It is easy to forget the importance of hiring locally owned and operated companies.
As many people gravitate to big box retailers like Home Depot or national service companies like Comcast, we tend to forget small businesses in the United States are fundamental to our economic prosperity.
According to the Bureau of Labor Statistics:
- 60% of the net new jobs created between 2009 and 2013 were in small businesses.
- 60-80% of US Jobs are created out of small businesses.
- 50% of Retail Employers are comprised of small businesses.
- 42% of Private Sector Payroll is from small businesses.
Small businesses are fundamental to a stable US economy and job market. Supporting small businesses is critical for job growth, especially now as many local residents are underemployed locally.
As a small business owner, I choose where I source my paper, electrical supplies, or even coffee for the office. If I order my office supplies from Staples online, where is my money going? Questions like this are not asked enough and fewer and fewer people understand the critical role small businesses play.
According to a 2008 Study by Civic Economics and Local First, 68% of dollars spent at local companies stay in the community compared to only 43% staying in the community when you spend money on a national company (Civic Economics, 2008).
To put the Civic Economics study into perspective, Allterra evaluated its 2014 expenses to determine how much we invested in our local economy through purchasing goods and services form other small businesses and paying employee wages. All told, Allterra invested a lot into the local economy and here are the numbers:
2014 Local Economic Impact
- Payroll to Local Staff: $1,578,901
- Money Spent at Local Businesses: $744,762
Allterra Solar spent $2,323,663 million dollars locally in 2014.
Allterra began tracking its local economic impact 5 years ago and since 2010 we have spent $7,146,807 in our Monterey Bay Economy. Small local businesses are integral to our community’s economy and job market.
Allterra Solar helps homeowners and businesses save money on electricity by installing solar electricity systems with $0 down solar purchase programs. Support local solar power and keep our money in the community.
If you own a house and live in Santa Cruz, Monterey, or Silicon Valley call us and request a free site assessment. Take charge of your energy future.