U of M study finds pollution remediation efforts could improve property values
Federal attempts to clean up pollution in the Great Lakes Region are increasing property values, according to a study from the University of Michigan.
The study said pollution decreased property values in designated areas of concern by $25,700 per house. However clean up efforts from The Great Lakes Legacy Act and the Great Lakes Restoration Initiative have subsequently increased values by $27,295 - representing a net economic benefit.
"It's kind of well known that there are physical and biological improvements with these clean-up projects, but this make a strong case that there are economic improvements as well," said Michael Moore, a environmental economics professor at the University of Michigan and co-author of the study.
Improvement in property values benefit the economy as a whole, he said. The other benefits could come from commercialization, tourism and other economic activities, according to the study.
The study found the economic benefit of property values outweigh the total cost of remediation programs, Moore added.