Deep Economy has a great example of how money cycles in a community: "£10 spent at a local British food business is worth £25 to the local economy, but only £14 if spent at a supermarket." But I wondered how this translates closer to home.
I found this info at OaklandUnwrapped.org, one of my favorite non-profits, whose mission is to address small business development from the demand side:
"Can shopping locally-owned really help Oakland?
How about adding over $1 billion dollars to the Oakland economy each year? According to a December 2005 Oakland City Council report, Oaklanders spend about $1 BILLION dollars outside the city each year to purchase retail goods and entertainment. Start spending locally, and we’ll have a lot more money in the city for parks, police, youth programs and more.
AND it gets better. If you spent these dollars with LOCALLY-OWNED businesses (aka not chains), the money will circulate in the community approximately 3 TIMES LONGER."
Wow. $1 billion is an easy number to remember, next time I’m tempted by the sheer convenience of the 7-11 on my block…
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