New CU Economic Study Shows $7.7 Billion Impact on NW Economy
January 31, 2017
In 2014, your Association commissioned an economic impact study—the first of its kind in the Credit Union Movement—to measure the total economic impact of credit unions in Oregon and Washington.
Last year, the economists at ECONorthwest were again charged with conducting a new study, with the help of 148 credit unions providing branch-level data.
The 2016 Northwest Credit Unions’ Impacts Report shows that Northwest credit unions have a significant impact on the Northwest economy to the tune of $7.7 billion in economic activity. Since the first report in 2014, credit union membership has grown 13 percent, compared to population growth of just 2.7 percent in Oregon and Washington.
Credit unions also delivered $528 million in direct financial benefit to their member-owners—a 50 percent increase from 2014, generating $574 million in local spending.
Northwest credit unions are also job engines according to the report, with more than 17,000 family-wage jobs attributed directly to credit unions.
The report will be a key advocacy tool for Oregon and Washington credit union professionals attending the respective Credit Union Day at the Capitol events, and the CUNA GAC, in Washington, DC.
To view the 2016 Northwest Credit Unions’ Impacts Report visit https://nwcua.org/impact.
Resource-Stocked Marketing Toolkit Available, Too
NWCUA member credit unions will also find a resource toolkit with social media resources, and sample messages to your board, your staff, your members, your legislators, and your local media.
109 Oregon & Washington credit unions provided data to this 2016 study – more than 70 percent of Association members. Those participants are receiving impact reports customized to their credit union.