Public Markets are known to increase Economic Opportunity.
Public markets are the ultimate small business incubator. Not only do the Markets provide opportunity for their tenants and vendors, secondary businesses often spring up in relation to the Market. Studies of the Easton Farmers Market in Pennsylvania found 70% of market customers also shopping at downtown businesses, spending up to an extra $26,000 each week. As our goal is to generate income to our community and increase commerce, the recognition of the economic impact drives where the Public Market will be situated and what will construe the best tenant and vendor mix. Here are some examples of markets in relation to the economic impact.
- Vermont farmers markets yielded $8 million in gross sales to producers in 2010, up 14% from 2009.
- Twenty one markets in Oklahoma led to an increase of 113 jobs, $5.9 million in direct and indirect economic output, and a $2.2 million increase in income.
- Over 150 farmers markets in Iowa provided 576 jobs, $59.4 million in economic output, and a $17.8 million increase in income.
- The Crescent City Farmers Market in New Orleans generated $9.88 million in total economic impact in 2010.
- The Hunterdon Land Trust Farmers’ Market has an annual economic impact of $2.6 million.
- Twenty-six Mississippi farmers markets generated a total economic impact of $1.6 million, 15.88 part-time jobs, $213,720 in wages, and $16,000 in state and local taxes.