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"Plugging the leaks" represents a solid economic development strategy designed to reduce the outflow of money from an economy. Periodically, EDPros launch these initiatives to increase local buying, but often they do not have any clear benchmarks or goals.
Here's an exception: a county that lies just to the west of Minneapolis has launched a "buy local" initiative that seeks to redirect 5% of the outside purchases back to businesses within the county. According to the local chamber, achieving that goal would reduce leakage by $42 million each year. Read more.
Here's a map of Willmar and Kandiyohi County:
In the years ahead we are likely to see more of these types of strategies in two particular areas: food and energy. We will see higher value agriculture emerging from strategies to build regional food systems. At the same time, we will start to see more regional energy systems, as regions move toward more sustainable energy sources and distributed power systems.
The you can learn more about "plugging the leaks" strategies from a web site in the United Kingdom. Learn more.
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