{"id":15175,"date":"2024-10-31T13:23:45","date_gmt":"2024-10-31T13:23:45","guid":{"rendered":"https:\/\/populationmatters.org\/?p=15175"},"modified":"2024-10-31T13:23:46","modified_gmt":"2024-10-31T13:23:46","slug":"local-economy-strengthening-communities-with-sustainable-growth","status":"publish","type":"post","link":"https:\/\/populationmatters.org\/news\/2024\/10\/local-economy-strengthening-communities-with-sustainable-growth\/","title":{"rendered":"Local Economy: Strengthening Communities with Sustainable Growth"},"content":{"rendered":"\n<div class=\"wp-block-cover alignfull curved-bottom\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1918\" class=\"wp-block-cover__image-background wp-image-15177\" alt=\"\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-scaled.jpg\" style=\"object-position:56% 15%\" data-object-fit=\"cover\" data-object-position=\"56% 15%\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-scaled.jpg 2560w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-300x225.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-1024x767.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-768x575.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-1536x1151.jpg 1536w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-2048x1535.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\"><h1 class=\"has-text-align-center wp-block-post-title\">Local Economy: Strengthening Communities with Sustainable Growth<\/h1><\/div><\/div>\n\n\n<div class=\"wp-block-post-date\"><time datetime=\"2024-10-31T13:23:45+00:00\">31 October 2024<\/time><\/div>\n\n\n<p class=\"lead\"><strong>The Local Economy focuses on fostering sustainable growth, creating job opportunities, and enhancing the quality of life within a specific community or region. This approach strengthens communities&#8217; economies by supporting local businesses, promoting entrepreneurship, and fostering collaboration among stakeholders.\u00a0<\/strong>\u00a0<\/p>\n\n\n\n<p><em>We continue our series\u00a0<a href=\"https:\/\/populationmatters.org\/news\/?tag=economics&amp;category_name=\">exploring alternative economic models<\/a>.\u00a0<\/em><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Although the activity of LED embodies a clear economic focus, it is increasingly considered to be not simply about economic growth; rather it is geared ultimately towards attaining \u2018a sustainable development pattern which accommodates and reconciles economic, social and ecological issues and objectives.\u201d\u00a0<\/p>\n<cite><a href=\"https:\/\/www.tandfonline.com\/doi\/pdf\/10.1080\/0376835X.2010.508577\" target=\"_blank\" rel=\"noreferrer noopener\">Ruecker &amp; Trah, 2007 in Christian M Rogerson &amp; Jayne M Rogerson (2010)<\/a>\u00a0<\/cite><\/blockquote>\n\n\n\n<p>The Local Economic Development (LED) model is a bottom-up approach to development. It aims to keep money circulating within the community, maximising economic impact and<strong> <\/strong>resilience<strong> <\/strong>while prioritising <a href=\"https:\/\/whatworksgrowth.org\/insights\/understanding-local-economic-growth\/\" target=\"_blank\" rel=\"noreferrer noopener\">metrics<\/a> like household income, job creation, and quality of life. According to the <a href=\"https:\/\/blogs.worldbank.org\/en\/voices\/transforming-local-economies-inclusive-and-sustainable-recovery\" target=\"_blank\" rel=\"noreferrer noopener\">World Bank<\/a>, LED is: <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8230;a process by which public, business and non-governmental sector partners work collectively to create better conditions for economic growth and employment generation.\u201d<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">Locked in: Key benefits of the Local Economy<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Supporting Local Businesses<\/strong><\/h3>\n\n\n\n<p>\u00a0Encouraging residents to shop locally and support community services helps keep money within the region. Studies consistently show that spending at local businesses has a greater economic impact than spending at large chain stores. For example, a <a href=\"https:\/\/www.andersonvilledevcorp.org\/market-research\/62-andersonville-retail-economics-study-\/\" target=\"_blank\" rel=\"noreferrer noopener\">study<\/a> by Civic Economics found that $100 spent at a local business generates 70% more local economic activity than the same amount spent at a chain retailer. Similarly, another <a href=\"https:\/\/www.ectownusa.net\/renosparksdeals\/docs\/supporting%20studies.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">study<\/a> revealed that local retailers return 52% of their revenue to the local economy, compared to just 14% for chain stores. This local spending helps build a resilient economy and provides stability for local employment.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"9000\" height=\"6000\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/tim-mossholder-qvWnGmoTbik-unsplash.jpg\" alt=\"Local Economy\" class=\"wp-image-15176\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/tim-mossholder-qvWnGmoTbik-unsplash.jpg 9000w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/tim-mossholder-qvWnGmoTbik-unsplash-300x200.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/tim-mossholder-qvWnGmoTbik-unsplash-1024x683.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/tim-mossholder-qvWnGmoTbik-unsplash-768x512.jpg 768w\" sizes=\"auto, (max-width: 9000px) 100vw, 9000px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Sustainable Resource Management<\/strong>\u00a0<\/h3>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>Improve progressively, through 2030, global resource efficiency in consumption and production and<\/em> <em>endeavour to<\/em><strong><em> decouple economic growth from environmental degradation<\/em><\/strong><em>\u2026\u201d<\/em>.\u00a0<\/p>\n<cite><a href=\"https:\/\/sdgs.un.org\/goals\/goal8#targets_and_indicators\" target=\"_blank\" rel=\"noreferrer noopener\">SDG Target 8.4<\/a><\/cite><\/blockquote>\n\n\n\n<p>LED strongly emphasises sustainability, focusing on local sourcing, reducing reliance on long-distance transportation, and minimising carbon emissions. Communities that embrace LED often implement community-based natural resource management strategies, which empower local residents to protect their environment and ensure long-term sustainability. Additionally, LED can promote eco-tourism, creating jobs and generating income while safeguarding natural areas. Moreover, by aligning with the principles of the <a href=\"https:\/\/populationmatters.org\/news\/2024\/09\/redistribute-resources-eliminate-waste-circular-economy-part-one\/\" target=\"_blank\" rel=\"noreferrer noopener\">circular economy<\/a>, LED fosters a more sustainable and resilient future.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Anchor <\/strong>Institutions <strong>and Community Wealth Building<\/strong>\u00a0<\/h3>\n\n\n\n<p>Major institutions like hospitals, universities, and local governments play a crucial role in LED by providing stable employment and supporting local businesses. Known as \u201canchor institutions,\u201d they contribute to long-term economic stability. Community wealth-building strategies, such as worker-owned cooperatives and community land trusts, help ensure that wealth generated within the community stays there, fostering more equitable development and sharing the benefits more broadly.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1918\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-scaled.jpg\" alt=\"University Campus\" class=\"wp-image-15177\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-scaled.jpg 2560w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-300x225.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-1024x767.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-768x575.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-1536x1151.jpg 1536w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/dora-dalberto-ORzZtY2i50k-unsplash-2048x1535.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Strengthening Financial Foundations<\/strong>\u00a0<\/h3>\n\n\n\n<p>Supporting local financial institutions, such as community banks and credit unions, ensures that money is reinvested locally. These institutions fund small businesses, offer community loans, and provide accessible financial services, all of which are essential for community-driven economic development. This investment in the local economy provides a foundation for small business growth and economic resilience.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Increasing Local Spending and Economic Resilience<\/strong>\u00a0<\/h3>\n\n\n\n<p>When money circulates within the community, it creates a multiplier effect, benefiting multiple local businesses and individuals. This helps bolster the local economy and generates revenue for <a href=\"https:\/\/www.worldbank.org\/en\/topic\/communitydrivendevelopment\" target=\"_blank\" rel=\"noreferrer noopener\">public services<\/a>, infrastructure, and community <a href=\"https:\/\/www.govpilot.com\/blog\/municipality-led-local-economic-development\" target=\"_blank\" rel=\"noreferrer noopener\">well-being<\/a>. <\/p>\n\n\n\n<p>Furthermore, local economies driven by community-based spending are better equipped to withstand economic downturns and global market shocks, as shown during the COVID-19 pandemic when global supply chains faced significant disruptions.\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>They have a strong track record in moving funds quickly and flexibly in response to natural disasters such as typhoons or earthquakes, as well as to other crises such as the COVID-19 pandemic.\u201d\u00a0<\/p>\n<cite><a href=\"https:\/\/www.worldbank.org\/en\/topic\/communitydrivendevelopment\" target=\"_blank\" rel=\"noreferrer noopener\">World Bank<\/a>\u00a0<\/cite><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Addressing challenges in a post-covid world<\/strong>\u00a0<\/h2>\n\n\n\n<p>While LED offers many advantages, communities may face challenges when trying to balance local development with global market participation. Scaling local initiatives and competing with large corporations can be difficult, especially in smaller communities with limited resources. The LED model encourages local governments to tap into their unique strengths and resources through strategic planning, partnerships, and community involvement.&nbsp;<\/p>\n\n\n\n<p>As the world moves forward from the pandemic, local economic development offers a pathway to recovery. Communities that invest in locally-driven economic models can build resilience and foster sustainable growth. This calls for innovative approaches that prioritize people and the planet, focusing on creating wealth that benefits everyone.&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-popmat-share\"><a class=\"fb-share\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fpopulationmatters.org%2F%3Fp%3D15175\" target=\"_blank\" rel=\"noopener\"><div><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 32H48A48 48 0 0 0 0 80v352a48 48 0 0 0 48 48h137.25V327.69h-63V256h63v-54.64c0-62.15 37-96.48 93.67-96.48 27.14 0 55.52 4.84 55.52 4.84v61h-31.27c-30.81 0-40.42 19.12-40.42 38.73V256h68.78l-11 71.69h-57.78V480H400a48 48 0 0 0 48-48V80a48 48 0 0 0-48-48z\"><\/path><\/svg> Share<\/div><\/a><a class=\"tw-share\" href=\"https:\/\/twitter.com\/share?url=https%3A%2F%2Fpopulationmatters.org%2F%3Fp%3D15175&amp;text=\" target=\"_blank\" rel=\"noopener\"><div><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg> Tweet<\/div><\/a><a class=\"li-share\" href=\"https:\/\/www.linkedin.com\/shareArticle?url=https%3A%2F%2Fpopulationmatters.org%2F%3Fp%3D15175&amp;text=\" target=\"_blank\" rel=\"noopener\"><div><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M416 32H31.9C14.3 32 0 46.5 0 64.3v383.4C0 465.5 14.3 480 31.9 480H416c17.6 0 32-14.5 32-32.3V64.3c0-17.8-14.4-32.3-32-32.3zM135.4 416H69V202.2h66.5V416zm-33.2-243c-21.3 0-38.5-17.3-38.5-38.5S80.9 96 102.2 96c21.2 0 38.5 17.3 38.5 38.5 0 21.3-17.2 38.5-38.5 38.5zm282.1 243h-66.4V312c0-24.8-.5-56.7-34.5-56.7-34.6 0-39.9 27-39.9 54.9V416h-66.4V202.2h63.7v29.2h.9c8.9-16.8 30.6-34.5 62.9-34.5 67.2 0 79.7 44.3 79.7 101.9V416z\"><\/path><\/svg> Post<\/div><\/a><\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-light-blue-background-color has-background is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Related content<\/h2>\n\n\n\n<div class=\"wp-block-popmat-grid grid grid-3\">\n\t\t<div class=\"wp-block-popmat-post-teaser\">\n\t\t\t<a href=\"https:\/\/populationmatters.org\/news\/2024\/09\/redistribute-resources-eliminate-waste-circular-economy-part-one\/\">\n\t\t\t\t<h3>Redistribute Resources, Eliminate Waste: Circular Economy &#8211; Part One<\/h3>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-768x512.jpg\" class=\"wp-image-14790\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-768x512.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-300x200.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-1024x683.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-1536x1024.jpg 1536w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/paulo-carrolo-nba9MRXrZE4-unsplash-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/img>\n\t\t\t\t<p>A Circular Economy is an alternative economic model focused on the redistribution of resources and elimination of waste, for the betterment of both people and the planet. But is it achievable in a growth obsessed world?<\/p>\n\t\t\t<\/a>\n\t\t<\/div>\n\n\n\n\t\t<div class=\"wp-block-popmat-post-teaser\">\n\t\t\t<a href=\"https:\/\/populationmatters.org\/news\/2024\/09\/endless-economic-growth-unsustainable-for-planet-and-people\/\">\n\t\t\t\t<h3>Endless economic growth unsustainable for planet and people<\/h3>\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/fas-khan-zydtqCd0T3w-unsplash-768x512.jpg\" class=\"wp-image-14754\" srcset=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/fas-khan-zydtqCd0T3w-unsplash-768x512.jpg 768w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/fas-khan-zydtqCd0T3w-unsplash-300x200.jpg 300w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/fas-khan-zydtqCd0T3w-unsplash-1024x683.jpg 1024w, https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/09\/fas-khan-zydtqCd0T3w-unsplash-1536x1025.jpg 1536w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/img>\n\t\t\t\t<p>As part of an upcoming project exploring alternative economic models, this article looks at how the current pursuit of endless economic growth drives environmental degradation and deepens social inequality. The traditional growth mindset prevails among our political classes, but it is not working for planet or people.<\/p>\n\t\t\t<\/a>\n\t\t<\/div>\n\n\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"The Local Economy focuses on fostering sustainable growth, creating job opportunities, and enhancing the quality of life within a specific community or region. This approach strengthens communities&#8217; economies by supporting local businesses, promoting entrepreneurship, and fostering collaboration among stakeholders.\u00a0\u00a0","protected":false},"author":14,"featured_media":15176,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[13],"class_list":["post-15175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-economics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Local Economy: Strengthening Communities - Population Matters<\/title>\n<meta name=\"description\" content=\"Find out how the Local Economy seeks to strengthen communities, foster sustainability, and build resilient local economies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/populationmatters.org\/news\/2024\/10\/local-economy-strengthening-communities-with-sustainable-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Local Economy: Strengthening Communities with Sustainable Growth\" \/>\n<meta property=\"og:description\" content=\"The Local Economy focuses on fostering sustainable growth, creating job opportunities, and enhancing the quality of life within a specific community or region. This approach strengthens communities&#039; economies by supporting local businesses, promoting entrepreneurship, and fostering collaboration among stakeholders.\u00a0\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/populationmatters.org\/news\/2024\/10\/local-economy-strengthening-communities-with-sustainable-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Population Matters\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PopulationMatters\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-31T13:23:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-31T13:23:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/populationmatters.org\/wp-content\/uploads\/2024\/10\/fons-heijnsbroek-91Wj8j053cY-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1920\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Florence Blondel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Local Economy: Strengthening Communities with Sustainable Growth\" \/>\n<meta name=\"twitter:description\" content=\"The Local Economy focuses on fostering sustainable growth, creating job opportunities, and enhancing the quality of life within a specific community or region. 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