every day, including supporting small and medium-sized businesses that are the backbone of our local communities. We call this the ‘FedEx Effect.’
Measuring the FedEx effect:
The transportation and logistics company plays a role in innovating, creating and supporting local jobs, as well as helping individuals and their communities grow regionally and across main markets in the world.
- FedEx worked with 360,000 suppliers worldwide who employed more than 16.5 million people. These businesses, many of which are small businesses, have created significant economic activity in their local or regional markets and have achieved a combined annual revenue of 700 billion dollars.
- FedEx’s global economic activity supported an additional 193,000 jobs beyond FedEx’s global employee base in fiscal year 2022, or 20,000 more jobs than FedEx indirectly supported in fiscal year 2021 .
- Small businesses made up 88% of FedEx’s supply chain, and more than half of FedEx’s supply chain spend in each region went to small businesses, which collectively supported approximately 810,000 small business jobs. worldwide.
- In fiscal 2022, FedEx invested $6.8 billion – a 15% increase from FY2021 – in facility improvements, network optimization and infrastructure improvements, which correlates to direct economic growth in the respective markets.
For the first time, the Greater Toronto Area was included in the FedEx Effect report. from Canada Golden Horseshoe is home to the head office of FedEx Express Canada, as well as a major shipping hub in from Toronto Lester B. Pearson International Airport. The 342,000 square foot facility handles approximately 140,000 packages per day and connects Canada with the rest of the world thanks to 100 weekly international flights operating 7 days a week. Since June 2020, FedEx Express Canada has increased its workforce from 7,100 to more than 12,500 Canadians. The company has expanded to 67 operating facilities with the addition of nearly 300,000 square feet of new sorting capacity space in key markets across Canada. FedEx Express Canada has added an additional aircraft to bring the total size of its domestic fleet to 22 cells. FedEx Express Canada’s domestic air network is based on a mix of Boeing 757s, C-208s and ATR-72s.
In addition, FedEx Express opened a new small package sorting facility in the Toronto zone which is the fastest FedEx Express installation of Canada. The multimillion-dollar facility can sort through up to 20,000 small e-commerce shipments per hour, 24 hours a day, seven days a week. Small e-commerce shipments have grown in recent years, and this facility is helping to mitigate shipping demands from the company’s existing sorting centers located across the country.
“Now in our 35e year of operation in Canadaour commitment to our country and its people is stronger than ever,” said Lisa Lisson, President of FedEx Express Canada. “We’ve been at the forefront of connecting our nation’s three coasts to the global economy. From delivering pandas to zoos across Canadato emergency disaster relief, to our hugely successful deployment of the COVID-19 vaccine, we’ve been here for Canada if necessary. This is our home, and we look forward to contributing in any way we can to the communities we serve. »
The report shows how FedEx is contributing to the communities where its team members live and work through charitable contributions and direct efforts to deliver a more sustainable future. In fiscal year 2022, FedEx donated more than $86 million to charities and local non-profit organizations around the world. The company also served as a vital channel for food and aid deliveries and donations to Ukraine and Shanghai, among others. In Canada FedEx alone has provided relief supplies, funds and transportation to support more than 70 organizations across the country during the pandemic. And in addition to its corporate giving programs, the company has donated more than the United States $400,000 to more than 450 Canadian charities selected by its team members through its FedEx Cares employee fund since 2014.
The report also shows how the company is committed to responsibly connecting the world, through its stated goal of carbon-neutral operations by 2040 and continued investment in renewable energy to power its operations. This includes from Canada fleet of electric cargo bikes – the largest of any country in FedEx’s global network.
Read the full FedEx Economic Impact Report and explore the FedEx effect in communities and regions around the world at fedex.com/economicimpact.
FedEx Corp. (NYSE: FDX) offers customers and businesses around the world a broad portfolio of transportation, e-commerce and business services. With an annual turnover of $95 billion, the company offers integrated business solutions through collectively competitive operating companies, operating collaboratively and innovating digitally under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 550,000 employees to stay focused on safety, the highest ethical and professional standards, and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world in responsible and resourceful ways, with the goal of achieving carbon neutral operations by 2040. To learn more, visit fedex.com/ about.
SOURCE Corporation Federal Express Canada
For further information: James Anderson, Communications Advisor, FedEx Express Canada, [email protected]