For rural economies, growing locally owned, independent businesses is the most basic principle in solving today’s tough economic challenges, according to economist Michael Shuman.
One of the first steps in applying this principle is to calculate how many of a community’s local dollars are exported somewhere else. Shuman describes this as “economic leakage” and at the upcoming workshop sponsored by Central Park NC, he will explain how this leakage can be measured and the data used to grow the economy.
Community economic development leaders will learn to use an online economic leakage calculator that will answer the question of what businesses are likely to succeed in their communities. The workshop takes place at STARworks Center for Creative Enterprise in Star, from 9 a.m. to noon on Nov. 29.