Regions Bank generates $7.6 billion impact on Alabama economy, study shows

Regions Bank generates $7.6 billion impact on Alabama economy, study shows
Regions Bank's downtown Birmingham branch is part of a huge network that touches all 67 counties in Alabama and has a massive impact on the state's economy, employment and volunteerism, among other areas. (Michael Tomberlin/Alabama NewsCenter)

Regions Bank had a $7.6 billion impact on the Alabama economy in 2018, according to an economic impact study from nationally recognized consulting firm Tripp Umbach.

Based on 2018 data, Regions Bank also:

  • Supports both directly and indirectly 32,171 jobs.
  • Provides pay and benefits to employees that are on average 46% higher than the average job in Alabama.
  • Provides $11.1 million annually to Alabama charities through corporate donations, associate monetary donations and associate volunteerism.
  • Supports the local economy through more than $3.3 billion in loans to consumers and businesses across Alabama’s 67 counties, spurring economic activity statewide.
  • Generates more than $266.9 million in state and local tax revenue, both directly and indirectly.

“Regions continues to be a powerful tool for Alabama’s economic well-being,” said Alabama Gov. Kay Ivey. “As we look for ways to continue boosting our economy, Regions will serve as an important catalyst for that growth.”

The report finds Regions Bank significantly strengthens the Alabama economy, with the most dramatic effect on Greater Birmingham, where the company had a $4.1 billion total impact in Jefferson and Shelby counties in 2018. This includes nearly $2.2 billion in direct expenditures in payroll and nonpayroll expenses, as well as an additional $1.9 billion in indirect or induced spending. In 2018, more than 36% of Regions employees resided in the Birmingham metro area.

“Regions leadership has always provided an economic anchor for the city,” said Birmingham Mayor Randall Woodfin. “As we continue to make strides in the transition to an inclusive economy, Regions serves as a key partner for the future.”

Driven by a powerful purpose to make life better for Regions customers, associates and communities, Regions is focused on creating shared value as it helps people meet their financial goals and aspirations. The report highlighted how Regions invests locally through economic and community development, financial wellness programs, and education and workforce readiness initiatives.

“Thriving communities benefit everyone, so we’re proud to be able to strengthen Alabama through job creation, charitable investments, lending to consumers and businesses, and our daily operations, because it all helps build a better future,” said John Turner, President and CEO of Regions Financial. “By leveraging all the tools at our disposal – and concentrating on the areas where we can have the most meaningful and measurable impact – Regions Bank is well-positioned to remain an integral part of the state’s economic vitality.”

Regions retained the consulting firm Tripp Umbach to measure and quantify the economic impacts and community benefits generated by the bank in Alabama, and specifically within Greater Birmingham. The report is intended to identify the significant value, both in quantitative and qualitative terms, of Regions Bank to the state and local economy. The report focuses on the direct and indirect economic impact stemming from Regions Bank operations in Alabama for 2018.

A copy of the full report is available at www.doingmoretoday.com.

Related Stories