FOR IMMEDIATE RELEASE
December 19, 2011
Kamm’s Corners Farmers Market contributes
over $1 million to the local economy
marketumbrella.org preliminary findings from economic impact
study on the Cleveland farmers market
On Sunday, January 8th at 3853 West 168th Street, fresh food will change hands for cash as it does indoors the second Sunday of Each month November through May and outdoors every Sunday June – October since the Kamm’s Corners Farmers Market opened in 2007. On this particular Sunday the organizers will share preliminary economic impact findings prepared by nationally renowned public market think tank, marketumbrella.org, with the release of their 2011 Economic Impact Study.
According to the report, the Kamm’s Corners Farmers Market operates twenty nine Sundays a year with a combined economic impact of $1,111,224.25 upon its vendors, host neighborhoods, and surrounding region. The report is generated by SEED (a web application) developed by the New Orleans-based public market organization, marketumbrella.org, to capture what Executive Director Richard McCarthy describes as “an often surprising if not furtive economic impact of the original business incubator, the farmers market.”
The numbers appear to support this claim: The Kamm’s Corners Farmers Market attracts 16,370 visits from shoppers over a year. This results in gross combined receipts of $ 283,969.24. SEED also reports that 44% of Market shoppers spend money at nearby businesses resulting in $252,854.07 in projected gross receipts and an annual contribution of $18,964.05 to local sales tax revenue.
"When Kamm's Corners Development, along with an enthusiastic group of founding volunteers, opened the market in 2007, part of the reason was to realize the economic spin-off to benefit new and existing businesses. We never dreamed of a million dollar impact, or the "town square" image the market has attained. And let's certainly not forget the many benefits of fresh and local food for the residents of the neighborhood, said Steve Lorenz, Executive Director of Kamm's Corners Development."
USDA invests in farmers markets as institutions with a triple bottom-line of impacts upon communities – financial, human, and social — via several programs. These investments appear to be bearing fruit: USDA reports that as of 2010 there are 6,132 farmers markets operating in the USA — as compared to 1,775 in 1994.
Working with philanthropic support, marketumbrella.org is developing a trio of tools to measure these impacts for a growing field of markets. Its first tool — SEED — utilizes the Bureau of Economic Analysis’ RIMS II economic multiplier methodology. It is a free, online measurement tool that has been used by over 100 markets throughout the USA. Here in Cleveland, two additional Growhio Farmers Markets, Coit Road Farmers Market and Tremont Farmers Market also took part in the survey.
marketumbrella.org is a 501[c]3 nongovernmental organization based in New Orleans but operates globally to cultivate the field of public markets for public good. The SEED economic evaluation tool can be found online at marketumbrella.org.
The Kamm’s Corners Farmers Market is free and open to the public outdoors every Sunday from 10 a.m. to 2 p.m. the second Sunday in June through the second Sunday in October and indoors the second Sunday of each month November through May. For more information about the Market visit online at www.kammscornersfarmersmarket.org.