Economic Impact Analysis of Farmers’ Markets in the Washington, DC Metropolitan Area: Evidence of a Circular Economy

Kamran Zendehdel, Brian Sloboda` () and Eric Chad Horner
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Kamran Zendehdel: College of Agricultural, Urban Sustainability, and Environmental Sciences University of District of Columbia, Washington, DC 20008, USA
Eric Chad Horner: College of Agricultural, Urban Sustainability, and Environmental Sciences University of District of Columbia, Washington, DC 20008, USA

Sustainability, 2021, vol. 13, issue 13, 1-15

Abstract: Consumer interest in farmers’ markets (FMs) has dramatically increased during the past decade. The number of FMs in the United States has grown from 1755 in 1994 to 8140 in 2019 (USDA, 2019). To evaluate the economic impacts (EIs) of FMs in the Washington, DC metropolitan area, we collected FMs’ consumer data and used IMPLAN-based social accounting matrices to evaluate the direct, indirect, and induced economic impacts of FMs. The empirical results from IMPLAN provide the direct gross sales, income figures, and an estimate of the number of jobs in the study region. The results show the average total output of USD 36,181,059, total employment of 663 people, total value-added creation of USD 19,019,226, and total labor income created of USD 8,653,350 in the region. The FM average income multiplier is 1.51, which indicates that a USD 1 increase in personal income (PI) for an FM translates into USD 1.51 in PI across the economy of the region. We also highlight the impact of FMs as an important component of the circular economy (CE). To this end, we present a qualitative approach examining the potential of a CE as applied to the farmers’ markets in the Washington, DC metropolitan area using qualitative data from focus groups. The goal of the circular economy is to provide more sustainability in the local economy.

Keywords: farmers’ markets; consumer data; economic impact analysis; IMPLAN-based social accounting matrices (SAMs); circular economy; urban sustainability (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
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