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Article

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

1
College of Agricultural, Urban Sustainability, and Environmental Sciences University of District of Columbia, Washington, DC 20008, USA
2
Global Campus, School of Business, University of Maryland, Largo, MD 20774, USA
*
Author to whom correspondence should be addressed.
Academic Editor: Adriana Del Borghi
Sustainability 2021, 13(13), 7333; https://doi.org/10.3390/su13137333
Received: 10 May 2021 / Revised: 16 June 2021 / Accepted: 17 June 2021 / Published: 30 June 2021
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. View Full-Text
Keywords: farmers’ markets; consumer data; economic impact analysis; IMPLAN-based social accounting matrices (SAMs); circular economy; urban sustainability farmers’ markets; consumer data; economic impact analysis; IMPLAN-based social accounting matrices (SAMs); circular economy; urban sustainability
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MDPI and ACS Style

Zendehdel, K.; Sloboda, B.W.; Horner, E.C. Economic Impact Analysis of Farmers’ Markets in the Washington, DC Metropolitan Area: Evidence of a Circular Economy. Sustainability 2021, 13, 7333. https://doi.org/10.3390/su13137333

AMA Style

Zendehdel K, Sloboda BW, Horner EC. Economic Impact Analysis of Farmers’ Markets in the Washington, DC Metropolitan Area: Evidence of a Circular Economy. Sustainability. 2021; 13(13):7333. https://doi.org/10.3390/su13137333

Chicago/Turabian Style

Zendehdel, Kamran, Brian W. Sloboda, and Eric C. Horner 2021. "Economic Impact Analysis of Farmers’ Markets in the Washington, DC Metropolitan Area: Evidence of a Circular Economy" Sustainability 13, no. 13: 7333. https://doi.org/10.3390/su13137333

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