Stronger Together – How Credit Unions Impact the Local Economy
‘People helping people,’ it’s not just a motto in the credit union industry; it’s a way of life. Every day credit unions across the globe work to demonstrate this philosophy by helping their family, friends and neighbors achieve financial success.
Last week, the Iowa Credit Union League (ICUL) released a new report that showcases the credit union industry’s economic contribution to the state.
Per The Economic Contribution of Iowa’s Credit Unions report, Iowa credit unions contributed $1.1 billion in total economic productivity in Iowa in 2014. Authored by Iowa State University economist Dave Swenson, the report analyzed the 3,247 credit union industry employees, the $185 million in payroll and benefits and the $620 million in total income in 2014 to find the total value of the credit union industry to Iowa’s economy.
These direct values combined with Iowa credit unions’ use of local utilities, services to operate facilities and credit union employees’ spending in local communities create a multiplier effect that supports even more jobs in Iowa.
The report found that every $1 spent by the state’s credit unions added $0.77 elsewhere in Iowa’s economy, and every job at an Iowa credit union supports an additional 1.28 jobs in the rest of the Iowa economy. Iowa credit unions’ $1.1 billion economic contribution in Iowa is comprised of $559.99 million in value added GDP, and $349.17 million in labor income to 7,402 job holders.
At Collins Community Credit Union we’re proud that not only is our organization impacting our state’s economy, but it’s also impacting the local economy in the communities we serve. Whether it’s lending to small business owners, participating and sponsoring local fundraisers and events or volunteering, we’re stronger together.
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