How parks create economic value

WeConservePA, formerly known as the Pennsylvania Land Trust Association, is an organization that prioritizes the conservation of open spaces, implements sustainable practices and connects people to the environment. WeConservePA did a study of the economic value of parks.

“Creating well planned parks and preserving sufficient land for them can generate financial returns that are often many times greater than the money initially invested into the project, even when maintenance costs are factored in” (WeConservePA, 2010).

Parks generate financial returns that are greater than what was initially invested. People seeking to buy homes prefer places close to parks due to the open space and greenery, increasing property value and tax revenue. Parks bring in tourism revenue from restaurants, hotels, stores and recreational activities. Visiting parks decreases health costs and supports productivity through exercise and reduced air pollution. 

”The economic benefits extend far beyond tourism. The greatest value of natural amenities and recreation opportunities often lies in the land’s ability to attract and retain people, entrepreneurs, their businesses, and the growing number of retirees who locate for quality of life reasons” (WeConservePA, 2010).

Even though the main goal of parks is to preserve the land by protecting wildlife and decreasing pollution, parks also have a positive impact on people’s wellbeing, which in return allows parks to have a strong economic impact. What additions to parks can lead to increased traffic flow but still have a positive impact on the people and environment?

References.

WeConservePA. (2010). Economic Benefits of Parks : WeConservePA Library. Library.weconservepa.org. https://library.weconservepa.org/guides/98-economic-benefits-of-parks

BBC News. (2020). A taskforce is looking at whether projects such as tree planting could offer work and training opportunities. https://www.bbc.com/news/uk-wales-54248807

Buhler, E. (2021). People watch late day sunshine from Riverdale Park East in Toronto. https://toronto.citynews.ca/2023/09/08/toronto-park-rules-big-story-podcast/