Valuing Central Park’s Contributions to New York City’s Economy

AppleSeed for the Central Park Conservancy

Highlights:  The Park’s value to the City’s economy can be viewed from several perspectives. Central Park is:

— A cluster of enterprises, events and activities connected to the Park that together generated $395 million in economic activity in 2007, and 3,780 full-time-equivalent jobs;
— A public space around which the many of New York’s leading hotels, cultural institutions and corporate headquarters are concentrated;
— A source of added value to the City’s most valuable real estate; we estimate that in 2007 the “Central Park effect” added $17.7 billion to the market value of properties near the Park ? a premium equivalent to approximately 8 percent of the total value of all Manhattan real estate;
— A recreational, educational and cultural resource for the surrounding communities and for all New Yorkers; and
— A generator of tax revenues for City government; Appleseed estimates that City tax revenues related to Park operations, visitor spending and increased real estate values totaled more than $656 million in 2007 ? an amount roughly equal to the total annual cost of the entire Parks Department. [H/T: Environmental Valuation & Cost-Benefit News]

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