To recognize the contributions local businesses make to their communities and to B.C.’s economy, the B.C. government has proclaimed Dec. 2 to 8, 2019, as BC Buy Local Week.
Locally owned businesses, growers, manufacturers and service providers are key drivers of B.C.’s thriving economy.
Figures from a recent LOCO BC Indie Impact Study, which was conducted in partnership with the research firm Civic Economics, show that for every $100 spent locally, up to $63 are recirculated in the community, creating 4.6 times the economic impact over any money spent at non-local businesses. The study also found that local restaurants recirculate 67.9 per cent of all revenues locally compared to multinationals at 30.4 per cent.
“When you shop local, you help advance the local economy and allow your community to thrive and benefit all British Columbians,” said Bruce Ralston, Minister of Jobs, Trade and Technology. “Local businesses are vital to our communities. Not only do they create good jobs, they also enhance the community by contributing to worthy causes.”
BC Buy Local Week provides the opportunity to show appreciation for B.C.’s entrepreneurs. This week, people are encouraged to make a pledge to visit local businesses and discover the products and services they have to offer.
“Buying local has many great benefits for consumers,” said Amy Robinson, executive director of LOCO BC. “Our study shows how it strengthens communities and the local economy. We need our local businesses, growers and manufacturers to thrive. For that, they need our full support all year-round.”
More than 500,000 small businesses operate in B.C., employing more than one million people and accounting for 53 per cent of the province’s private-sector employment.
B.C. leads other provinces in gross domestic product (GDP) generated by small businesses, at 34 per cent of overall provincial GDP.
To learn more about LOCO BC and Buy Local Week see: https://bcbuylocal.com/bcbuylocalweek/.