The Research on the Economic Impact of Co-operatives that began in 2006 has looked at all co-ops across the US and discovered that 29,284 co-ops account for $654bn revenue.
Co-operatives pay $75bn to more than two million staff at around 73,000 places of business. The majority of workers are in the financial services sector, such as credit unions, which accounts for 1.1 million staff.
These co-operatives also own over more than $3 trillion in assets. A spokesman for the National Co-operative Business Association said: “This is a defining moment for both the history of cooperatives and American business. We’ve known for years how much co-operatives contribute to our nation’s economy; now we finally have data that makes the case for the co-operative business model so all consumers understand why this model endures—especially during tough economic times like we’re all facing today.”
• For further details on the study visit: http://reic.uwcc.wisc.edu.