Posts Tagged ‘local economy’

Don’t Just Buy Local – Buy Personal

Thursday, February 24th, 2011

“Recently I saw a small business shut its doors. I feel terrible because I am partly to blame.

I never stopped by this store. While I can tell myself it was more convenient to shop at a large retailer, the truth is I didn’t stop in because I never saw any cars in the parking lot. I was uncomfortable with how both of us would feel if I browsed and didn’t make a purchase: He disappointed, me guilty.”

What do you think?

Have you ever avoided going into a store or restaurant because you felt awkward about interacting with the owner or salesperson?

Cool: Study Ranks Indie Business Saturation Across the U.S.

Wednesday, February 9th, 2011

How many independently-owned businesses are there in your city?

The Indie City Index looked at all the metropolitan areas in the U.S. to come up with a rank of which areas are great places to put a strip mall full of chain stores, and which places would rather support a family business.

Read about the study and about the importance of strong local economies here.

Have you seen any “Buy Local” signs around your town? Well they’re all over the place, and it turns out they actually work. In places with “buy local” campaigns, residents spend more money at locally-owned stores.

When you spend $1 at a corporate chain, only $0.15 of that money stays in your town. But when you spend that same $1 at a local store, $0.45 stays local. That’s a pretty big difference when you consider all the financial troubles local economies are facing these days.

The thing about an economy is that every financial transaction is somehow connected to every other financial transaction. And all those financial transactions are connected to the economic, political, and social health of an entire nation, which is connected to the rest of the world.

Something worth thinking about the next time you’re itching to spend a dollar.

Baseball’s Wealthiest Team Shares Profit With NYC

Wednesday, October 7th, 2009

When you get taken out to the ballgame in New York City, the local economy gets a serious boost…

  • In the first playoff season to visit the new Yankee Stadium in the Bronx, the New York City Economic Development Corporation estimates that each home game played in the 2009 postseason will bring $6.7 million in income to New York businesses.
  • The estimate takes into account money spent by visitors to the city who patronize hotels, restaurants, and transportation services. In addition, employees in and around Yankee Stadium will take home a total of about $900,000 after every game.
  • Does the economic benefit of these games outweigh the enormous costs of building a new stadium and all its related transportation and infrastructure changes? Not everyone is so sure. One Westchester State Assemblyman says the economic and employment benefits are not enough to justify the low-cost financing that was made available to the team for stadium construction.

Facts & Figures

  • The NYC Economic Development Corporation estimate assumes each postseason game will bring in 16,850 NYC residents, 27,500 residents of the NY/NJ/CT metropolitan area, 6,000 visitors from outside this area, 300 media from outside the area, and 200 players and affiliates.
  • Counting $5.2 million in “indirect economic impact” brings the total benefit to New York City to $11.9 million.
  • The new Yankee Stadium cost $1.5 billion and was largely financed by tax-exempt bonds that will eventually be repaid by the team.

Best Quote

“There is a modicum of economic advantage. The visiting teams travel with their press corps and entourage, some people will travel to New York, stay overnight and spend money on hotels and restaurants.’’ – Andrew Zimbalist, Professor of Economics at Smith College