ONTARIO, Calif. (12/4/14)--Credit unions in California and Nevada have contributed $511 billion to their local economies over the past year, according to numbers aggregated by CU Weekly (Dec. 2).
The editors of the California and Nevada Credit Union Leagues' weekly publication added up all loans, savings products and other funds spent on internal operations and outside businesses that provide products and services to credit unions in 2014.
The multi-hundred-billion dollar number they came up with, meanwhile, only represents a small piece of what credit unions contribute to their communities nationwide, as it's estimated that U.S. credit unions will have an economic impact of nearly $4 trillion into the economy this year.
The league article noted that "economic impact" doesn't accurately describe the effect of these dollars from an economist's viewpoint: The figure instead could be meaningful to many individuals working in the industry. "From member loans that make dreams come true to contracts with vendors, the economic role credit unions play can fulfill a grander purpose."
The publication also broke down the specific ways in which the credit unions hailing from Nevada and California, in addition to all U.S. credit unions, have affected the economy this year.
Empowering local growth:
Helping communities thrive (consumer checking, traditional savings, certificates of deposit, individual retirement accounts, Keogh retirement accounts and local government deposits):
The $511 billion and $3.9 trillion annual figures were calculated based on assumptions made for July through December of this year, using data from January through June.