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2024 U.S. Industry Statistics & Market Forecast - Credit Unions


Market Size & Industry Statistics

The total U.S. industry market size for Credit Unions: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders. In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.

Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.

Charts and graphs can be copied to Microsoft Word and Powerpoint presentations.

Statistics        2019        2020        2021        2022        2023
Market Size
(Total Sales/Revenue)


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Total Firms
Total Employees
Average Revenue Per Firm
Average Employees Per Firm
Average Revenue Per Employee
Statistics Source: U.S. Census, AnythingResearch Analysis of Federal Data



Market Forecast

Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.





Forecast / Industry Outlook 2024 2025 2026 2027 2028
Market Forecast ($ millions)
Projected Industry Growth Rate (%)
Source: AnythingResearch Economic Analysis

Industry Insights

The Credit Unions industry has been impacted by several trends in recent years. One significant trend is the increasing competition from fintech startups and digital banks, which are offering innovative services and digital solutions. This trend has led to credit unions investing in technology and digital infrastructure to remain competitive.

Another trend affecting credit unions is the rise in regulatory scrutiny and compliance requirements. Credit unions are subject to numerous regulations from federal, state, and local agencies, which require increased compliance efforts and paperwork. This trend has led to credit unions investing in compliance management solutions and software to manage regulatory requirements more efficiently.

Additionally, credit unions are also facing pressure to diversify their services and offerings to cater to changing member needs. Some credit unions are expanding their product lines by introducing new services such as investment options, insurance, and financial planning. This trend has led to credit unions partnering with other financial institutions and technology providers to expand their offerings and improve member engagement.

Finally, credit unions are also responding to the changing demographics and consumer preferences. Many younger consumers prefer digital banking options, and credit unions are investing in mobile banking platforms and online services. Credit unions are also exploring ways to improve member experience and engagement through personalization and data-driven insights.

In summary, credit unions are facing several trends affecting the industry, including increased competition, regulatory scrutiny, diversification of services, and changing consumer preferences. Credit unions must remain agile and adapt to these trends to remain relevant and viable in an increasingly competitive market.



Product & Services Breakdown

Research products and services in the Credit Unions industry generating sales. Note that products are broken into categories with different levels of classification.

Product DescriptionNumber of Companies Sales ($ millions) Percent of Total Sales

Industry Total

Loan Services - Income

Loans To Financial Businesses

Loans To Non-Financial Businesses

Residential Mortgage Loans

Home Equity Loans

Vehicle Loans, Consumer

All Other Secured Or Guaranteed Loans To Consumers

Unsecured Loans To Consumers

Credit Card Services - Income

Credit Card Services For Cardholders, Business And Government

Credit Card Services For Cardholders, Consumer

Credit Card Services For Merchants

Credit Card Association Products

Factoring Services - Fees

Other Credit Financing Services - Income

Financing Related To Securities

Trading Debt Instruments On Own Account - Net Gains (Losses)

Trading Other Securities And Commodity Contracts On Own Account - Net Gains (Losses)

Deposit Account Service Packages, Except Business

Separately-Priced Deposit Account Services, Except Business

Cash Handling And Management Services For Business

Document Payment Services

Automated Clearinghouse (Ach) Services - Fees

Financial Planning And Investment Management Services

Other Products Supporting Financial Services - Fees



U.S. Geographic Distribution: Revenue Statistics by State

Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.

U.S. map by state

Income Statement (Average Financial Metrics)

Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.

Industry AveragePercent of Sales
(Industry Benchmark)
Total Revenue

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Operating Revenue
Cost of Goods Sold
Gross Profit

Operating Expenses
Pension, profit sharing plans, stock, annuity
Repairs
Rent paid on business property
Charitable Contributions
Depletion
Domestic production activities deduction
Advertising
Compensation of officers
Salaries and wages
Employee benefit programs
Taxes and Licenses
Bad Debts
Depreciation
Amortization
Other Operating Expenses
Total Operating Expenses
Operating Income
Non-Operating Income
EBIT (Earnings Before Interest and Taxes)
Interest Expense
Earnings Before Taxes
Income Tax
Net Profit
Net Income
 
Source: AnythingResearch Analysis of U.S. federal statistics




Financial Ratio Analysis

Financial ratio information can be used to benchmark how a Credit Unions company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.

Profitability & Valuation RatiosIndustry Average
Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Credit Unions industry is performing.
Profit Margin
Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues.
Return on Equity (ROE)
Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings).
Return on Assets (ROA)
Return on Assets (ROA) is net income relative to total assets. The market research on Credit Unions measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets.


Liquidity RatiosIndustry Average
Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability.
Current Ratio
Measures a firm's ability to pay its debts over the next 12 months.
Quick Ratio (Acid Test)
Calculates liquid assets relative to liabilities, excluding inventories.


Efficiency Ratios - Key Performance IndicatorsIndustry Average
Measure how quickly products and services sell, and effectively collections policies are implemented.
Receivables Turnover Ratio
If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections.
Average Collection Period
Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover
Inventory Turnover
A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort.
Fixed-Asset Turnover
Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue.



Compensation & Salary Surveys for Employees

Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.

TitlePercent of WorkforceBottom Quartile Average (Median) SalaryUpper Quartile
Management Occupations 11%

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Chief Executives0%
General and Operations Managers3%
Operations Specialties Managers 6%
Business and Financial Operations Occupations 26%
Business Operations Specialists 6%
Financial Specialists 20%
Credit Counselors and Loan Officers 11%
Loan Officers 11%
Computer and Mathematical Occupations 7%
Computer Occupations 6%
Sales and Related Occupations 13%
Sales Representatives, Services 10%
Securities, Commodities, and Financial Services Sales Agents 10%
Securities, Commodities, and Financial Services Sales Agents 10%
Office and Administrative Support Occupations 42%
Financial Clerks 18%
Tellers 13%
Tellers 13%
Information and Record Clerks 17%
Customer Service Representatives 7%
Customer Service Representatives 7%
Loan Interviewers and Clerks 7%
Loan Interviewers and Clerks 7%
Source: Bureau of Labor Statistics


Credit Unions Competitor Landscape & Key Companies [PREMIUM]

The most influential companies in the Credit Unions industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Credit Unions industry and adjacent sectors:

Market Leaders:
Direct Competitors

Companies with the largest market share, focused in this industry
Market leaders:
Diversified Competitors

Largest companies that have diversified operations in this and other industries
Innovators:
Direct Competitors

Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry.
Innovators:
Diversified Competitors

Innovators and Disruptors in adjacent industries that may also affect the Credit Unions industry.
Source:
IncFact




Innovation News





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