Evaluates economic impact of protected open space countywide
TRENTON -- Anecdotally, protected open space provides substantial economic, environmental and health benefits to surrounding communities, but these benefits are often overlooked or undervalued in policy and investment decisions. Armed with the belief that Mercer County’s vast inventory of preserved parks and open space delivers an economic benefit, Mercer County undertook its first “Return on Environment” study, the results of which were revealed Oct. 7 at a lakeside presentation at Mercer County Park by Mercer County Executive Brian M. Hughes and County Planning Director Leslie Floyd.
A Return on Environment study is an economic analysis of the benefits of land preservation in the areas of Home and Property values, Economic Activity, Environmental Services, and the Direct Use Benefits of health and recreation. Mercer County, with the assistance of the Delaware Valley Regional Planning Commission (DVRPC), undertook the study to glean “a better understanding of how protected open space contributes to Mercer’s economic development and fiscal stability,” Mr. Hughes said, adding that outcomes of the study “should help reverse the misconception that undeveloped land is non-productive and non-revenue producing.”
 The study analyzed more than 38,995 total acres of protected open space and approximately 39,600 homes sales in Mercer County from 2000 to 2020 to estimate the effect of protected open space on residential property values and the resulting fiscal impacts. Among the key findings were, in the area of Home and Property values, there is $791 million in added value of housing stock located within a half-mile of protected open space. The average increase in the value of a home located within a half-mile of open space is $7,100, leading to $21.5 million in increased property tax revenue. For example, homes within a half-mile of Mercer Meadows, a 1,600-acre, well-maintained park in the county’s northwest corner, are worth an additional 15.1 percent. A review of real estate ads the week of Oct. 1-7, 2021, reveals how open space is marketed to potential buyers: “Backing to preserved land for plenty of privacy.” “Enjoy beautiful outdoors with Mercer Meadows, Rosedale Lake & Lawrence-Hopewell trail with biking distance from home.” “Located minutes from Mercer County Park.” “… Runs adjacent to the Carson Road Woods, a 183-acre preserve of protected space and miles of nature trails.” |
 In the area of Environmental Services, evaluated were the benefits of open space on air pollution removal, water supply protection, water quality, flood mitigation, wildlife habitat conservation, and carbon sequestration and storage. Combined, these benefits create ecosystem functions that would be costly to replicate. The study found the value of $97.6 million annually from water supply replenishment, water quality improvement, flood mitigation, air pollution removal and carbon storage in trees; and $102.1 million annually in avoided stormwater system maintenance and pollution removal costs. In the area of Direct Use benefits, or the value the land provides through recreational activities, the study found that access to free and low-cost recreational activities not only leads to a healthier community, it also boosts the economy. Mercer County’s open space is responsible for $47.6 million annually in recreation benefits for residents; $84.1 million annually in avoided medical costs; and $65.2 million annually in the avoidance of lost productivity. |
 The report concluded that preserved open space in Mercer County is more than a pretty landscape. Open space increases property values, adds to the economy and economic diversity, protects the natural environment and offers direct recreational and health benefits to Mercer County residents and visitors. The greatest benefit results from well-managed and well-maintained open spaces, where best stewardship practices are implemented. To learn more about the upcoming referendum on Mercer County open space stewardship initiatives, go to https://www.mercercounty.org/departments/planning/2021-open-space-tax-referendum/ “This report quantifies the economic benefits and supports the investments we have made in acquiring and caring for Mercer County open space parcels,” Mr. Hughes said. “Mercer County will continue to strategically acquire key parcels to expand on and improve our existing parks and open spaces, and increase our focus on stewardship – caring for the land to ensure its health and vitality – and continue to provide a range of activities for our residents.” To view the full report and executive summary, go to https://www.mercercounty.org/departments/planning/return-on-environment-report |
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