Economics of Parks

The Economic Value of Parks

Many cities feel they must choose between economic growth and open space protection. In most cases, however, no such choice is necessary. A city’s parks system not only provides health and environmental benefits, a sense of community, and a higher quality of life, it is also good for the bottom line.

Parks can significantly increase property values, attract and retain businesses, attract and retain a talented workforce, revitalize cities and communities, boost the tourism industry, create jobs, and increase tax revenues. Parks also play a major role in economic development and economic growth. In fact, numerous studies and surveys have shown that, under the umbrella of quality of life, parks have been a key component in San Francisco’s economic success. Safe, high quality parks and public spaces can also help cities retain the middle class family.

However, parks can only be economic engines for a city or community if the level of investment is adequate. Similar to any type of investment, such as owning a home, the economic value of a park depends on how well it is maintained. Because parks are public goods, this responsibility of protecting, maintaining and growing the investment falls on the local government. The current level of park funding in California – at the federal, state, and local level – is not nearly adequate.

All these issues and more are discussed in the following forums and in NPC's "Do Parks Make Cents? An Analysis of the Economic Value of Parks in San Francisco":

REPORTS:

Do Parks Make Cents?
A Neighborhood Parks Council Report on the Economic Value of Parks

FORUMS:

The Benefits of Parks & Recreation
Includes links on the ECONOMICS OF PARKS

Neighborhoods are More Than Commercial Districts
Forum topic looks at the development of San Francisco's Economic Plan and how parks ought to be included.

Park Promotion in Tourist Outreach
Forum topic looks at tourism and parks.

Physical Infrastructure and Job Creation for Parks
Forum topic looks at physical infrastructure and job creation within the park system.

Open Space Additions Increase Tax Revenues
Forum topic examines the tax revenue generated by parks.

The Role of Parks and Open Space in San Francisco's New Economic Development Strategy

BIBLIOGRAPHY:

Property Values:

Crompton, John (2005). "The Impact of Parks on Property Values: Empirical Evidence from the Past Two Decades in the United States". Leisure Management 10, 203-218

Attracting and Retaining Businesses:

Crompton, John (2007). "Competitveness: Parks and Open Space as Factors Shaping a Location's Success in Attracting Companies, Labor Supplies, and Retirees." Chapter 5 in Trust for Public Land's The Economic Benefit of Land Conservation Report.

Poll conducted by Harris Interactive for AT Kearny/EDS Corp. "50 Senior Executives of Fortune 500 Companies. June/July 2001.

Attracting and Retaining Talent:

Florida, Richard. (2002). Rise of the Creative Class. New York. Basic Books

Revitalize Cities and Communities:

New Yorkers for Parks and Ernst and Young. 2003. "How Smart Park Investment Pays Its Way."

Harnik, Peter. 2002. "Community Revitalization". City Park Forum Briefing Papers. American Planning Association.

Tourism: coming soon!

Create Jobs:

The Perryman Group. December 2006. "Sunshine, Soccer, and Success: An Assessment of the Impacts of Muncipal Parks and Recreation Facilities and Programs on Business Activities in Texas". Waco, Texas.

Increase Tax Revenue: coming soon!

Retaining the Middle Class Family: coming soon!

Parks and Economic Development: