According to Georgia Credit Union Affiliates, 2017 got off to a good start for Georgia's credit unions. In the first quarter, for example, lending at Georgia's credit unions came in slightly ahead of 2016, with total loans growing by 3.6 percent (14.3 percent annualized) and 13.6 percent over the previous 12 months.

It is typical for the number of automobile loans to increase in the first quarter. However, in 2017 vehicle loan growth was markedly higher than the year before. New vehicle loans increased by 7.7 percent over the fourth quarter of 2016. This was also up from the same period last year, when new auto loans grew at a pace of 5.6 percent. Used auto loans were up 4.8 percent in the first quarter of 2017, compared to the 3.7 percent quarterly growth rate from the year before.

Other loan categories on trend for the first quarter were business loans, which grew 3.1 percent. First mortgages were up 2.1 percent over the same time period in 2016. For comparison, during the same time frame last year, business lending was up 2.5 percent and first mortgage loans were up by 2.6 percent.

Among the declines in the loan portfolio were credit cards and unsecured personal loans, which decreased 4.1 percent and 2 percent respectively in the first quarter. This is typically the case as consumers pay down debt incurred over the holidays.

Although U.S. economic growth has slowed, Georgia consumers remain upbeat and engaged. Georgia's unemployment rate continued to decrease, falling to 4.9 percent in May. Nationally, personal income is up in 2017 an average of .4 percent through May.

"Economic development is a high priority in Georgia and those efforts are paying off," noted Mike Mercer, President and CEO of Georgia Credit Union Affiliates, the state's trade association for credit unions. "The unemployment rate is low. Housing prices are rising, which also boosts the state's economy. The population is growing faster than other states, and we're seeing credit union memberships continue to rise. We expect the trend of loan growth to continue."