12 December 2008

Beautiful Cities ~ Amenities Accelerate Growth...

My friend Pascal Marmier -- MIT Sloan alumnus and the Consul at the Boston swissnex -- pointed me to this great Knowledge@Wharton article on real estate, For Modern Urban Growth, Don't Forget the Ballpark and River Walk, which spotlights an article by Professor Albert Saiz and the Fed's Gerry Carlino on the Beautiful City: Leisure Amenities and Urban Growth. The key finding:
"...urban amenities -- like ballparks, aquariums and river walks -- help stabilize U.S. cities and improve their economic outlooks... spending public dollars on leisure and cultural activities may offer more long-range benefit than traditional economic development focused on job creation... "Beautiful cities" disproportionally attract highly-educated individuals, and experienced faster housing price appreciation... Investment by local government in new public recreational areas [...] is positively associated with higher subsequent city attractiveness."

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