Business Journal: CALPERS Boosts Local Economy
A mammoth public pension fund boosted the Sacramento area economy by nearly $470 million last year. The California Public Employees’ Retirement System also created more than 4,000 jobs.
Tuesday, October 16, 2007
The nation’s largest public pension fund — based in downtown Sacramento — also generated more than $150 million in pay to employees last year. Much of the economic benefit in the four-county region is through CalPERS’ construction projects, private equity investments and real estate. CalPERS had its largest economic effect in Los Angeles, generating $4 billion and creating 36,000 jobs. The Applied Research Center at California State University Sacramento conducted the report that determined CalPERS generated $8.3 billion to the state economy through direct and indirect investments.