April 8th, 2011
The link to the national localism index is at the end of this piece, thanks to The New Rules Project at the Institute for Self-Reliance. Fascinating.
Do you wonder what our numbers are in the region?
I surely do, but what we DO know is the local bookstores are contributing more to the economy now than the chain bookstores. Hell, the parking meters along North Rampart are contributing more…No, I don’t miss Borders.
And I can also tell you the impact that the farmers markets have on this city and region has risen dramatically. This is from our 2010 SEED report which measures markets economic impact. This is from our 3 weekly farmers markets and was done with our web-based tool we call SEED which stands for Sticky Economic Evaluation Device. The multiplier is a term for tracking how money is spent and re-spent in a regional economy. Obviously, when local businesses make money (like our market vendors), they re-spend that locally. How long it stays here before “leaking out” depends on what businesses they have available to them, whether Walmart where the money is sent to their home base of Arkansas more quickly or Joe’s Nursery, who puts that money to work locally again.
Market impact: $6,717,630.32 Sales in the market, and the amount of money generated by those vendors spending it again. The multiplier we used was for our region and is designed by Bureau of Economic Analysis.
The impact the market has on its surrounding areas: $3,217,727.94 Again, this is shoppers telling us if they were going to spend money in the businesses around the market while there. That number multiplied by the regional BEA number.
Sales tax from sales at nearby businesses to the market: $151,620.69 Those who grow their own food and then sell it directly do not collect sales tax. However, the market does add sales tax because of the sales at nearby businesses that happen when our shoppers go there.
Overall economic impact $9,935,358
From three 4-hour markets each week.
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