A new report claims that Central Park in New York added $1 billion to the economy in 2007, and the new High Line park added $4 billion in new real estate developments.
The ASLA blog covers the news from the Gotham Gazette.
"Gotham Gazette says parks support economic development by drawing tourists and tourist dollars. "Central Park attracts more than 25 million visitors a year, about one fifth of whom come from outside the city, according to 'The Central Park Effect,' which was prepared by the economic analysis firm Appleseed for the Central Park Conservancy. The study determined that in 2007, spending by visitors and enterprises in the city's most famous park directly and indirectly accounted for $395 million in economic activity. This activity, as well as increases in property values near the park, generated $656 million in revenues for the city in 2007."
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