October 02, 2012

The economic impact of debt recovery in Utah

Ever wonder how much money debt collection companies recover each year in Utah? Let’s put it this way: The returns could build three Real Salt Lake stadiums every year with about $50 million to spare.

Pretty incredible, right?

Utah’s debt collection industry recovers about $380 million a year, according to a recent Ernst & Young report. And in the process, it adds hundreds of jobs and millions of dollars to the local economy.

How big is the collection industry’s impact? Take a look at these statistics:

  • Direct collections jobs: 860
  • Indirect jobs: 1,804
  • Direct payroll: $23 million
  • Indirect payroll: $49 million
  • State/local taxes: $2.2 million
  • Federal taxes: $2.6 million
  • Charitable contributions: $953,000
  • Employee volunteer hours: 5,300

Now that’s something to be proud of. If you’d like to see the national numbers, here’s the link.

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