Study Shows Benefits Of Buying Local
A new study finds that buying locally could generate millions of dollars for parts of Southern Ohio, As Emily McCord reports for WYSO, it could benefit an economy still recovering after shipping company DHL left Wilmington.
The study by JP Morgan Chase focused on the spending patterns of residents in Clinton County and six other surrounding counties. It found that if each consumer there shifted 10% of their spending back into the region, nearly 300 million dollars would be retained in the local economy.
"So we're talking about some really big numbers here," Mark Rembert is with Energize Clinton County, a group spearheading a buy local campaign, who collaborated with jp Morgan Chase on the project.
"It's something that most people intuitively understand that there's more economic activity in our region when we spend our money here, but it's one thing to put some hard numbers to that to grasp the magnitude of what's at stake," says Rembert.
For instance, the study found that local shopping for groceries and dining could have a return nearly 25 million dollars alone. Rembert says his group can use that data to target ways to support entrepreneurship and expand local business in the area.