What’s a park worth to the economy?

May 17, 2023 First of its kind study quantifies mental and physical health value of urban parks A new framework developed by University of Waterloo researchers demonstrates the significant economic health savings and benefits from urban park investments. In the first case study of its kind in Canada, researchers looked at Peterborough's new Quaker Foods City Square park, which cost taxpayers $6.4 million, and have estimated the economic value of physical and mental health benefits that could come from it at more than $4 million per year. The framework considers the health savings associated with improved mental health and better air quality, the avoided economic burden of physical inactivity and higher life satisfaction. The study demonstrates the value of developing and enhancing urban parks as a strategy to improve population health and well-being, and as a means of cost savings to the medical system.  "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."  The park was developed on land previously used as a parking lot to revitalize the downtown core of Peterborough. The study's estimated benefits of this new space represent only a portion of the park's value, as the researchers considered only a few benefits attributed to park use and vegetation cover.