Nev. double-digit loan growth spurred by lower unemployment
ONTARIO, Calif. (11/20/14)--Nevada's credit unions recorded double-digit increases in business lending, credit cards and used-vehicle loan growth in the third quarter, the California and Nevada Credit Union Leagues reported.
"Nevada's return to normal looks to be spurred by the continued economic recovery, including an unemployment rate that continues to decline; it's now at 7.3%," said Dwight Johnston, chief economist of the California and Nevada Credit Union Leagues (In the News Nov. 18).
According to numbers from the Credit Union National Association, business lending topped the state's loan growth categories at 14.9%, followed by credit cards at 13.3% and used-vehicle loans at 11.9%.
Overall lending has jumped 9.9% in the first three quarters of the year, with first-mortgage loans gaining 9.5%, new autos climbing 6.3% and personal loans increasing by 4.6%.
Nationally, credit unions have experienced a 10.1% increase in overall loan growth year-over-year, according to September's credit union monthly estimates from CUNA, with new-auto loans jumping 19.8% annually and used-auto loans climbing 12.6% annually.
In California, credit unions have seen loan growth climb 10.5% over the first three quarters of 2014.
Auto lending topped all loan categories at California credit unions, with new vehicle loans surging by 29.7% through the first nine months of the year and used autos jumping 13.4%.
Auto loans were followed by first mortgages (9.2%), unsecured personal loans (9.2%) and business loans (7.4%).
The Nevada data comes from a report that aggregated numbers from 33% of all Nevada credit unions, representing more than half of the state's credit union members.
The California information comes from 52% of all of the state's credit unions, representing roughly 94% of all California's credit union members.