How Northwest Community Credit Union Benefits Members
According to a regional study done by independent economists, Northwest Community members saved an average of $88 per member in 2016 as a result of lower credit union fees and rates. When you add it all up, we saved more than $9 million for all NWCU members! That’s money that members can save or put right back into circulation in their communities.
How Credit Unions Benefit Oregon
The study, done by independent economic analysts ECONorthwest, highlights the impact of Oregon credit unions on local economies. The 2016 Northwest Credit Unions’ Economic Impacts Report found that Oregon credit unions:
+ provided more than 5,800 family-supporting jobs to Oregonians
+ saved members $159 million with lower fees and rates
+ served half the state’s financial needs: 49% of Oregonians are members of a credit union
About Economic Impacts in our Communities
What did the study examine?
The ECONorthwest study measured economic activity by looking at:
+ Job creation by credit unions and businesses that work with credit unions
+ Spending by credit unions in the form of wages, benefits, taxes, and contracts.
The Ripple Effect
Economists call the additional rounds of spending associated with credit union spending “the multiplier effect.” Another way to think about it is like a ripple: One loan buys a house, which then requires electricity bills, purchasing furniture from the local home store, and creates jobs for local contractors to renovate parts of the home.
In 2016, Northwest Community Credit Union contributed to the economy by purchasing goods, services, and providing jobs for our employees. The ripple effect from NWCU’s economic activity in 2016 is estimated at more than $120 million throughout Oregon.
Another ripple effect happens with our employees: For every 1 person we employ, the economic activity they generate supports another 2 jobs. In 2016, this totaled 924 jobs in Oregon.