Our substantial investment in the LARIC project will support the local economy by providing good-paying local jobs, increasing local business revenues and generating millions in state and local tax revenues that can be used to fund critical public services and amenities, including police and fire departments, parks, schools and road repairs.
The Los Angeles County Economic Development Corporation (LAEDC) estimates that economic activity generated by Tesoro’s $460 million investment in the LARIC project will result in the following economic and fiscal impacts for Los Angeles County and the five-county Southern California region (including Los Angeles County). Approximately, 85% of project expenditures will occur in Southern California, primarily in Los Angeles County.
|Los Angeles County||Southern California|
|Planned Project Expenditures||$383.3 million||$389.2 million|
|Total Estimated Economic Impact
Direct, Indirect, Induced
|Employment||3,720 jobs||4,090 jobs|
|Labor Income||$241.9 million||$264.7 million|
|Output||$635.4 million||$702.7 million|
|Total Estimated Fiscal Impact||$77.5 million||$86.4 million|
|State/Local Taxes||$28.6 million||$32.3 million|
|Federal Taxes||$48.9 million||$54.1 million|