Led by the Cedar Rapids Area Chamber of Commerce, BUY IN is an initiative encouraging area businesses to shift just 5% percent of their current out-of-area spending back into our local economy. It’s not about spending more – it’s about keeping the dollars you already spend right here.
In July 2008, the Chamber commissioned an economic study to identify the following:
- As a county, how much do we (businesses, government and consumers) import in products and services?
- Of the total amount imported, what is the capability local businesses could provide their products and services in place of businesses out-of-area? (Note: Keep in mind we can’t find substitutes for all areas of our imports if there isn’t an industry, product, or service that is produced locally i.e. petroleum refinement, automobile manufacturing, etc.)
- What is the potential impact on our local economy if everyone (businesses, government, and consumers) shifts just 5% of their current out-of-area purchases back into Linn County?
The results are powerful.
The total annual imports to Linn County is $11.59 billion, of that there is evidence that $8.43 billion annually could be purchased here in Linn County. If we all work together to shift just 5% of our out-of-area buying power back into Linn County we would create an immediate economic stimulus of $421.67 million to our local community.
This potential impact isn’t just about money. To support the additional demand, new jobs would need to be created. It is estimated that an additional 2,311 jobs would be required to meet the demand of a 5% shift.
These jobs would begin a ripple effect that would stimulate the economy further. New jobs supply new labor incomes. That income would spur enhanced local spending – providing further dollars to our area, requiring additional help to meet more needs. The total potential for business, government, and consumers in Linn County making a 5% shift – $597.2 million and 3,987 jobs!
Who could have thought shifting just 5% would have such a tremendous impact? Why wait – use the resources on this site to identify ways your business can shift. When you make your shift REPORT IN, so we can track the positive changes to our economy.