Communities are always looking to land that one big company to create jobs and spur economic activity. But they could be better off just making the most out of what they have.

That’s the suggestion in a study released last December by the Maine Center for Economic Policy. The study, which is particularly relevant at the beginning of the holiday shopping season, argues that a policy of attracting companies from other parts of the country does nothing to stop the massive outflow of dollars from a local community.

“Effectively, the primary focus has been on trying to fill the bath tub while neglecting to plug the drain,” the study says.

Instead, more of the energy around economic development should be spent on promoting locally owned businesses. The study, which focused on Portland, found that every $100 spent at locally owned businesses generates an additional $58 in local impact, as opposed to $33 in local impact from the same amount spent at national chain stores.

Due to that added impact, merely shifting 10 percent of consumer spending in Cumberland County from national chains to local businesses would add $127 million in economic activity, with 874 new jobs generating more than $35 million in wages.

That is a lot more than can be expected for bringing in even a large manufacturer.

Other studies, including ones from Illinois and Michigan that are cited by the Maine group, find similar benefits to shopping at locally owned businesses, whether they be retail, restaurants or service providers. And that’s not to mention online sales, which, unless you live near the Amazon.com headquarters, do not keep any of the money spent local.

Economics are not the only reason to buy local, of course. Locally owned shops better capture the spirit of the community. They contribute more to local organizations. They offer products not found elsewhere, a significant point in a market that is becoming more and more homogenous. The economic benefits are clear, and provide a great opportunity to promote local growth.

There is no better time to start than the busiest shopping month of the year. Some Maine businesses are taking part in Small Business Saturday, an initiative started by American Express in 2010 to promote independently owned small businesses. It is meant to be a response to big-box-heavy Black Friday and Cyber Monday, which promotes online sales.

But rather than breaking it down by days, perhaps it is better to simply buy what you can from locally owned businesses before filling the rest of your list elsewhere. Chances are, that dollar you drop in your neighborhood will make it back to you some day. Ben Bragdon, managing editor