Iowa credit unions contributed $1.9 billion in total economic productivity in Iowa last year, according to an annual report that highlights the not-for-profit credit union industry’s economic contribution to the state. Authored by Iowa State University economist Dave Swenson, the report analyzed the total value of the credit union industry to the state’s economy. Last year, Iowa credit unions employed 4,366 people, paid $262.6 million in payroll and benefits, and generated $1.23 billion in total earnings. The report found that every dollar spent by the state’s credit unions added 55 cents elsewhere in Iowa’s economy, and every job at an Iowa credit union supports an additional 1.06 jobs in the rest of the Iowa economy. Iowa credit unions’ $1.9 billion economic contribution in Iowa includes $905.5 million in value-added GDP, of which $475.1 million is labor income to 8,990 job holders. The report was released Thursday in recognition of International Credit Union Day. An executive summary can be found at this link.