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Buy Local Initiative

Studies done in recent years have developed a better understanding of the economics pertaining to local enterprises. It is widely understood and accepted that locally-owned and operated businesses generate greater local economic activity than their chain counterparts.

Recent studies by Civic Economics have developed, applied and refined a methodology for measuring the true local economic impact on businesses of all sizes.

What Civic Economics Found:

  • Total revenue at local company, 33.4% remains in the local economy
  • Total revenue at national chain only 11.6% remains
    (See below to find out how to get the entire study and data)

Procurement Policy

Conventional procurement policy focuses on price and service considerations alone, and the data provided for this analysis indicates that local companies are highly competitive, if not superior, on both fronts. However, these findings suggest that firms and institutions with long-term investments in a given community might benefit from giving additional consideration to the enhanced economic impact of truly local firms.

Conclusion

Researchers, including Civic Economics, have in recent years developed a better understanding of the economics of local retail and service provision. The premise that locally-owned and operated businesses generate greater local economic activity than their chain counterparts has become widely understood and accepted. In communities across the nation and abroad, public policy has adapted to this reality through a variety of planning and zoning tools. Now, with the release of this study, the answer is clear. Local suppliers generate dramatically greater economic activity than their chain competitors. Even more widespread is the consumer-driven “buy local” movement.

For further information about this study and to download a copy this report and charts, please visit: www.CivicEconomics.com/procurement

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