Philadelphia’s first 750 greened acres is equated to a $1.3 billion shot for property values within a quarter mile of green stormwater investment. That’s resulted in $18 million in additional property tax increases that flows back to city schools and city services.
The Economic Impact of Green City, Clean Waters: The First Five Years by Econsult Solutions that was submitted to the Sustainable Business Network of Greater Philadelphia’s Green Stormwater Infrastructure Partners initiative, is the first look at the economic impact of Philadelphia’s ground breaking move toward green infrastructure.
The report estimates that the local green stormwater industry has an economic impact of about $60 million in the city and supports 430 local jobs. Properties proximate to the 496 green stormwater infrastructure projects are estimated to have risen 10% in value.
Green City, Clean Waters is the name of the Philadelphia Water Department’s $1.2 billion 25-year green stormwater infrastructure initiative that was developed to comply with a consent decree with the US EPA and Pennsylvania Department of Environmental Protection to meet water quality goals. Green City, Clean Waters seeks to reduce combined sewer overflow events by using cost-effective, environmentally sustainable, neighborhood friendly practices. The program has three guiding principles:
1) Stormwater is a resource to be used where it falls;
2) Strategically and cost effectively updating the city’s 100-year old plus water infrastructure; and
3) Creating a web of partners across the regulatory, public and private sectors to develop and implement economic, environmental and equity objectives.
Green Stormwater Infrastructure Partners member firms showed year-over-year revenue increases of 14% from 2013 to 2014 to $146.8 million. “Philadelphia Green Stormwater Infrastructure Projects account for $35 million of total annual revenues for the 60 GSI Partners’ firms.” Partners include engineering and landscape architecture firms; landscape design, build and maintenance firms; materials suppliers; manufactures; and others. (Economic impact numbers were calculated using multiplier data provided by IMPLAN to estimate total economic activity.)
The Economic Impact of Green City, Clean Waters: The First Five Years by Econsult Solutions.
Economic Benefits of Philadelphia Water’s Green Approach = Icing on the Cake on the Philadelphia Water Department’s Watersheds blog.
NewTerrain March 2, 2016