Study: Wal-Mart does not hurt local businesses

MINNEAPOLIS A new study by the Federal Reserve Bank of Minneapolis shows that, despite the common belief that Wal-Mart Stores has a huge impact on local businesses, the retailer has a negligible economic influence on the counties where it is located.

Surveying 40 counties in its district between 1986 and 2003, the bank study found that Wal-Mart actually helped increase business growth, employment and earnings compared with counties without a Wal-Mart, according to senior economist Terry Fitzgerald.

Fitzgerald said that earnings per job grew faster from 1985 to 2005 in counties with a Wal-Mart store.