Fueling the Economy, One Job at a Time

Potential new employment opportunities created by a Navy Federal Credit Union call center is just one example of the myriad ways credit unions are creating jobs.

 
 

More than eight million Americans are seeking employment, and credit unions are playing a vital role in responding to this economic need.

One credit union in particular is having a notable impact on the job market in one of the communities it serves. According to an article on PNJ.com, Navy Federal Credit Union ($44.1B, Merrifield, VA) is closer to inking a deal that would score the credit union 240 acres from a neighboring 4-H center. The credit union plans to develop a 225,000-square-foot building on the land, adding to its already sizable call center there. The deal will potentially create several thousand new jobs over the next 10 to 15 years, helping the economic rebound and contributing to regional stability. As the country’s largest credit union, Navy already supports 1,700 jobs at the Florida location.

Albeit, most credit unions do not have the resources to construct new buildings and create new jobs in such a tangible manner; however, credit unions of all sizes are helping create jobs all across the United States. In fact, credit unions contributed to the creation of more than 908,800 jobs in 2010. Here are some numbers culled from the May issue of The Callahan Report that I find interesting:

  • 223,220: That’s the number of full-time jobs credit unions helped create.
  • 31,339: That’s the number of part-time jobs credit unions helped create.
  • 127,642: Credit union-supported jobs created via third-party support services.
  • 72,180: Credit union-supported jobs created via real estate financing.
  • 454,000: Credit union-supported jobs created via automotive financing.

Whether you create jobs through a multi-million dollar complex or through your auto loan financing, credit unions have a significant role in America’s job growth and the economic recovery. It’s more than just about what is on your balance sheets. As cooperatives, credit unions are contributing to a broader public purpose, and that is something to be proud of!

 
 

June 1, 2011


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