A new Canadian study has calculated that investing in urban parks generates multi-million dollar benefits linked to factors including better air quality and improved mental health.
Researchers at the University of Waterloo published a framework today outlining ‘significant economic health savings and benefits from urban park investments’.
In a case study of Quaker Foods City Square park in Peterborough, created through $6.4 million of investment, the economic value was put at $4 million annually when the costs of physical inactivity and the boost of ‘higher life satisfaction’ were factored in.
“Investments in urban parks are among the soundest financial decisions a community can make,” said Jeffrey Wilson, professor in the School of Environment, Enterprise and Development. “When you consider the population health benefits, the value of lessening climate-related impacts and the role of parks to support economic development, we see how parks provide a large payback.”
And the $4 million only accounts for a ‘portion of the park’s value’ as the study assessed just a ‘few benefits attributed to park use and vegetation cover’. More investigation needs to be carried out to evaluate the positive impacts associated with ‘increased biodiversity, community cohesion, community engagement, reduced isolation and respite from hot temperatures’.
“Dollars drive decisions,” added Wilson. “It can be challenging for decision-makers to support the development and expansion of urban parks because there are competing land use pressures, and municipalities are responsible for park operation and maintenance costs. However, this study offers concrete evidence that the health system savings alone justify the financial investment.”
The study, The economic value of health benefits associated with urban park investment, is published in full today in the International Journal of Environmental Research and Public Health.
