Small Business Growth and Development: What It Means for the Local Economy

April 1, 2017 8:26 pm Published by Leave your thoughts

Of the many widely-debated political topics out there, small business always seems to come up when discussing the economy. The question is never whether small business is good or bad, but rather how it can be supported. Generally, sustainable growth for small business has ripple effects for local economies—positive ripples that result in more value for local dollars.

Understanding the value of a budding small business scene can usually be seen in how civil engineers in Mobile, AL plan for urban development. The success of small business usually makes a city or town prosperous, which leads to a population boom and, eventually, more sustainable growth.

Understanding the small business cycle

Small business is critical to a local economy for a number of reasons. For starters, it provides local jobs for people and boosts competition in the marketplace, which generally leads to better quality goods and services.

Beyond this, however, local small businesses keep dollars in the state. Instead of buying products or services from a company that may be operated in another state or country, citizens can spend their dollars in the state where they live—dollars that will come back to them in the form of state tax budgeting, such as for social programs or municipal improvements.

This is the nature of the small business cycle—when small business flourishes, so do communities.

Development begets growth

Back to looking at civil engineers in Mobile, AL, it’s easy to see just how effective a successful small business scene can be at creating growth. As more and more small businesses grow, they increase their demand for workers. And, because they’re local, so is their workforce! This means a lower unemployment rate in areas with prosperous small business.

As areas develop a reputation for prosperous small business and lower unemployment, they also become more attractive. People who are looking for new employment or who value a stable local economy see these places as desirable living areas, creating an influx of population. As a result, property values go up! Civil engineers often find themselves planning new urban developments and expanding housing to accommodate a burgeoning population.

This cycle continues over and over again until the area grows to a plateau. It can take decades and have numerous surges, which are usually dependent on the small business economy. Take a look at cities like Portland, OR, Austin, TX or Denver, CO—all of which have surged into prominence over the last decade and all of which can attribute their boon to a thriving small business scene.

Is Mobile, AL next?

As more cities around the United States start to get behind small business and local economic success, only time will tell where the next Portland, OR or Denver, CO might spring up. Anyone familiar with Mobile, AL can put this city in the running, however! Since 2013, small business success in the region has bene on the rise, and it’s showing throughout Mobile, AL and surrounding areas.

With urban revitalization and economic redevelopment underway, it’s only a matter of time before Mobile, AL is yet another example of the power of small business success.

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