LAS VEGAS (2/25/14)--An upswing in credit union loans in Nevada caught the attention of the Las Vegas Review-Journal, which noted that the fourth quarter of 2013 was the first time loans had been in the plus column since 2007.
The 0.6% increase in the fourth quarter was driven by "mid-level consumer purchases, mostly used auto, unsecured personal loans and credit cards," said Dwight Johnston, vice president/chief economist of the California and Nevada Credit Union League. The Review-Journal cited numbers from the league in its Feb. 21 report.
Used auto loans finished the year with a 13.6% increase according to preliminary fourth-quarter numbers from the league. Unsecured personal loans and credit cards also ended 2013 with increases of 5.4% and 4.8%, respectively.
"These three categories provided strong enough growth to push the overall loan growth into positive territory in the fourth quarter," Johnston said. "After lagging the recovery in the rest of the U.S., Nevada began what appears to be a sustainable rebound in jobs and construction in the second half of 2013."
Nevada credit unions also experienced a boost in savings, with 0.5% increase in the fourth quarter and 3.2% for the year overall.
Regular savings account balances increased by 9% at year-end 2013. Checking account balances ticked upward at 0.9% year over year, and money market balances came in with 2% year-over-year growth.