Strength of Maine CUs Highlighted in Regional Report
February 17, 2017
Recently, the New England Council released a report called, The New England Financial Services Industry: Around the Corner and Around the World, and, in it, the strength of Maine's credit unions were among the headlines in the section on Maine. The report provided an overview and analysis of the financial services industry in each New England state, and underscored the important role that the industry plays not only with consumers but as employers. "From a credit union perspective, we appreciate being included in the report, and were pleased that Maine's total credit union membership was highlighted for added significance," remarked John Murphy, President of the Maine CU League.
In the report's introduction, James Brett, President of the Council, which is the nation's oldest regional business association, notes, "Credit unions help ensure economic development and vitality in hundreds of cities and towns including places, such as Bangor, Maine." Murphy said it was nice to see the report analyze the economic impact of credit unions and the entire financial services industry. "Credit unions are significant and stable employers, and financial services plays a major role in Maine's economy."
In the section on Maine highlights, one of the bullet points read, "Maine is home to 58 credit unions with almost 700,000 members." Additionally, the report found, "When direct, indirect, and induced employment are combined, total financial services industry employment in Maine of 58,760 in 2015 accounted for 7.2% of the state's total jobs. The financial services industry's impact on Maine wages and value added was even larger, accounting for 9.2% of total wages and 8.9% of state GDP across all industries in 2015." "The strength and popularity of Maine credit unions certainly contribute to Maine's economy," added Murphy.