Economy

COLUMN: Shopping locally stimulates the economy – Nelson Star

Published

2 years ago

December 21, 2019

Harry Miller

By Tom Thomson

For many of us, holiday shopping lists still linger as we hit the streets hoping to stretch our spending as far as possible. Keep your shopping close to home and buy locally where a purchase at a local store or restaurant has the greatest community impact.

The reasons for shopping locally can easily be forgotten in a cyber shopping world but the fact is, keeping money circulating in our greater community is an important consumer decision for us, and one that needs to be top of mind, something the Chamber of Commerce has been working on over the years

All these folks — shopkeepers, restaurateurs, retailers, service providers, professionals and more — live and work in our region and they’re already spending their dollars in our community or region. They pay for salaries, supplies, rent, taxes, utilities and so on. They also stay in the community and buy their groceries, clothe their kids and rely on local services such as hairdressers and accountants. The effects are far-reaching and important.

The fourth quarter of the year is significant for businesses but for retail it is critical. This is when they make a substantial part of their annual revenue, counting on a surplus in the last final months to keep the doors open in the cold months of January and February. Now is the time to show your support for the work they do.

We live in the age of online shopping. Most everything we might need is available with a few keystrokes. The lure of Amazon, with a multitude of merchandise options and free delivery beckons. No traffic, no parking hassles, no crowds. Why, then, would we choose to shop locally?

There is no real methodology keeping track of how much money flows out of the area from shopping excursions, or online purchases, but you can safely say it is in the millions of dollars. Those dollars would be put to much better use keeping our own regional economy vibrant, creating or at the very least retaining jobs!

Local shops, restaurants, and services create jobs that keep the economy stable, and the property taxes, sales taxes and payroll taxes help support services we have come to expect and what many deem essential to our community. When was the last time Amazon sponsored your local soccer team, or supported Mural Fest or a performance at the Capitol Theatre?

Shopping locally is the most basic form of trickle-down economics — and we all stand to gain. Successful businesses give thousands of dollars a year to much-needed local charities. A thriving business sector contributes to the coffers of the municipality through taxes, helping to fund all manner of public works, from parks to sidewalks, that enhance the quality of life for everyone.

As homeowners, we have watched our monthly bills increase dramatically through the years. For businesses, take those expenses, double them, or even more, add in payroll costs and other business expenses and you see the pressures.

Costs of leases have been squeezed upwards as landlords pass along increases in municipal, regional, and provincial business levies. Water, sewer, and hydro costs continue a steep upward curve for homeowners, but for businesses, the local commercial tax multiplier is over two times what residential tax increases have been, and utility rates for water, sewer, hydro etc. are also at a fixed rate higher than personal residences.

In some ways, I get it. By shopping online, you are just trying to get the best deal, find a greater selection and keep the costs lower for you and your family, but at what cost to our community?

When you shop in our region, you’ll find our local businesses offer a great selection with competitive pricing and quality that’s second-to-none, local experts with product knowledge you won’t find online, plus home-grown customer service and easy return policies.

In addition to the vital economy we all want, there are other benefits to shopping locally. For example, it is true that most business owners employ an array of supporting services by buying locally themselves. They hire architects, designers, cabinet shops, sign makers and building contractors/developers for construction and local accountants, insurance brokers, computer consultants, and attorneys to help run it.

Local owners, typically having invested much of their life savings in their businesses, have a natural interest in the community’s long-term health.

As a community we should continue to Think Local First so shopping locally is our first choice. We have wonderful retail, accommodation, dining, and service providers in the Nelson area. If you find what you want locally, if the price is competitive and the quality meets your needs, your decision should be easy: Buy it here!

Tom Thomson is the executive director of the Nelson and District Chamber of Commerce

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Economy

Province Invests in London-Area Businesses to Boost Local Economy | Ontario Newsroom – Government of Ontario News

Published

15 mins ago

October 16, 2021

Harry Miller

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Province Invests in London-Area Businesses to Boost Local Economy | Ontario Newsroom Government of Ontario News

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Economy

U.S. Economy Loses Its Bounce as Recovery Turns Into a Grind – Bloomberg

Published

1 hour ago

October 16, 2021

Harry Miller

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Just a few months ago, the U.S. economy looked like it was roaring back from the pandemic slump. Now the recovery is starting to look more like a grind.

The spread of the delta variant has held back millions of Americans from spending on services like restaurants and hotel rooms.

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Economy

FACT SHEET: Biden Administration Roadmap to Build an Economy Resilient to Climate Change Impacts – Whitehouse.gov

Published

10 hours ago

October 15, 2021

Harry Miller

Agency Actions Will Protect Retirement Plans, Homeowners, Consumers, Businesses and Supply Chains, Workers, and the Federal Government from Financial Risks of Climate Change

Today, the Biden-Harris Administration released a comprehensive, government-wide strategy to measure, disclose, manage and mitigate the systemic risks climate change poses to American families, businesses, and the economy – building on actions already taken by the Biden-Harris Administration including just this week: a redesigned National Oceanic and Atmospheric Administration (NOAA) Climate.gov site to better connect Americans to climate explainers, data dashboards, and classroom-ready teaching resources; the Department of Labor’s new proposed rule to safeguard life savings and pensions from climate risk; as well as the Federal Acquisition Council’s advanced notice of proposed rulemaking to consider greenhouse gas emissions when making procurement decisions.

This year alone, extreme weather has upended the U.S. economy and affected one in three Americans. Both international and domestic supply chains have been disrupted by climate change – whether it’s floods in China and Texas, or wildfires that have burned nearly six million acres of land, supply chains across critical industries including housing, construction, semiconductors, and agriculture have been affected, causing delays and shortages for both consumers and businesses. American families are paying the costs. Extreme weather has cost Americans an additional $600 billion in physical and economic damages over the past five years alone. Climate-related risks hidden in workers’ retirement plans have already cost American retirees billions in lost pension dollars. Climate change poses a systemic risk to our economy and our financial system, and we must take decisive action to mitigate its impacts.

By addressing the costs of the climate crisis head-on, the federal government will safeguard the life savings of workers and families, spur the creation of good-paying, union jobs, and ensure the long-term sustainability of U.S. economic prosperity. The roadmap makes clear that protecting the financial health of American households, deploying clean energy in United States, and building an economy from the bottom-up and the middle-out go hand-in-hand.

The Administration’s whole-of-government strategy includes six main pillars to achieve the goals of the President’s May 2021 Executive Order on Climate-Related Financial Risks, including several major announcements this week demonstrating concrete actions to protect American families, the federal government, and the economy from climate-related financial risk:

Promoting the resilience of the U.S.financial system to climate-related financial risks.

A forthcoming report from the Financial Stability Oversight Council (FSOC) will kick off the first step in a robust process of U.S. financial regulators developing the capacity and analytical tools to mitigate climate-related financial risks.
The Treasury Department’s Federal Insurance Office has launched a process to address climate-related risks in the insurance sector, with a focus on assessing the availability and affordability of insurance coverage in high-risk areas for traditionally underserved communities.
Consistent with its statutory mandate, the Securities and Exchange Commission (SEC) staff is developing recommendations to the Commission for a mandatory disclosure rule for public issuers that is intended to bring greater clarity to investors about the material risks and opportunities that climate change poses to their investments. This rule is expected to be proposed in the coming months.

Protecting life savings and pensions from climate-related financial risk.

This week, the Department of Labor announced it is proposing a rule that protects workers’ hard-earned life savings by making clear that investment managers can consider climate change and other ESG factors in making investment decisions. The proposed rule – which, if finalized, would help safeguard the more than half of American workers who participate in a retirement plan through their job, representing over 140 million Americans and more than $12 trillion in retirement savings and pensions – would protect workers by making sure that retirement managers don’t turn a blind eye to climate risks and other important factors. It would also make clear that retirement managers can take important environmental, social, and governance factors into account when making investment decisions, so that workers can share in the gains that come from sustainable investments.
The Department of Labor is also working to protect the nearly 6.5 million participants in the Thrift Savings Plan – the largest defined-benefit contribution plan in the world – by analyzing how to further factor in climate-related risks.

Using federal procurement to address climate-related financial risk.

The federal government is the world’s single largest purchaser of goods and services, spending over $650 billion in contracts in fiscal year 2020 alone. This week, the Office of Management and Budget (OMB) announced that the Federal Acquisition Regulatory (FAR) Council will begin the process of exploring amendments to Federal procurement regulations to require agencies to consider a supplier’s greenhouse gas emissions when making procurement decisions and to give preference to bids from companies with lower greenhouse gas emissions. As part of this work, the FAR Council published this week an Advanced Notice of Proposed Rulemaking to gather information to help major Federal agency procurements minimize the risk of climate change.
The FAR Council is also actively exploring an amendment to federal procurement regulations that would improve the disclosure of greenhouse gas emissions (GHG) in federal contracting and set science-based GHG targets. By identifying and mitigating climate risks through procurement, the Federal government is leading by example, deploying public procurement policy as a tool to strategically shape markets and promote a more resilient economy.

Incorporating climate-related financial risk into federal financial management and budgeting.

OMB, federal agencies, and the Federal Accounting Standards Advisory Board are taking steps to develop robust climate-related risk assessments and disclosure requirements for federal agencies.
Next year, the Fiscal Year 2023 President’s Budget will include an assessment of the Federal Government’s climate risk exposure and impacts on the long-term budget outlook, along with additional assessments.
In addition, agencies will further incorporate climate-related financial risk in both the Budget and agency financial reports to increase transparency and promote accountability.

Incorporating climate-related financial risk intofederal lending and underwriting.

The Department of Housing and Urban Development (HUD), the Department of Veterans Affairs (VA), the Department of Agriculture (USDA), and the Treasury Department are each working to enhance their federal underwriting and lending program standards to better address the climate-related financial risks to their loan portfolios, while ensuring the safety and security of communities most impacted by climate change.
HUD is working to meet the challenges that climate change poses to American homes, beginning by identifying options to incorporate climate-related considerations into the origination of single-family mortgages.
The VA, which has nearly $913 billion in loan volume outstanding to U.S. Veterans, is conducting a review of climate-related impacts to its home loan benefit program.
USDA is addressing climate risk in its own single-family guaranteed loan programs, with the goal of applying lessons learned across its entire range of loan programs.

Building resilient infrastructure and communities

This week, the Federal Emergency Management Agency (FEMA) began the process of updating its National Flood Insurance Program (NFIP) standards to help communities align their construction and land use practices with the latest data on flood risk reduction. Through a new Request for Information, FEMA will gather stakeholder input to make communities more resilient and save lives, homes, and money through potential revisions to standards that have not been formally updated since 1976.
In addition, agencies have come together to build resilience from other types of more severe and extreme weather events, such as heat waves, droughts, storms, and wildfires.
Also this week, the National Ocean and Atmospheric Administration (NOAA) released a suite of products to make the Federal government’s climate information more accessible to Americans. NOAA upgraded its website to make it easier for governments, communities, and businesses to access the data they need to prepare for and adapt to climate risks. And Federal agencies also delivered two reports that lay out a comprehensive plan to further increase open-access delivery of climate tools and services for the public.
More than 20 agencies released climate adaptation and resilience plans to safeguard federal investments – and taxpayer dollars – from the costs of climate change. The plans reflect President Biden’s whole-of-government approach to confronting the climate crisis as agencies integrate climate-readiness across their missions and programs and strengthen the resilience of federal assets from the accelerating impacts of climate change.

These steps will help safeguard the life savings of workers and families, spur the creation of good-paying jobs, and ensure the long-term sustainability of U.S. economic prosperity in the decades to come. Together, they will help usher in a new era where climate-related financial risks are thoroughly understood – where they are measured, disclosed, managed, and mitigated across the economy to the benefit of American workers, families, and businesses.

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