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SALT LAKE CITY — The fastest growing buy local first organization in the nation, Local First Utah, would like to think it's efforts to promote local business are making a difference.
They are, according to a national survey by Buy Independent/Buy Local.
The report found that places with buy local initiatives experienced an average revenue growth of 5.6 percent in 2010 compared to just 2.1 percent growth of businesses not benefiting from buy local campaigns.
It means a world of difference to the things that we value in our community. All those things that culturally enhance our community are dependent on the tax dollars and the money that we can keep in our community.
–Matt Monson
"It means a world of difference to the things that we value in our community," said Matt Monson, state coordinator of Local First Utah. "All those things that culturally enhance our community are dependent on the tax dollars and the money that we can keep in our community."
For every dollar spent at a local business, 45 cents stays in the community, Monson said. In comparison, only 14 cents of every dollar spent at a national chain stays in the community.
"It's a big gap, it's a big difference," Monson said.
Utah businesses experienced a 5.2 percent growth in revenue in 2010, according to Monson. While he said it's hard to put a finger on the genesis of the growth, he thinks increased community awareness that buying local is important is a factor.
One example of a buy local campaign in Utah started in December 2008. The campaign asks the community to take 10 minutes to think about the importance of local business, share their thoughts or recommendations of local business with 10 people, and shift an additional 10 percent of their holiday spending to local business. The revenue gains each campaign generated over the past three years were important for the community, Monson said.
"We're really talking about the backbone of our local economies and the cultural thread that ties our community together," Monson said.
E-mail: sgarn@desnews.com
