An Economic Impact Study performed by the Center for Business and Economic Development at the University of Alabama shows that credit unions have a significant positive impact on the state's economy. The study, commissioned by the Alabama Credit Union League's subsidiary, CU-Vote, was released this month. The Alabama Credit Union League along with many credit union representatives from Alabama attending CUNA's Governmental Affairs Conference, delivered a copy of the new study to Alabama's Congressional delegation.
The report presents the economic and fiscal impacts of credit unions in Alabama during 2003. Among the major findings were that credit unions contributed to $543 million in economic output resulting in 8,777 direct and indirect jobs and $288 million dollars in household earnings. According to the report, those earnings generated $24.1 million in tax receipts; $16.8 million in state income, sales and property taxes as well as $7.3 million in county and municipality sales and property taxes.
Separately, the study found that during 2003, Alabama credit unions saved their members over $113 million dollars versus what they would have paid a for-profit financial institution. In total, these savings generated an economic impact of $218.3 million dollars resulting in 2,241 jobs with earnings of $58.3 million. This economic impact in turn, also generated $4.9 million additional dollars in tax receipts for the state. For info: www.acul.com.
