Actually, more than quadruple. It would generate 4.7 times the fiscal impact as development on the edge of town.
Back in April, we released a new model for analyzing the fiscal implications of development patterns. Since then we’ve analyzed development in Madison, WI and West Des Moines, IA.
Now, Macon, GA is the most recent city in which we’ve applied our model.
We looked at four scenarios of how Macon could grow over the next 20 years, and what each scenario would mean for the city’s finances. Our research found that development on the edge of town would generate about $165,000 for the city each year. The same development, if located downtown, would generate at least $428,000 per year for the city—and potentially as much as $788,000 per year if walkable places’ higher property values were factored in.
These results are similar to those from Madison and West Des Moines: building in compact, more walkable ways benefit a city’s bottom line. These strategies reduce the cost of infrastructure and services, while also generating more tax revenue per acre. The only question is, how much would your city gain with a smart growth approach?
Smart growth strategies are a crucial but underused way to help balance a city’s budget. Want to find out how much your city could save with a smart growth approach? Contact us to learn about our consulting services.