The Truro & Colchester Chamber of Commerce started the “Live Local” campaign in 2012. It was spearheaded by a committee focused on bringing together members of the chamber, along with several stakeholders in the community to encourage people to spend their money at businesses located in the Truro/Colchester region, rather than having that money leave the community. The Chamber continues this mission today. Various studies and surveys have shown that many in the local area are choosing to spend their money in outside communities or online, which means nothing is returned to the local economy. Even a small shift in shopping habits would mean more money in the local economy, more jobs and businesses would be better equipped to support local charities, sports teams, events, etc.
The “Live Local” logo, displayed on the left, was created with input from members of the Live Local committee. It is meant to signify the cycle of investment in the local economy when money is spent in the Truro/Colchester region. For every dollar spent at a local, independently owned business, close to 70% is returned to the local economy by way of payroll, commercial taxes, sponsorships, donations to local charities, etc. For every dollar spent at a national chain in the local area, about 45% is returned. When that money is spent at stores and businesses outside the Truro/Colchester region, or online based outside of this region, none of that money is returned to the local economy.
This logo is available via a removable sticker for any businesses in the Truro/Colchester region that would like to display it in their store fronts or offices. Displaying this sticker means you are committed to the betterment of the Truro/Colchester region and that you are adding to the local economy. If interested, please call our office at 895-6328 and we can drop off or mail one to you. For consumers, when you see this sticker at a local business, it means they are committed to the local area and the local economy. Please support them whenever you can. We realize it is very unlikely that any economy can be 100% locally-based. However, every little bit counts.
What follows on this page is a culmination of research on local shopping habits and research from other “buy local” or “shop local” campaigns that we would like to share with you to help raise awareness on the benefits of keeping your money close to home.
The 10 percent shift, created and promoted by the Business Alliance for Living Local Economies (BALLE), states that, “If the 375,000 households in Nova Scotia shifted 10% of their existing purchases from non-local businesses to Local Independents (locally owned and independent businesses), we would see the creation of new jobs and millions of dollars of new economic activity in Nova Scotia, all without raising taxes or spending a dime more than we planned. The elegance of the 10 per cent shift right now is that it doesn’t ask people to expand their budgets and spend more. It asks people to be more conscious about where they spend what they’ve already budgeted for.”
According to BALLE, this small shift in shopping habits would expand job creation, boost economic growth, inspire the formation of thousands of new entrepreneurial ventures, help protect the environment and enhance communities throughout Nova Scotia. It is a great example of how a small effort can have a large impact.
The 3/50 Project in the United States is an excellent example of how a grassroots, buy local initiative can have a major impact on a local economy. The campaign was started in 2009 by Cinda Baxter and clearly spells out how a minimal amount of shopping at local/independent businesses helps the entire community. While Cinda’s research is based on numbers from the Unites States, the impact here in the Truro/Colchester region would be very similar. For instance, the 3/50 show that:
– Based on employment statistics in the United States from 2009, if just half the employed population spent $50 a month at locally-owned stores, it would generate 46.2 billion dollars in revenue.
– For every $100 spent at stores located in any community, $43 to $68 is returned through taxes, payroll and other expenditures. If that money is spent online or at stores located out the community, nothing is returned to the local region.
These numbers show what a staggering impact shopping locally can have on a community. Businesses are better able to support community campaigns, charities, sports team, events, etc., when they are being supported by local consumers.
We will continue adding to this page as more resources are available. In the meantime, if there’s anything you believe we should be aware of or that should be included on this page, please email us at [email protected].