You hear it all the time – buy local, it’s good for your economy. But do you really understand the significance of these words?
Some years back Michigan State University wrote a paper entitled, “ Why Buy Local? An Assessment of the Economic Advantages of Shopping at Locally Owned Businesses”. The paper outlined a study they conducted in their area. The findings were dramatic.
Essentially for every $100.00 spent with a local business, 73% of those dollars were dispersed locally in the form of wages, charitable donations, taxes (which fund city services), and purchases of goods and services from other local businesses. When purchasing from nonlocal businesses, only 43% was available for local disbursal. Bottom line, buying local you help create jobs for your friends and neighbors, contribute to improved public infrastructure, and invest in your community both socially and economically.
Bringing this topic closer to home, in 2016 the University of MN conducted a study on Olmsted County entitled, “ Economic contribution of small businesses in Olmsted County”. In that study they determined that 1 out of 3 people in the county worked for small businesses. At that time, Olmsted County employed 95, 917 people, with an estimated 39% of them working for businesses with fewer than 100 employees. An estimated 48,243 (50%) of the people worked for businesses with fewer than 250 employees. Interestingly, these businesses accounted for 99.8% of all establishments in the county. And, this segment of the population was responsible for 39% of the total revenue output generated, an estimated $6.7B.
The significance of these statistics should be clear – small, local businesses are the life blood of our communities. Many companies misrepresent themselves as being local when in fact, they are part of a larger conglomerate based out of state. Simply leasing space in a town does not qualify as a “local” business. This is particularly true in the area of home renovation: roofing, siding, windows & gutters.
If you are considering a project for your home, it would be advised to do your homework and research the companies of interest. The “Best Deal” isn’t always in your best interest. Your local businesses are here for you, before, during and after the sale. In fact, All Craft Exteriors has a lifetime labor warranty on all of their projects. That, and the fact that they are a recognized leader in exterior home renovation within our area should convince you further to buy local.
So with all that said, it really comes down to, “putting your money where your house is”. As a community, we work together to provide our members with sustainable jobs, ample opportunities and a comfortable life style..