By ALITA BAGLEY
PRESIDENT/CEO
SOUTH PADRE ISLAND
CHAMBER OF COMMERCE
We are rounding the curve towards the end of the first quarter of 2022, and it has been quite an unsettling start to the year for all of us. It seemed that with Covid-19 cases falling, our lives might return to normal, but what was next? Inflation, worker shortages, supply chain problems and fears of a global conflict became the new normal.
From a financial standpoint, according to the Bureau of Labor Statistics, inflation in the US climbed to its highest level in 40 years, with prices rising by 7.5% from a year ago.
Curtis Dubay, Senior Economist with the U.S. Chamber of Commerce stated, “Consumers still have ample savings to spend, and wages continue to grow strongly, even if they aren’t keeping up with price increases (especially gas prices). These factors should support continued spending growth. But inflation will weigh that growth down.”
In a small community like ours, small businesses are especially vital to our economic stability.
A report released in late 2018 showed that small businesses account for 44% of U.S. economic activity, and for South Padre Island and the Laguna Madre area, those small businesses are vital to the growth and prosperity of our communities.
Most of us probably cannot halt inflation, fix supply chain issues or improve the relations between countries around the world. But, we can do our part to stimulate our own local economy and support our small business owners who are our friends and neighbors, by shopping locally. Shopping at these small businesses not only puts more money into our local economy, it is essentially showing support for the community. When shopping locally, you receive personalized service from people who usually know your name.
Local small businesses create jobs and bring unique experiences to the community, attracting more visitors and make our area a desirable place to live and visit.
With everything that is going on around us, it’s hard to know what we can do to make things better. Shopping our local small businesses may not seem like we are “saving the world” but the more we do so, the more we improve our local communities and those we care about.
Want the entire story? Pick up a copy of the Port Isabel-South Padre PRESS, or subscribe to our e-Edition by clicking HERE!
Comments