The top 100 co-ops in the US had joint turnover of US$255bn in 2021, according to a report from National Cooperative Bank (NCB), marking an increase of 11% from 2020.
NCB has been producing its Co-op 100 report every October since 1991, listing the biggest 100 co-ops in the US by turnover. Last year’s report showed that in 2020, the USA’s largest co-operatives had a joint turnover of US$226bn.
The top co-ops came from the agricultural sector, with CHS, Dairy Farmers of America and Land O’Lakes taking the top three places – unchanged from 2020. In 2021, agribusiness giant CHS reported revenues of $38.4bn, Dairy Farmers of America $19.3bn and Land O’Lakes dairy $15.9bn.
Grocery co-ops Wakefern Food Shoprite and Associated Wholesale Grocers also held their 2020 places at fourth tnd fift – Wakefern/Shoprite with revenues of $11.7bn and Associated Wholesale Grocers with $10.8bn.
Seventh on the list was hardware and lumber co-op ACE Hardware, with revenues of $8.5bn.
In the finance sector, Navy Federal Credit Union placed eighth on the list with $7.9bn. The next largest finance co-op on the list was CoBank at 16, with £3bn in revenues.
Healthcare was represented in the top ten by HealthPartners Inc., who brought in $7.7bn in 2021.
The top electric co-op in 2021 was Basin Electric Power Cooperative with revenues of £2.6bn.
NCB’s president and chief executive officer, Casey Fannon, said: “Co-operatives employ millions of people, pay taxes and give back to their communities. They provide valuable products and services, trade in the global markets, and deal with competition.
“Under the theme “Co-ops Build Economic Power”, this year’s Co-op Month is also a chance for us to communicate the economic power cooperatives have in the United States.
“Big or small, hardware or grocery, over 100 years or just emerging, co-ops make a difference in the lives of their members and the community. While co-ops vary in industries, what they all have in common is embracing the values and principles that make them truly unique.”