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What Makes Local and Independent So Important?
This month we are focused on the high-stakes issue of employment in our community. National studies have shown that the people who live in cities with a higher density of locally-owned businesses also enjoy higher income growth per capita.* That's not surprising when you take into account the fact that the dollar you spend locally puts about 3 times as much money back into the community as a dollar spent at a chain or franchise (and online shopping sends almost all of your money away!). But locally-owned businesses often play a more direct role in creating better paying, more sustainable jobs in our city. Local, independent ownership means that businesses can respond with more flexibility -- and more loyalty-- to the needs of our existing employees and to the potential of applicants trying to make it into the job market.
What kind of businesses are local and independent? Last fall Cambridge Community Television met with just a few of the local, independent businesses that thrive in Cambridge. These videos tell their stories.
*"Does Local Firm Ownership Matter?" David A. Fleming and Stephan J. Goetz, Economic Development Quarterly, Sage Journals (April 28, 2011).
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