BOISE, Idaho—Idaho’s 35 credit unions had an impact of $638 million to the Gem State’s economy in 2016, according to a new economic analysis released by the independent consulting firm ECONorthwest.
The company’s 2017 Economic Impacts of Credit Unions in Idaho report measured jobs, economic output, and income supported by the credit unions, as well as the direct benefits delivered to each of the 917,400 Idahoans who are credit union members, according to the Northwest Credit Union Association.
“In commissioning the first-of-its-kind analysis of Idaho credit unions, the Northwest Credit Union Association (NWCUA) continues its commitment to document the significant economic impact of the region’s credit unions. NWCUA released an independent economic analysis of Oregon and Washington credit union impacts early in 2017,” the NWCUA said in a statement.
With the Idaho report complete, Northwest credit unions’ collective economic impact is now documented at $8.4 billion, the association added.
“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 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.”
According to the analysis by ECONorthwest:
- Idaho’s credit unions collectively returned $89.9 million in direct member benefits last year, and an average of $98 to each member. Members reinvested those benefits in local communities, generating $90.4 million of spending in the state.
- Idaho credit unions are providing 2,520 family-wage jobs for Idahoans, who earned $147 million in compensation.
“Every credit union job supports 1.2 others in the economy, meaning the state’s credit unions supported 5,440 jobs overall,” said Michael Wilkerson, PhD, Senior Economist for ECONorthwest.
Approximately 55% of Idaho’s population belongs to a credit union, including rural communities where 153,000 people are members.
NCUA data show that in 2016 Idaho’s credit unions had more than 548,000 loans outstanding to their members, totaling $7.3 billion.