California credit unions generated a $17 billion economic impact and Nevada credit unions an $803 million jolt to their respective state economies in 2016, according to new report commissioned by the California and Nevada Credit Union Leagues.
"In addition to making a substantial economic impact in the communities they serve, this information reaffirms credit unions' efforts to empower their members by helping them make wise financial decisions," said Diana Dykstra, president/CEO of the leagues.
ECONorthwest, an economic research and consulting firm in Portland, Ore., independently completed and published the report, which details jobs created, economic contributions, benefits to members, and community lending in both states.
The ECONorthwest study looked at balance sheet, regulatory call report, and operational data to come to its conclusions.
Total economic activity supported by credit union spending and operations in California was $17 billion, including $6 billion in direct spending by credit unions. Nevada credit unions accounted for $803 million in economic activity, with $390 million in direct spending.
Credit unions supported the states’ employment environment with more than 104,800 jobs in California--with more than 30,000 at credit unions themselves--and 5,450-plus jobs in Nevada, which included 2,076 credit union jobs.
California’s 10.8 million credit union members saved $1.5 billion in total economic benefit through lower interest rates on loans, higher rates on deposit accounts, and low or no service fees. The more than 513,300 credit union members in Nevada saw $54.6 million in economic benefits.
Credit unions also invested in the states’ economies and communities through lending.
California credit unions provided:
In Nevada, credit unions served members with: