It's official. (and we all saw it coming) News outlets are reporting today that the US economy is shrinking, with consumer spending down 3.1% This means we're half way to an official recession. (which is negative economic growth for two consecutive quarters)

This could be Really Bad News for everyone. When people spend less money, that means less revenue for businesses which have to cut costs. People lose jobs and it becomes harder to pay our bills. So what can we do about it?

Now is the time for us to recognize that where we spend our money really does matter. The impact of our spending goes far beyond just the initial transaction. That money then gets spent at other local businesses and pays our neighbors. In fact, 600% more of the money you spend at local businesses recirculates in our community, making it 6 times more likely to come back to you. (find local first studies and resources here)

This 'multiplier effect' means money is spent more often and more quickly, making it easier to do the things we need to do - like buy food and pay our bills. So the key to weather this economic downturn and create a more stable local economy is to buy from local businesses.

This is why we're promoting Buy Local Week, with support from Mayor John Hickenlooper and over 100 locally owned businesses. And you can get involved, too. Here's a few ways:

1. If you haven't already, join the Mile High Business Alliance as a company or individual. As a grassroots, membership based organization, this is the primary way for us to gather the resources we need to accomplish our mission of building better community through better business. Membership starts at just $150 per year for businesses. Find out more and join today.
   
2. Spread the word about Buy Local Week to your friends, family and colleagues. Help us get more media attention and build participation.
   
3. Use your voice to share what you like about our local businesses. Post reviews on the Colorado Local First directory.
   
4. During this time, money is more scarce. Spend wisely and make a positive impact by buying from local businesses. (use the directory to find the things you need)
   
5. Get connected to local business owners and others through one of our upcoming events. Engage in conversations about how we can work together to have the kind of community we enjoy living in.

Our community does not have to fall victim to the economic challenges we're facing. We do not have to lose the coffee houses, neighborhood cafes and one-of-a-kind stores that make Denver unique, that employ us and our neighbors, that pay taxes needed for community services. Spread the word.