Oakland County passed its Fiscal Year 2014 budget Thursday and included $200,000 to support a new program to support and strengthen the local economy.
Oakland County Commissioner Dave Woodward (D-Royal Oak), a champion of the new program, describes it as a tool to support economic development in local communities, including but not limited to partnering with community based “Buy Local” public campaigns.
“When consumers shop at local businesses, 30 percent more of every dollar spent stays in the local economy as compared to non-local firms,” Woodward said. “Buy Local campaigns have proved very successful in bringing attention to the many ways individuals can improve their local economy.”
The new program is an opportunity Oakland County to further partner with local cities, villages, townships, business associations, and local businesses to strengthen the local economy. Leveraging community innovation and assets, this program can be a stronger catalyst for bringing greater public attention to this issue while engaging in activities that directly and indirectly supports local businesses.
“Money is the blood of the local economy,” Woodward said. “When we buy local, money flows within the community keeping the economy healthy. When too much flows out, you bleed to death.”
Numerous studies show that shifting consumer spending by as little as 10 percent to local businesses yields significant job creation and greater economic activity for the area. The Oakland County program will apply national best practices to maximize positive impact for our communities.
The program requirements and process will be developed in conjunction with the Oakland County Administration in order to launch the program no later than January 1, 2014.
Source: Office of Oakland County Commissioner Dave Woodward