Steuben County REMC is deeply committed to providing affordable and reliable electricity to our consumer-members and empowering the communities that we serve. This means being more than just an electricity provider; it means being a partner in economic development and other activities that improve the lives of our members.
But have you ever stopped to wonder what kind of an impact the nation’s roughly 900 electric co-ops have across the United States? What about right here in our own community?
A new report on this very topic shows that electric co-ops supported nearly 612,000 American jobs and contributed $440 billion in U.S. GDP from 2013 to 2017, or $88 billion annually. Those are some big numbers.
The study, “The Economic Impact of America’s Electric Cooperatives,” was conducted by FTI Consulting for the National Rural Electric Cooperative Association and the National Rural Utilities Cooperative Finance Corporation.
The report quantifies what many rural American families and businesses know well — electric cooperatives are powerful engines of economic development in their local communities. Affordable and reliable electricity is a key ingredient for a successful economy. Because electric co-ops were built by, belong to and are rooted in the communities they serve, they play a vibrant role as economic cornerstones for millions of American families, businesses and workers.
Access to electricity was a vital component of economic development and diversification in the mid-20th century, and that remains true today. Roughly one in eight residents nationwide are served by an electric co-op, meaning direct co-op employment and investments can ripple throughout the economy and create additional economic value for local communities, regions and the country.
From 2013 to 2017, electric co-ops contributed $881 billion in U.S. sales output, $200 billion in labor income and $112 billion in federal, state and local tax revenues.
Nationally, electric co-ops spent $359 billion on goods and services across the economy.
On the local front, Steuben County REMC is a generous contributor to scores of local events, fundraisers and organizations. In fact, we operate an entire grants program that offers funding to philanthropic organizations that 1) further the cause of economic development in Steuben County, and 2) help our members. Operation Round Up has given back almost $600,000 to worthwhile organizations in our area, and we have no plans to stop now. We’ve helped numerous youth programs get off the ground, funded educational and STEM initiatives, provided life-saving equipment for area first responders, provided support in the areas of economic development, childcare, and many more; we’ve even helped to deploy fiber Internet to the technology park at I-69 and U.S. 20. And it’s all because of the help and generosity of our members, like you.
If you know of an organization that is making strides to improve economic development and the quality of living here in Steuben County, encourage them to reach out to Operation Round Up for grants funding. More information about our program and our cooperative can be found at
www.remcsteuben.com/ORU.
