Nonprofit organizations address critical needs that often fall outside the reach of government and business efforts. Economically, according to Tronvig, nonprofits play a significant role by contributing $1.4 trillion to the U.S. economy in 2022, accounting for 5.6% of the GDP. Their influence extends beyond direct operations, creating a ripple effect in local economies. For instance, in sectors like the arts, 100 jobs in a nonprofit can spur an additional 152 jobs in related industries. This multiplier effect demonstrates how nonprofits bolster economic stability through their demand for goods, services, and employment.
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The global banking industry is undergoing a significant transformation in 2024, influenced by changing economic conditions, technological advancements, and evolving consumer expectations. According to Statista, the market is projected to grow at an annual rate of 4.92%, reaching a value of $10.83 trillion by 2029. However, McKinsey & Company notes that sustainable growth presents challenges, particularly as banks face declining net interest margins, expected to shrink from 3.1% in 2023 to approximately 2.7% by 2030. This compression is primarily driven by potential global interest rate reductions that could reverse the profitability gains realized during previous rate hikes.
Shopping locally is not just about finding unique gifts; it’s about strengthening the entire community. Studies from REV indicate that 67 cents of every dollar spent at a local business remains in the local economy, compared to only 43 cents for non-local businesses. This local “multiplier effect” is significant because local businesses often source products from other small businesses, creating a positive economic ripple throughout the community. As stated by Forbes, Small businesses account for 99.9% of all businesses in the U.S. and employ nearly half of the American workforce. In other words, by shopping locally, consumers help maintain and create jobs that sustain their communities year-round.
According to the Office Of Advocacy, veteran-owned businesses have made a significant impact on the U.S. economy, with over 1.9 million veteran-owned businesses providing jobs for around 5.5 million people and generating substantial economic output, according to data from the SBA.
Phoenix’s manufacturing sector has experienced impressive growth. From 2013 to 2023, the city saw a 14.9% increase in manufacturing jobs, far outpacing the national average of 6.7% during the same period, according to the U.S. Bureau of Labor Statistics. As stated by Jevan Capital In 2023 alone, the city added nearly 15,000 new manufacturing jobs, pushing the total number of manufacturing positions to approximately 180,000.