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In a first-of-its-kind survey, financial analysis firm Global Insight examined the economic impact on the American economy of the payday loans industry's 23,000 store fronts.
The report reveals that, in addition to the 77,000 Americans directly employed in payday advance stores, the industry has acted as an economic agent, broadly contributing to the economies of the states in which it operates.
The Global Insight report which includes state-by-state breakdowns--reveals that the payday loans industry supports over 155,000 jobs nationally and contributed over $10 billion to the national GDP in 2007.
The industry helped generate over $2.6 billion in federal, state and local taxes: $775 million were in taxes on production, and the remaining tax income came from corporate and personal income taxes.
The payday loans stores themselves, through direct employment, contributed $2.9 billion in labor income in 2007, which translated to approximately $37,689 per store employee.
Source: Community Financial Services Association of America release.
Posted July 15th, 2009 by Armen Hareyan
