The California Bankers Association Highlights Economic Impact of Banks Doing Business in California
SACRAMENTO, Calif. – The California Bankers Association (CBA) has released an updated report that examines the critical role banks play in supporting California’s economy and the communities where they do business. The report, prepared by Beacon Economics, examines and identifies a number of direct economic impacts banks have, as well the considerable contributions banks make to California’s economy through what are referred to as indirect effects.
Key findings include:
- Banks doing business in California support $67 billion of California’s economic output.
- Bank operations generate significant state and local tax revenues through income and sales taxes totaling $2.8 billion annually.
- California banks employ nearly more than 100,000 workers, and through indirect and induced effects, support an additional 161,000 jobs.
- In the fourth quarter of 2018, California banks generated $548 billion in loans, a $46 billion increase from a year earlier.
- Loans to individuals totaled $27 billion in the fourth quarter of 2018, a $2.4 billion increase from a year earlier.
Click here to access the report.