Since the start of the Covid-19 pandemic, there has been a spotlight on the importance of supporting local businesses and keeping them healthy and growing throughout the world. In Canada, this is mostly focused on farming and farming products.
When buying local, the money recirculates in the local community. The amount of local economic activity is affected by the purchasing of local items. The more finances are circulated throughout a community, the more wealth and jobs are created throughout that region.
As imported food items are sometimes more affordable than buying, one needs to consider how keeping money in a country or region can vastly reduce poverty and create more positive cash flow in that region with better wealth and jobs.
Any food product sold from a farmer to a grocer helps local farmers and the community to prosper. Farmers pay staff who in turn eat at local restaurants and buy from local shops.
Buying an exported product means the money that is spent by the grocer to the distributor goes straight to the country of origin and can no longer support the local businesses.
Deciding on buying local can have a great impact on the economics of a region and the country overall. It is estimated that if every household in Ontario spent $10 a week on local farm food, there would be more than $2.4million in the local economy which in turn provides around 10 000 jobs.
In British Columbia, it is estimated that if every consumer increases local buying by a mere 10%, an additional $4.3 billion could be reinvested into the local economy of British Columbia and could create up to 14 000 new jobs.
Supporting local has become an important way of introducing a region or country to a better lifestyle in finances and job creation.