Economic Impact of UDC Farmers' Market 2015

Abstract

Run by Center for Sustainable Development (CSD), College of Agriculture, Urban Sustainability and Environmental Sciences (CAUSES) on every Saturday at the Van Ness Campus from May to late November since 2013, the UDC Farmers’ Market brings local, fresh, and sustainable produce to Ward 3 residents and beyond. The economic impact of the farmers’ market goes far beyond the sales value because the local spending causes a larger multiplier effect throughout the economy that will stay local, compared to the spending happens at grocery stores. Using the Sticky Economy Evaluation Device (SEED) methodology, it is estimated that UDC Farmers’ Market in 2015 market season (mid-May to late-November) has an annual combined economic impact of $432,717 in the District of Columbia’s economy.

Keywords: Farmers Market, Economic Impact Analysis, District of Columbia

JEL Classification: F63 F64