"Lifeblood of our Communities"
Saturday, October 22, 2011
Posted by: Ester Venouziou
OCTOBER 20, 2011 — Looking for another reason to support LocalShops1 businesses? A new study finds that home values SOAR in neighborhoods with thriving independent businesses. The study of 27 pro-local neighborhoods in 15
major U.S. cities found that home values in these neighborhoods outperformed
their broader markets by 4 percent per year and 50 percent total over the
past 14 years.
The study was commissioned by The American Express OPEN Independent Retail
Index and conducted by Civic Economics. The study is compiled from data from 1999 to 2009. Results were reported earlier this week.
"This research validates what we know intuitively -- that small businesses are
the lifeblood of our communities," said Susan Sobbott, president, American
Express OPEN. "There is concrete evidence that thriving independent
neighborhoods lead to higher real estate values and more local jobs."
Miami was the only Florida city included in the study. The other communities were New York, San Francisco, Washington DC, Boston, Philadelphia, Los Angeles, Seattle, Atlanta, Chicago, Detroit, San Diego, Minneapolis, Dallas and Phoenix. Not surprisingly, New York ranks highest in number of local, independent thriving retail and dining categories. Miami came in second place for vibrant independent retail, but fell below the national average in the dining category.
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Now, what can you do? Grab your 1Card, grab your friends and head over to your favorite local independent shop, restaurant or service provider. You'll be glad you did.