By Anca Voinea
The USA’s largest cooperatives had a joint turnover of US$226bn in 2020, according to the annual NCB Co-op 100 Report released by the National Cooperative Bank. The report, the only annual study of its kind to track the profits of co-operative businesses in the US, features co-ops from several sectors.
From the agricultural sector, the largest co-ops by turnover are CHS Inc in Inver Grove Heights, Minnesota ($28.4bn), followed by Dairy Farmers of America in Kansas City, Missouri ($17.9bn). CHS Inc also took first place on the NCB Co-op 100® list, with Dairy Farmers of America second.
The top two grocery co-ops were Wakefern Food Corporation/ Shoprite, in Keasbey, New Jersey with $12bn in turnover and Associated Wholesale Grocers, Inc. in Kansas City, Kansas, with a turnover of $10.6bn. They were placed fourth and fifth in the overall top 100 list.
In the hardware and lumber sector the largest co-ops by turnover were ACE Hardware Corp in Oak Brook, Illinois, which earned $7.8bn in turnover and came seven on the Top 100 list, and Do-it-Best Corp in Fort Wayne, Indiana, with $3.5bn reported in turnover.
Likewise, in the finance sector the top two co-ops by turnover were Navy Federal Credit Union, in Vienna, Virginia ($8.3bn) and CoBank, in Greenwood Village, Colorado ($3.6bn).
The healthcare sector also had representation in the top 100 – the largest co-op by turnover in this sector was HealthPartners Inc from Bloomington, Minnesota, which earned $7bn in and came ninth in the overall 100.
From the electric sector, the top 100 representatives were Basin Electric Power Cooperative in Bismarck, North Dakota which came 20th with a reported $2.1bn in revenue in 2020, and Oglethorpe Power Corporation, located in Tucker, Georgia, which earned the 33rd position with reported revenue of $1.4bn in 2020.
“Co-operatives employ millions of people, pay taxes and give back to their communities,” wrote Charles E. Snyder, chief executive of National Cooperative Bank, in the report’s intro. “They provide valuable products and services, trade in the global markets and deal with competition.
“While co-operatives may offer similar goods and services as publicly traded firms, they use a distinctly different business model. Co-ops operate for the benefit of their member-owners and communities.”
He added: “In 2020, co-ops across the country came together and supported their communities, continuing to stay open to serve their members.
“This year’s Co-op Month is also a chance to leverage the shared co-operative identity in the face of some of the biggest challenges we face: a global pandemic, climate emergency and systemic racism. As we build back an economy that works for everyone, our biggest impact comes from embracing the values and principles that make us truly unique.”
