(by guest blogger Jason Eaton)
So, this morning we’ve been checking out the economic impact of the Financial Permaculture Course on the economy of Hohenwald and Lewis County, TN.
The combined ~100 course participants have collectively spent $28,866 over the 5 days of the event. This breaks down into:
$3,366 for transport
$14,762 for accommodation
$10,574 for food
$3,982 for other expenses.
Assuming a multiplier that is typical of a small American community (1.5) then the multiplier effect would result in $43,299 of new economic activity. The multiplier effect is when incomes from one person are passed to another within the same community. The multiplication effect stops when the money leaves the community.
If the Total Economic Return and Financial Permaculture concepts we are applying were fully developed, the multiplier could be as great as 4.0 — this would mean an overall economic impact of $115,464.
The fact that we are using a local currency (Chamber Bucks) as part of the conference may have had the impact of trapping the dollars in the community and raising the multiplier – because the Chamber Bucks can’t be spent anywhere but here.
So, in summary, this is totally cool. The Total Economic Return (TER) for Hohenwald & Lewis County is already at least $43,000. AND, if we pursue the proposed ideas FPC and TER ideas, it could transform to hundreds of thousands or even millions more.