How Idaho Credit Unions Performed in 2022
The Idaho Economic Impact Report

Idaho Credit Union Summary article, 2/9/23 

GoWest Credit Union recently released an executive summary of the 2022 Idaho Economic Impact Report that demonstrates the profound impact credit unions provide to Idaho residents. With the information provided in this critical study, Idaho credit unions can take the data gathered to enhance their business strategies by promoting their status as essential financial service providers for their communities. Using the report, credit unions can showcase the jobs, economic output, and income that supports the state economy. Idaho credit unions contributed $1.7 billion to the state economy in 2022, providing 3,700 family-wage jobs and supporting $161 million in total economic output through direct member benefits. In addition, the number of credit union members in Idaho has grown 31% since 2018, and the credit unions have provided 641,000 loans totaling $13.2 billion to their members. These loans have helped put members in houses, start small businesses, and provide transportation to jobs. In some counties, credit unions have a 30% membership of the rural population and have remained committed to serving these communities, providing services such as home, vehicle, and small business loans. In these rural counties, where many out-of-state financial institutions have closed branches, local credit unions have remained committed to serving the community. The spending associated with the operation of credit unions in Idaho also generates multiplier effects that benefit workers and business owners in other sectors of the local and state economies. For example, in Idaho, the job multiplier is 2.5, meaning that every direct employee at a credit union supports another 1.5 additional jobs for workers in other sectors. It’s important for Idaho credit unions and their members to note that they have the support they need from elected officials, such as Rep. Brent J. Crane, who sponsored three bills that have modernized state law and provided operational flexibilities for Idaho credit unions.* This shows that credit unions have the backing of the government and that they are actively working to improve their services and provide their members with the convenience they need and deserve. Credit unions in Idaho can use all of this information from the 2022 Idaho Economic Impact Report to highlight the unique and valuable role they play in the state’s economy and their direct impact on residents. By leveraging their strengths, such as their not-for-profit, cooperative structure, and commitment to serving their members, credit unions can position themselves as key drivers of continued growth for Idaho residents.

References:

*GoWest Credit Union Association. (2023, January 31). Idaho Advocates Turn Out in Force for Credit Union Day at the Capitol. Retrieved from https://gowestassociation.org/2023/01/31/idaho-advocates-turn-out-in-force-for-credit-union-day -at-the-capitol/

*The 2022 Economic Impact of Credit Unions in Idaho Author(s): ECONorthwest Year of Publication: 2022 Title of Source: Economic Impact of Credit Unions in Idaho Type of Source: Report Publisher: N/A