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Evaluating the Economic Impact of Farmers' Markets Using an Opportunity Cost Framework

Published online by Cambridge University Press:  26 January 2015

David W. Hughes ,
Cheryl Brown ,
Stacy Miller  and
Tom McConnell
David W. Hughes
Affiliation:
Department of Applied Economics and Statistics, Clemson Institute for Economic and Community Development, Clemson University, Columbia, SC
Cheryl Brown
Affiliation:
Department of Agricultural and Resource Economics, West Virginia University, Morgantown, WV
Stacy Miller
Affiliation:
Division of Resource Management, West Virginia University, Morgantown, WV
Tom McConnell
Affiliation:
Department of Agricultural and Resource Economics, West Virginia University, Morgantown, WV
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Abstract

Farmers' markets presumably benefit local economies through enhanced retention of local dollars. Unlike other studies, the net impact of farmers' markets on the West Virginia economy is examined. Producer survey results are used in estimating annual direct sales ($1,725 million). Using an IMPLAN-based input-output model, gross impacts are 119 jobs (69 full-time equivalent jobs) and $2,389 million in output including $1.48 million in gross state product (GSP). When the effect of direct revenue losses are included (primarily for grocery stores), the impact is reduced to 82 jobs (43 full-time equivalent jobs), $1,075 million in output, and $0,653 million in GSP.

Keywords

farmers' marketsinput-output modelsnet economic impactR15Q13Q18
Type
Articles
Information
Journal of Agricultural and Applied Economics , Volume 40 , Issue 1 , April 2007 , pp. 253 - 265
Copyright
Copyright © Southern Agricultural Economics Association 2008

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