Yes, according to an official statement from Google, your business address is used to identify the geo-location of your business. This ranking signal is mostly used for Local Search, but when user intent requires it, local businesses will be listed in Search SERPs as well.

“Other signals can give us hints. This could be from local addresses & phone numbers on the pages, use of local language and currency, links from other local sites, and/or the use of Google’s Local Business Center (where available).” source