While buying local isn’t a new trend, it isn’t a passing fad either. In an age where so many goods and products are made or produced overseas, buying from manufacturers that are committed to using products made in the country can seem like an added cost and hassle. But multiple studies have been done, and it’s becoming clear that keeping our money local can have a profound impact on the economy.
When you buy local, more money stays in the community. Money spent a local business or with a local vendor is twice as likely to stay in the community and is therefore much more likely to play a role in helping to keep the local economy alive. Money spent on U.S. made products is likely to stay here and circulate to other businesses. When you support local businesses, your money has a ripple effect and continues to benefit your friends and neighbors.
For many years, American businesses have struggled against the lower cost of producing goods overseas. However, as oil prices and exchange rates continue to fluctuate, there is no guarantee that foreign-made goods will continue to be cheap to import. Supporting domestic manufacturing helps insure that regardless of the international market, we will continue to have the infrastructure required to produce the products we need and that we will be able to adjust to the ever changing needs and market conditions of our communities.
While the other benefits mentioned are important, they can seem a little theoretical, but nothing is more concrete than the fact that local businesses and manufacturers create local jobs. Whether it’s skills labor, managing a store, or a specialized trade, local jobs are essential to keeping communities alive and supporting the day to day life of a community’s citizens. Studies have shown that locally owned businesses support higher income growth and help reduce levels of poverty.