Yakima County Tops Nation for Consumer Lending

Yakima is now one of the nation’s top cities where bank loans to consumers actually grew last year. According to a recent survey by Moody’s Economy.com and Equifax Inc., consumer loans such as mortgages, equity loans, auto, credit card, and student loans were up by 10.69 percent in the fourth quarter last year when compared to the same period last year; that compares to 2.65 percent nationwide.

Scott Jarvis, director of Washington’s Department of Financial Institutions, says that Yakima’s lack of mega-commercial real estate development and the state’s relatively low foreclosure rates are just reasons why the area shows stable growth.

In addition to strong consumer lending, Yakima also has a fair amount of commercial projects being built or moving forward. According to Lisa Pearl Smith, business development director for New Vision, the Yakima County Development Association, “We are fortunate to have strong agricultural and healthcare sectors underpinning our regional economy. Couple this with a multitude of healthy local banks it’s no surprise the Yakima Valley is again recognized as one of the nation’s leading metropolitan areas when it comes to economic vitality.”

Attributed in part to the Yakima Herald-Republic