7 Ways Local Businesses Boost Your Community's Economy
- Keep Money Local: For every $100 spent at local businesses, $68 stays in the community compared to only $43 at chain stores.
- Create More Jobs: Local businesses employ more people per dollar of revenue than large corporations.
- Generate Tax Revenue: Local businesses contribute significantly more to local tax bases, funding schools and public services.
- Support Other Local Businesses: They often source from other local suppliers, creating a multiplier effect.
- Reduce Infrastructure Costs: Compact, walkable business districts require less public investment in roads and utilities.
- Increase Property Values: Vibrant local business districts make neighborhoods more desirable places to live.
- Foster Innovation: Local entrepreneurs often pioneer new products and services that larger companies later adopt.