CUNA Mutual Group Chief Economist Steven Ricks told Discovery Conference attendees that credit unions can expect to see strong growth in loans, savings, and memberships as the economy continues to experience healthy growth in the coming years. He said that it’s good news for credit unions looking to expand their reach and services in the next two years.
“The U.S. economy has experienced six solid recovery and growth years that will continue to be above trend in 2016 and into 2017. With the increased consumption spending by consumers, residential purchases and business investments, the economy will continue to trend at a strong 2.8 percent growth rate,” said Rick.
Rick believes that as the economy approaches full employment by 2017, wages will rise and consumers are more likely to start spending, translating into increased opportunities for credit unions. Household net worth is at record levels in the U.S., and consumers are more confident, resulting in new demand for lending, credit, and savings products.
If a credit union missed the Discovery Conference, they can view Rick’s session and many others through the on-demand function. Go to CUNA Mutual’s website for more information.