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 local residents remain 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 with 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 2016 expenses to determine how much we invested in our local economy through purchasing goods and services from other locally owned small businesses and paying employees living wages.
All told, Allterra Solar invested a lot into the local economy and here are the numbers:
2016 Local Economic Impact
- Payroll to Staff living locally: $2,264,925
- Payments to Locally Owned Businesses: $1,882,798
- Money spent locally in 2016 $4,147,722
Allterra began tracking its local economic impact 6 years ago. Since 2010, Allterra has spent $14,597,003 in our Monterey Bay Economy. Small local businesses are integral to our community’s economy and job market. Keep it local like we do, the effect may employ your neighbor.
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. There is no time like the present.