Regions Financial, Alabama’s largest publicly traded company, has an outsized impact on the state’s economy according to a new study released this week.
According to Tripp Umbach, an economic development research firm hired by Regions, the company “contributed $3.3 billion and nearly 22,000 direct and indirect jobs to the Alabama economy in 2012.” Regions also lent $3.7 billion to businesses and consumers in the state during that same time frame.
Regions is the only Alabama-based company currently on the Fortune 500, coming in at number 401 on the list with $6.3 billion in revenues in 2012.
“When you consider both our direct economic impact and the activity we facilitate through lending, Regions contributes significantly to Alabama’s economy,” said John Turner, South Region president for Regions Bank. “As the largest bank in Alabama and the only Fortune 500 company headquartered here, we’re doing our part to encourage sustained economic growth in our home state by creating high quality jobs, purchasing goods and services from local companies, and lending to Alabama businesses and consumers.”
Here are some key takeaways from the economic impact study:
Regions…
- Had a $3.3 billion impact on the Alabama economy through day-to-day operations;
- Added more than $3.7 billion to the Alabama economy through lending to businesses and consumers in each of the 67 counties in the state;
- Supported nearly 22,000 jobs both directly and indirectly through operations;
- Provided pay and benefits to associates which was 36% higher than the average job in the state of Alabama;
- Generated both directly and indirectly more than $101.8 million in state and local tax revenue; and
- Provided $5.86 million to Alabama charities through corporate contributions, associate monetary donations and volunteerism.
“Our research clearly demonstrates that Regions is invested in Alabama and is a unique part of the fabric of the state’s economy,” said Carrie Kennedy, principal at Tripp Umbach. “Regions’ economic impact in Alabama goes beyond its sizable contributions to the state’s economy through job creation, spending and lending activity. If Regions was not headquartered in Alabama, another lender would step in to service the accounts, but given Regions’ importance in the state, a gap would be left within the community.”
To view the full study, click here.
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