Buying Local Helps Economy Gain Ground
March 10th, 2010
The economy gains ground as retail sales are higher in February than they’ve been in two years making it the third consecutive month of sales increase in a row superseding Wall Street estimates.
Consumer confidence seems to be coming back and signs say it could continue due to growing initiatives such as the 3/50 project where consumers are encouraged to spend $50 at each of three different locally owned businesses per month. Studies have shown that for every $1 spent at an independently owned company approximately $0.68 cents is returned to the local community through taxes, payroll, and other expenditures verses spending with national chains only bringing back about $0.43 cents on the dollar.
The proverbial ripple created by the spending pebble dropped in the local commerce pond expands even further than that; according to the Minneapolis Star Tribune a survey published in 2009 by CEOs for the Cities found that homes located within walking distance of neighborhood businesses held their value through the housing collapse better than those with out retail nodes.
While things seem to be moving in the right direction many are still having a tough time just making ends meet, but we are all consumers on a daily basis to one degree or another it’s just a choice of where and how we spend that can make the difference.
