What Impact Does Coworking Have on a Local Economy?

What Impact Does Coworking Have on a Local Economy?

I’ve always held a belief that we are better together.

For an entrepreneur or any growing business, there’s a benefit for participating in a business community: you thrive together. But what does this really look like?

This past year as we doubled our size at Bamboo we took a closer look at what economic impact a shared office space environment might have. What happens when you bring almost 250 people together in one central area? Do they support the local economy? Do they spend their money here? Do they really work together?

We took a closer look at this in this year’s Bamboo Economic Impact Report 2017. It’s an overview that shows our hunch is right. At Bamboo, our companies are spending money locally, hiring, and growing.

Each year, collectively, our members generate $74 Million in annual revenue. Most members are executives, CEOs, founders of a local company, or the Detroit leader for a larger nation-wide or regional company. They have influence in their company’s buying decisions.

Nearly 75% of members cite they prefer to spend their money locally, partnering or hiring a local business based in or near Detroit.

Internally, 80% of members have hired each other or referred business to each other. They are highly engaged and prefer to collaborate together.

On average, one member hires four people per year.

And, what excites me most, is we’ve been able to continue to grow an inclusive entrepreneurial community.

This is just a start at taking a look at the impact a growing business community can have. We’ll continue to measure the companies that scale and grow, and how they continue to grow.

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