Your 10%
Makes a difference
How would you like to be partially responsible for creating thousands of new jobs in your community?
You can. Just spend 10% more of your budget at local businesses.
A study in western Michigan during 2008 indicated that “just a 10% shift in consumer spending toward locally owned business would create $140 million in new economic activity, 1,600 new jobs and $50 million in new wages.”
According to the research firm Civic Economics, that was hired by Local First, “When West Michigan consumers choose a locally owned business over a non-local alternative, $73 of every $100 spent stays in the community. By contrast, only $43 of every $100 spent at a non-locally owned chain type of business remains in the community.”
A separate study by Civic Economics during 2004 in Andersonville, IL (a neighborhood on Chicago’s north side, whose population is actually less than Crawfordsville and Montgomery County combined) backs up the local spending data. The study “Compared the economic impact of ten Andersonville businesses and their chain competitors.
It was found that: for every $100 in consumer spending with a local firm, $68 remained in the Chicago economy. For every $100 spend with a chain firm, only $43 remained in the Chicago economy.” For the full research data click here.
The correlation can be made that for every $100 spent at a locally owned, Montgomery County business, $68-$73 would indeed stay in our local economy. By investing in our local economy, a chain reaction of benefits will start, and our economy would eventually improve.