New Research: When Cities Invest in Parks, Talent and Development Follow

Today, Trust for Public Land, the leading national nonprofit that creates pathways to develop more parks and open space, released a comprehensive study detailing how parks investments support economic growth in US cities. In response to urban centers struggling with office vacancies downtown, population decline and a shrinking tax base, the report finds that cities that invested heavily in parks development attracted top companies and drove greater labor force participation.

Created in partnership with economic development firm HR&A Advisors, the report explores how five different cities, which vary by size and location - Boise, ID; Plano, TX; Minneapolis, MN; Boston, MA; and Atlanta, GA - have targeted their investments in parks to catalyze equitable economic growth and foster economic mobility.

Key takeaways from the report include:

• Cities that invest in parks attract and retain talent: Cities where parks investment outpaces the national average boast notable concentrations of highly educated residents and greater labor force participation among the prime working age (aged 25 to 54) compared to other populous cities in the U.S.
• Strong talent pools attract firms to start and expand their businesses in these cities: The pace of job growth in each of the five park-focused cities is on par or higher than the national average. Plano, Boise, and Atlanta each show exceptionally high growth rates for young firms (five years or younger), indicating popularity among entrepreneurs and startups.
• Growth in talent and firms within these cities generates demand for real estate development, attracting private investment to build and redevelop housing and commercial space: Housing and office development are delivered at faster rates than the nation overall in cities that allocate capital towards parks and green space - a sign the real estate community sees promise in their growth. Proximity to parks may also support strengthened commercial real estate values - for example, the value of office buildings adjacent to the Rose Kennedy Greenway in Boston is significantly higher than those in Boston's central business district.

The report also considers anti-displacement strategies to mitigate risk and equitably distribute economic benefits associated with parks. These strategies, such as inclusionary zoning for parks, community benefits agreements, and tax increment financing, are already being deployed in the five case study cities to ensure economic growth creates wealth-building and career opportunities for all residents.

To develop the report, HR&A analyzed parks investment and economic vitality in U.S. cities using Trust for Public Land's ParkScore data and standard indicators of economic health. HR&A also interviewed a range of business and civic leaders in each of the five cities, including representatives from local government, business improvement districts, real estate developers and other private firms and civic institutions.

"Parks are superfoods for cities, offering immense benefits for our health, climate, and communities. They are essential building blocks of our cities, but for too long they have been considered 'nice to haves'," said Bianca Clarke, Parks Initiative Lead and Associate Vice President, 10-Minute Walk® Program, Trust for Public Land. "Our report demonstrates why this mindset needs to change, and shows how parks are crucial drivers of economic development. By prioritizing parks and open spaces, cities can foster inclusive growth, attract families and workers, and stand out as a top choice for businesses and jobs."

"In digging into the data, we were surprised to see how extensively parks funding influenced key economic indicators like talent retention and new construction in these case study cities," said Jill Bengochea, a Director at HR&A Advisors. "Cities around the country today are on more equal footing in terms of attracting national and global business and new talent, thanks in large part to the shifting work paradigm. The cities that win are likely to be the same ones that invest in their parks and public realm due to its role in a community's quality of life."

About Trust for Public Land

Trust for Public Land (TPL) is a national nonprofit that works to connect everyone to the benefits and joys of the outdoors. As a leader in equitable access to the outdoors, TPL works with communities to create parks and protect public land where they are needed most. Since 1972, TPL has protected more than 4 million acres of public land, created more than 5,420 parks, trails, schoolyards, and iconic outdoor places, raised $94 billion in public funding for parks and public lands, and connected nearly 9.7 million people to the outdoors. To learn more, visit www.tpl.org.

About HR&A Advisors

HR&A Advisors, Inc. (HR&A) is an employee-owned company advising public, private, non-profit, and philanthropic clients on how to increase opportunity and advance quality of life in cities. We believe in creating vital places, building more equitable and resilient communities, and improving people's lives. HR&A's mission is to ensure implementation of our clients' aspirations: to create vital places, build more equitable and resilient communities, and improve people's lives.