ICUL releases Swenson report

October 31, 2019

David SwensonThe Iowa Credit Union League (ICUL) released a new report by David Swenson, associate scientist, that showcases the not-for-profit credit union industry's economic contribution to the state, according to an Oct. 31 story, "Credit unions provide $1.57 billion to economy, industry report says to Iowa," in the Marion Times.

Per The Economic Contribution of Iowa's Credit Unions report, Iowa credit unions contributed $1.57 billion in total economic productivity in Iowa last year. Authored by Iowa State University economist Dave Swenson, the report analyzed the 4,248 credit union industry employees, the $279.5 million in payroll and benefits and the $1 billion in total earnings in 2018 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.

Swenson also spoke with Alana Semuels, TIME Magazine, about how a depressed farm economy will affect the broader rural economy.

And Tyler Jett, Des Moines Register, about visitors spending due to Iowa State University events and activities.

Swenson was interviewed by Jen Kinney, VICE, for background material on issues affecting rural areas in Iowa and how the candidates address them. Swenson also was a guest on Iowa Public Radio’s “River to River” program to discuss the importance of small town retail in light of the grocery store fire in Ogden.

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