Regions Bank
Quantifying the Economic and Community Impact of Alabama’s Leading Financial Institution
The Challenge
As Alabama’s only Fortune 500 company, Regions Bank plays a pivotal role in fueling statewide economic growth, providing high-paying jobs, and investing in community advancement. To better articulate this influence, Regions sought to measure and communicate its comprehensive economic and social impact—particularly within its headquarters market of Greater Birmingham—highlighting how its operations and lending activity strengthen both local and regional economies.
How We Helped
Tripp Umbach partnered with Regions Bank to conduct a detailed economic impact and community benefit analysis. The study quantified the bank’s direct, indirect, and induced business activity; employment and payroll effects; tax contributions; and community investments across Alabama. Using both qualitative and quantitative data, the analysis provided a full picture of Regions’ statewide economic significance and its central role in Birmingham’s continued growth and development.
Tripp Umbach’s findings revealed that Regions Bank generated a $4.1 billion total economic impact in Jefferson and Shelby counties in 2018—comprising nearly $2.2 billion in direct spending and $1.9 billion in indirect and induced activity. More than one-third of the company’s workforce resides in the Birmingham metro area, reinforcing its importance as a major employer and economic anchor for the city and state.
“Regions leadership has always provided an economic anchor for the city,” noted 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.”
Through its statewide footprint and ongoing investment in people, places, and partnerships, Regions Bank continues to serve as a driving force for economic progress across Alabama and beyond.