Economic Impact of Northwest Credit Unions
January 26, 2018
About 55 percent of Idaho residents are credit union members, according to a study called 2017 Economic Impacts of Credit Unions in Idaho by ECONorthwest.
ECONorthwest found that Idaho’s credit unions spend about $283 million in compensation and other payments. The report looked at the direct and indirect economic impacts of credit unions. The largest impact was jobs. Idaho credit unions provide 2,520 jobs, for a total of $147 million in compensation, said Michael Wilkerson, principal and project director for ECONorthwest.
ECONorthwest also looked at the impact of credit unions in Oregon, Washington, California, and Nevada.
While 55 percent of Idaho residents are credit union members, about 50 percent of Washington citizens and 49 percent of Oregon citizens are, Wilkerson said.
The report also noted that Idaho credit unions had more than 548,000 loans to its members, totaling $7.3 billion.
Credit unions are available in 34 of Idaho’s 44 counties, and 153,000 members are considered to reside in rural communities, the ECONorthwest study found.
Posted in NWCUA in the News.