New Report Details the Economic Impact of Idaho Credit Unions
An independent study illustrates Idaho credit unions’ significant contributions to their members and communities, to the tune of $638 million in total economic impact.
In 2017, your Association commissioned an independent study to measure the total economic impact of credit unions in Idaho. Conducted by the economists at ECONorthwest — who also completed the 2014 and early 2017 reports detailing the economic impact of Oregon and Washington credit unions — the new report illustrates Idaho credit unions’ substantial positive impact on the state’s economy.
According to the 2017 Economic Impacts of Credit Unions in Idaho report, Idaho credit unions created a $638 million total economic impact in 2016.
The report drives home the positive results produced by credit unions’ cooperative structure. Credit unions exist only to serve their member-owners’ financial needs, and are uniquely positioned to return direct benefits to them. According to the new report, Idaho credit unions are not-for-profit, cooperative financial service partners to 55 percent of the state’s population. Idaho credit unions delivered $89.9 million in direct financial benefit to these member-owners, generating $90.4 million in local spending.
In addition, Idaho credit unions provided 2,520 family-wage jobs, with every credit union job supporting 1.2 additional jobs in the Idaho economy.
“Performing a high-level, independent economic analysis documents credit unions’ economic impact on communities, and the financial empowerment they provide to members,” said Troy Stang, NWCUA’s President and CEO. “This new, leading-edge study will help elected officials and other community groups understand that Idaho credit unions’ not-for-profit, cooperative structure inherently holds them accountable to members. This data makes it clear that consumers must always have access to the cooperative financial services model.”
Click here to view the new Idaho report, as well as reports released early last year on Oregon and Washington credit unions’ economic impacts.
Use Our Toolkit to Share the News
To help member credit unions share the good news outlined in the report, your Association has created a toolkit with social media resources, and sample messages to your board, your staff, your members, and your local media.
More than 200 Idaho credit union branches provided data to inform this 2017 study. Those participants are receiving impact reports customized to their credit unions.
“Our hope is that this first-of-its-kind report will not only be an important element of our 2018 advocacy efforts, but also will help Northwest credit unions better communicate the Credit Union Difference to their members and their communities,” NWCUA’s Chief Advocacy Officer Jennifer Wagner said.