Monday, July 23, 2012

MORE TRAIL ECONOMICS-EXPENDITURES BY RESIDENTS AND TOURISTS


According to the Delaware Valley Regional Planning Commission*, the economic activity associated with protected open space in southeastern Pennsylvania results in more than 6,900 jobs and $299 million in annual earnings.  Total annual expenditures in the five-county region surrounding Philadelphia associated with protected open space equal $566 million. Specifically, 33% of that is generated through tourist activity associated alone. Economic activity associated with protected open space generates $30 million per year in state and local tax revenue.
*Return On Environment- the Economic Value of Protected Open Space In Southeastern Pennsylvania, Delaware Valley Regional Planning Commission, Publication No.: 11033B, 3/2011

These economic effects are not found in southeastern Pennsylvania alone. The economic value attributed to trails’ increasing commerce, home values and the overall desirability of a specific region are well documented nationally, too.  For a good summary of them, see: The Business of Trails: A Compilation of Economic Benefits by Terry Eastin, Executive Director, Mississippi River Trail, Inc.  

In nearby Virginia and relating to a trail I always say the Chester Valley Trail closely parallels, the Washington & Old Dominion Trail, a case study prepared by the Virginia Department of Conservation in 2004 stated: "An estimated 1.7 million adult W&OD users spent in total about $12 million annually related to their recreational use of the trail.  Of this amount, about $7 million was spent directly in the northern Virginia economy by locals and non-locals using the trail. The Estimated 1.6 million local visits accounted for about $5.3 million of spending directly related to the use of the W&OD."(Ibid)

So, the potential economic benefit of completion of the Chester Valley Trail means increased home values (previous post) and large expenditures in the local economy of visitors of all kinds.


Friday, July 20, 2012

PROPERTY VALUES AND TRAILS


Historically, the first knock on a proposed trail in most communities is that property owners adjacent to the trail fear that the trail will detract from the value of their residence.  Several studies, both national and local, have proven that exactly the opposite is true

Close to home, a case study by the Delaware Valley Regional Planning Commission (DVRPC) and the GreenSpace Alliance* in late 2011 showed that residences throughout the area all benefited from close proximity to open space. Homes in Radnor, PA increased an astonishing $69, 139 in value specifically due to their proximity to the Radnor Trail.  Open space adds $16.3 billion to the value of southeastern Pennsylvania’s housing stock; that’s an average of $10,000 additional value for each house.  
*Return On Environment- the Economic Value of Protected Open Space In Southeastern Pennsylvania, Delaware Valley Regional Planning Commission, Publication No.: 11033B, 3/2011


So, the next time someone expresses fear that a proposed trail will adversely affect their property values, tell 'em about the DVRPC study !