It’s in the Neighborhood: The Power of Local Economics Case Studies Resources Tables

In today’s globalized economy, it’s easy to overlook the importance of local businesses. But a growing body of research shows that neighborhood businesses play a vital role in the economic and social fabric of our communities.

Neighborhood businesses create jobs, generate tax revenue, and support other local businesses. They also help to create a sense of place, attract new residents, and improve overall quality of life.

The Economic Impact of Local Businesses

According to the Small Business Administration, small businesses create two-thirds of all new jobs in the United States. And neighborhood businesses are often the first to hire local residents, especially those who may have difficulty finding work elsewhere.

In addition, neighborhood businesses generate tax revenue that can be used to fund local services, such as schools, parks, and libraries. A study by the Institute for Local Self-Reliance found that every $1 spent at a local business generates an estimated $2.75 in economic activity within the community.

The Social Impact of Local Businesses

Neighborhood businesses also play a vital role in the social fabric of our communities. They are often gathering places for residents, and they can help to create a sense of belonging and identity.

Local businesses can also support community events and initiatives. For example, a local bakery might donate baked goods to a neighborhood food pantry or a local hardware store might sponsor a community cleanup day.

The Benefits of Shopping Local

There are many benefits to shopping local. Here are a few:

• You can support your local economy and create jobs.
• You can get to know the people who own and work at local businesses.
• You can find unique and interesting products and services that you might not find elsewhere.
• You can help to create a more vibrant and livable community.

How to Find Local Businesses

There are many ways to find local businesses. Here are a few tips:

• Ask your friends and neighbors for recommendations.
• Check online directories, such as Google My Business or Yelp.
• Attend local events and festivals.
• Look for signs in your neighborhood.

Conclusion

Local businesses are the backbone of our communities. They create jobs, generate tax revenue, and support other local businesses. They also help to create a sense of place, attract new residents, and improve overall quality of life.

So next time you’re looking for something to buy or do, consider shopping local. It’s good for your community and it’s good for you.

Here are a few case studies that illustrate the positive impact of local businesses:

• A study by the University of California, Berkeley found that businesses in a neighborhood with a high concentration of local businesses generated 25% more revenue than businesses in a neighborhood with a low concentration of local businesses.
• A study by the Institute for Local Self-Reliance found that every $1 spent at a local business generates an estimated $2.75 in economic activity within the community.
• A study by the National League of Cities found that local businesses are more likely to hire local residents than non-local businesses.

Here are a few resources to help you learn more about local businesses:

• The Small Business Administration: https://www.sba.gov
• The Institute for Local Self-Reliance: https://www.ilsr.org
• The National League of Cities: https://www.nlc.org

Here are 4 useful tables that provide more information on the economic and social impact of local businesses: