We, at the Payday Pundit, really love it when reporters only take one side of the story. That was sarcasm in case you didn’t catch that.
Hurts the economy? Really? Below are just some great stats that we wanted to share with our audience about the economic impact of payday lending in Missouri.
IHS Global Insight conducted a comprehensive study analyzing the economic impact of the payday loan industry nationally and in states with storefront locations. Findings illustrate “measurable and significant” economic benefits to local economies directly through employment, compensation and taxes, as well as through indirect and induced relationships with suppliers and other industries.
- The industry contributed over $596 million to Missouri’s gross state product (GSP) in 2007.
- The payday lending industry supports over 9,000 jobs[1] in Missouri including 4,152 people directly employed in 1,272 storefront locations. [2]
- The industry indirectly created another 1,871 jobs in supplier industries.
- Payday loan store and supplier industry employees induced the creation of 3,335 jobs through the purchase of goods and services using earned wages.
[1] Includes jobs in industries supplying input goods to the payday lending industry as well as jobs sustained due to the spending of wages in local economies by payday ending employees.
[2] Direct employment includes only store employees and not those employed in corporate headquarters or parent organizations.
