Investments in green infrastructure can have a positive impact on local economic growth. The provision of good quality green space can attract businesses and services, and as a result can promote further inward investment, increase land and property values, and create jobs in the area. The value of good quality, accessible greenspace can also be quantified indirectly through a reduced cost in healthcare due to the use of green space for exercise and physical activity which reduces the prevalence of obesity and improves mental well-being.
The growth and development of deprived areas can be seen in the successful use of green space development initiatives:
- Increase in house prices can be seen at sites such as Bold Colliery community woodland. A district valuer concluded that the development of the community woodland on the former Bold Colliery site directly and uniquely enhanced existing property values in the surrounding area by £15 million. In addition, new development to the value of £75 million has been realised as a result of the regeneration initiative.
The investments in green space help to improve the aesthetics of an area for the economic regeneration of deprived areas, and in turn can lead to a better quality of life for people in the area.
- At Moston Vale in Manchester under the Newlands project, £1.7 million was used to regenerate and re-landscape a neglected area of former industrial usage.
Further examples of where green space development initiatives have lead to growth and development in deprived areas can be downloaded from the Benefits of green infrastructure knowledge portal and obtained from the Newlands project.