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Iowa Credit Unions Provide $1.25 Billion in Economic Contribution to Iowa, New Report Finds
10/19/2017

DES MOINES, IA — In celebration of International Credit Union Day and Governor Kim Reynold’s proclamation declaring October 19 Credit Union Day in Iowa, the Iowa Credit Union League (ICUL) released a new report today that showcases the not-for-profit credit union industry’s economic contribution to the state.

Per The Economic Contribution of Iowa’s Credit Unions report, Iowa credit unions contributed $1.25 billion in total economic productivity in Iowa in 2016. Authored by Iowa State University economist Dave Swenson, the report analyzed the 3,668 credit union industry employees, the $228.8 million in payroll and benefits and the $732 million in total earnings in 2016 to find the total value of the credit union industry to Iowa’s economy. These direct values combined with Iowa credit unions’ use of local utilities, services to operate facilities and credit union employees’ spending in local communities create a multiplier effect that supports even more jobs in Iowa.

The report found that every $1 spent by the state’s credit unions added $0.70 elsewhere in Iowa’s economy, and every job at an Iowa credit union supports an additional 1.1 jobs in the rest of the Iowa economy. Iowa credit unions’ $1.25 billion economic contribution in Iowa is comprised of $637.85 million in value added GDP, of which $386.49 million is labor income to 7,703 job holders.

“Credit unions showcase the cooperative spirit through their “people helping people” philosophy,” said Gov. Reynolds.  “As a credit union member myself, I recognize the value credit unions provide to their members and the communities they serve by empowering Iowans to improve their financial future.” 

Gov. Reynold’s Credit Union Day proclamation recognizes the Iowa credit union industry for its continuing advancement of the financial well-being of credit union members and the contributions made to their respective communities. It states, “Credit unions embrace a ‘people-helping-people’ philosophy through pooling of personal resources and leadership abilities for the good of the cooperative, empowering members to improve their financial future and uniting to help those in need.”

“Credit unions embrace a simple idea that by working together, people can improve their financial lives,” said Patrick S. Jury, President/CEO of ICUL. “On International Credit Union Day we celebrate the spirit of the global credit union movement and also recognize the positive impact Iowa’s credit unions’ have on our state’s economy. The not-for-profit, cooperative structure saves Iowa credit union members $100 million annually – helping to improve the financial lives of more than 1.1 million Iowans and their communities across Iowa.”

Sponsored by the World Council of Credit Unions since 1948, International Credit Union Day is celebrated to remember credit unions’ proud history and promote awareness of and support for the credit union difference. As not-for-profit, financial cooperatives, credit unions provide an effective and viable alternative to for-profit financial institutions for more than 217 million members in 105 countries worldwide. "Dreams Thrive Here,” this year’s International Credit Union Day theme, illustrates how credit unions and other financial cooperatives serve as catalysts to make different professions, personal choices and career paths real.

Download Governor's Credit Union Day Proclamation

Download the Economic Report Executive Summary

Download the full Economic Report



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