CUANY shares results of statewide economic survey
NY credit union leaders ‘cautiously optimistic’ about economy; majority anticipating growth
CUANY: Mindi Schwab, Communications Director
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(Albany, N.Y.) - Nearly 80 credit union leaders representing every asset category and region in New York State completed the Credit Union Association of New York’s recent Economic Survey, providing valuable insights into the opportunities and challenges facing New York credit unions. CUANY conducted the online survey in December.
Key findings include:
- The majority of participating credit union leaders are either somewhat optimistic or very optimistic about the national, state and regional economies in 2014. In contrast, 45 percent of leaders are either somewhat pessimistic or very pessimistic about the national and state economies, and 43 percent are somewhat or very pessimistic about their regional economies.
- More than 60 percent of respondents are anticipating loan growth in 2014, and 57 percent are expecting growth in credit union shares.
- Among respondents whose credit unions offer business loans, 76 percent are anticipating growth in 2014.
- The majority of respondents (57 percent) are planning to expand products and services in 2014.
- Among respondents whose credit unions offer mortgage refinances, 46 percent are anticipating an unchanged level of growth in 2014, while 31 percent are anticipating a decline and only 24 percent are anticipating growth.
- Among respondents whose credit unions offer first mortgage loans, 87 percent are anticipating either growth (43 percent) or a continuation of the same levels (44 percent) in 2014.
- Among respondents whose credit unions offer student loans, 90 percent are anticipating either growth (42 percent) or a continuation of the same levels (48 percent) in 2014.
- The majority of respondents (53 percent) are not planning to hire new employees in 2014.
- The majority of respondents (72 percent) are not planning to open new branches in 2014.
Regional comparisons include:
- Credit union leaders in the Adirondack, Metropolitan and Rochester regions are the most optimistic about their regional economies for 2014, while those in the Central New York, Finger Lakes and Long Island regions are the least optimistic.
- A total of 67 percent of respondents in the Rochester region are projecting growth in first mortgage loans for 2014—the highest number statewide.
- Seventy percent of respondents in the Metropolitan region are planning to hire new employees in 2014, compared to 40 percent or less in the other chapters.
- More respondents are planning to expand their products and services in the Utica-Rome region (100 percent), the Central New York region (71 percent) and the Catskill-Hudson and Rochester regions (67 percent) than other regions.
“These findings reflect a cautious optimism among New York credit union leaders as our economy continues to recover,” said William J. Mellin, CUANY president/CEO. “It’s encouraging to see that, while there are still many challenges facing our industry, the majority of New York credit unions are planning to increase their lending, serve more members and expand the products and services they provide in the year ahead.”
For more information, view the New York Credit Union Economic Survey Highlights flyer at https://www.cuany.org/access_files/EcnmcSrvyHghlghts13.pdf.
About Credit Union Association of New York
The Credit Union Association of New York has served as the trade association for the state’s credit unions since 1917. New York credit unions have assets of more than $65 billion and serve 4.9 million members. To learn more about CUANY, visit www.cuany.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.