The IAFFC is defending the industry
January 28, 2010 | Iowa, industry | Comments (0)And protecting consumer choice. If you do business in Iowa, check them out here. Below are some facts about the industry and Iowa:
- The industry contributed over $125 million to Iowa’s gross state product (GSP) in 2007.
- The payday lending industry supports over 2,000 jobs[] in Iowa, including 1,028 people directly employed in 315 storefront locations. []
- The industry indirectly created another 347 jobs in supplier industries.
- Payday loan store and supplier industry employees induced the creation of 701 jobs through the purchase of goods and services using earned wages.
- In Iowa, the total labor income impact from the payday loan industry is $78.5 million:
- Through direct employment, payday loan stores contributed nearly $40 million in labor income.
- Suppliers to the payday lending industry contributed $13.7 million in labor income as an indirect result of the revenues generated by the payday loan industry.
- $25 million was generated from the wages of payday loan store employees and supplier industries’ employees as they were spent in Iowa’s economy.
- The payday lending industry helped to generate $32.5 million in federal, state and local taxes in 2007.
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Note: Findings based on 2007 data from IHS Global Insight study.
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