October is National Cooperative Month, and the theme, "The Future is Cooperative," anticipates the increasingly vital role cooperatives play in enhancing the quality of life in rural areas. At USDA Rural Development, we recognize the significance of these businesses in fostering economic growth, creating jobs, and building resilient communities.
Cooperatives are member-owned and member-driven businesses that operate for the mutual benefit of their members. More than 30,000 Cooperatives exist nationwide, tending to various sectors of the economy such as food, grocery, retail, purchasing, utility, and financial. By pooling resources and sharing risks, Cooperatives empower members to achieve their goals that might otherwise be unattainable.
Cooperatives stimulate local economies by circulating wealth within the community, generating more than $700 billion in yearly revenue. Employee-owned worker cooperatives are the fastest growing sector. They present a viable solution to preserving the 2.9 million small businesses with retiring owners and their 32.1 million employees while providing high-quality jobs and wealth generation.
Cooperatives also provide significant job creation in rural areas. They deliver essential services, through credit unions, grocery stores, and farm supply stores, supporting local employment and entrepreneurship, and account for more than 2 million jobs. For many rural communities, cooperatives provide access to services that might otherwise be unavailable. From affordable healthcare and quality education to energy solutions and high-speed internet, cooperatives bridge the gap in essential services.
Cooperatives empower members to work together to address common challenges. They build resilient communities capable of weathering economic fluctuations and natural disasters by fostering collaboration.
As we celebrate National Cooperative Month, we encourage everyone to learn more about the cooperatives in their communities. Join a co-op and contribute to a more sustainable and equitable future for rural America and the world. USDA Rural Development proudly supports the cooperative business model through various programs and funding opportunities to enhance these organizations' success. Together, we can continue to build a brighter future for our rural communities.