Arizona leads the nation when it comes payday lending. By itself, the state accounts for more than $4.7 billion – more than 16 percent – of the unsecured loan industry’s receipts, which works out to an average of $863.40 per resident.

That per capita amount is more than four times the next four states combined.

The industry’s total revenue in Arizona tops No. 2 California’s almost $3 billion by more than 35 percent despite less than one-fifth the population. And this is from data that is six years old. The U.S. Census Bureau released state-by-state statistics last week in an effort to spur businesses to return economic census questionnaires that were sent out in December. Businesses are required by law to respond to the forms, which are sent out in every year ending in either a 2 or 7. The latest questionnaires are due back by Feb. 12.

There were 84,000 forms sent out to Arizona businesses, 13,000 of which went to businesses in the Tucson metropolitan area. Specific information about businesses is kept confidential and used to compile overall economic data about industries and regions. The No. 2 state, per capita, for unsecured loans was Iowa at $220, followed by Tennessee at $192, South Carolina at $185, North Carolina at $147 and Florida at $146.

After Arizona and California, the next highest states for receipts from lending were Florida at $2.4 billion, Texas at $1.6 billion and North Carolina at $1.2 billion.The industry’s big revenues in Arizona came despite the fact that its 129 locations in 2002, dwarfed those other states. California had 708 locations, Florida 570, Texas 1,585 and North Carolina 576.

Arizona did not rank No. 1 in any other economic data category but did rank among the top in these industries:

• No. 2 in ground transportation services such as buses, shuttles, limousines and vanpools (not including urban mass transit) - total revenues of $205 million.

• No. 3 in wood roof and floor truss manufacturing - total revenues of $223 million.

• No. 6 in renting or leasing trucks, utility trailers and recreational vehicles - total revenues of $616 million.

• No. 9 in concrete block manufacturing - total revenues of $183 million.

Some economists said they were not surprised by Arizona’s standing when it comes to unsecured lending.

"I’m seeing it as largely the result of being in a rapid-growth state," said Tracy Clark, an economist with the JPMorgan Chase Economic Outlook Center at Arizona State University’s W.P. Carey School of Business. "These types of activities are in demand for people who can’t establish permanent relations with a bank."

Economic Census

With the username and password on the mailing label of the form, any business that needs to discuss the Economic Census with the U.S. Census Bureau can do so

• To speak to a service representative: 1-800-233-6136

(weekdays, except holidays, from 6 a.m. to 4 p.m. Tucson time)

• Electronic reporting questions: 1-800-838-2640

(weekdays, except for holidays, from 5:30 a.m. to 2 p.m. Tucson time)

• Postal address: U.S. Census Bureau U.S. Census Bureau National

Processing Center, 1201 E. 10th St., Jeffersonville, IN 47132-0001.

 

Virtually every business in the Tucson area – 13,000 – should have received a 2007 Economic Census form in December. By law, those forms must be completed and returned by Feb. 12.  Information from reporter Jeremy Thomas, of the Cronkite News Service, was included in this report.