Making the Economic Case for Place
We are excited to announce the release of Creating 21st Century Communities, Making the Economic Case for Place. This report was prepared by Public Sector Consultants and outlines the economic arguments for placemaking as an economic development strategy. The data is overwhelming and clear: Placemaking works. The report draws direct correlations between the 8 assets the League has identified as being instrumental in creating places that will attract and retain the talent needed to drive our economy. Among the findings PSC found significant research connecting these assets to economic prosperity, and that, given the uniqueness of every community, these asset areas are most effective when combined (in part or in total) to match specific communities’ needs. Some of the key findings for each of these asset areas are summarized below.
- Physical design and walkability is positively correlated with property values, income, educational attainment, employment, and new business starts.
- Many businesses are also increasingly making their expansion, relocation, and new business development decisions based on which communities are most walkable.
- Mixed use, walkable downtown developments generate ten times as much tax revenue per acre, save almost 40 percent on up front infrastructure costs, and result in about 10 percent lower costs for service delivery than sprawl development.
- Multimodal transportation systems that accommodate
You can see the full report here.