Tips for Cultivating Natural Spaces for Economic Prosperity

Tips for Cultivating Natural Spaces for Economic Prosperity Main Photo

12 Aug 2024


News

It’s widely known that spending time in nature offers a multitude of benefits- for mental, spiritual, and physical health. Yet beyond those compelling perks, the cultivation of natural spaces has been shown to yield numerous economic benefits. Natural spaces, including parks, community gardens, green belts, outdoor recreational areas, green roofs, and permeable pavements, play a vital role in economic development. These areas attract businesses and residents alike, offering a high quality of life and a unique selling proposition for regions.

Studies have shown that proximity to natural spaces and landscaped areas can also increase property values up to 11.3% higher, translating into increased tax revenues for local governments. Meanwhile, the green industry, encompassing landscaping, maintenance, and construction of green infrastructure, is one of the fastest-growing sectors for job creation. For example, in Toronto, green roof initiatives alone have created over 125 full-time jobs related to design, installation, and maintenance. Access to green spaces is linked to improved mental and physical health outcomes, leading to lower healthcare costs, while the improved air quality and ambient benefits enhance the overall livability of a community. Economic development isn’t just about attracting businesses and creating jobs; it’s also about fostering an environment that supports the well-being of both people and the planet.

Cultivating natural spaces represents a strategic approach for economic developers seeking to enhance the livability and attractiveness of their regions. By engaging the community, securing innovative funding, and promoting these spaces effectively, economic developers can create environments that support both economic prosperity and environmental sustainability. For economic developers looking to effectively cultivate these natural spaces, several strategies can be implemented successfully. Let’s explore how below:

Community Engagement: Engaging with the local community is essential for the success of natural space projects. This involves understanding the needs and preferences of residents and businesses to ensure that the spaces are designed to meet their behaviors and requirements. Community engagement may also involve creative methods to bring residents together to engage in planting, gardening, cleanup, and maintenance activities.

Street Greening: There are numerous creative methods to introduce more green spaces into a region. These might include increasing the number of trees along streets and boulevards, which enhances aesthetics, provides shade, and improves air quality. Transforming median strips on roads into green spaces with grass, shrubs, and trees is another effective method. Temporary green spaces can also be introduced by turning vacant lots into temporary parks or green spaces until they are developed.
Innovative Funding: Developing and maintaining natural spaces requires significant investment. Economic developers can explore innovative funding mechanisms such as public-private partnerships, community sponsorships, and green bonds to alleviate these costs. Partnering with private companies to develop and maintain green spaces can leverage additional resources and expertise while securing sponsorships from businesses for the creation and upkeep of parks and green spaces can be another avenue for effective funding.

Policy and Zoning: Effective policy and zoning regulations are crucial for integrating natural spaces into urban planning. Policymakers should prioritize green space integration when drafting zoning laws, building codes, and development guidelines.

Marketing and Promotion: Highlighting the benefits of natural spaces through targeted marketing campaigns can attract businesses, residents, and tourists to the area. This can include showcasing the area's unique advantages, such as access to natural resources, quality of life, and overall aesthetic charm. In rural areas, natural assets can be leveraged to attract businesses and tourists, making it an appealing destination. Additionally, small towns across the United States are becoming increasingly popular among millennials due to their natural spaces and outdoor activities. Ensuring the visibility of these assets is key.

Infrastructure and Resources: Ensuring access to high-speed internet, reliable energy, and other critical resources is vital for businesses operating in natural spaces. Economic developers should collaborate with local utilities and service providers to meet these needs.

Sustainability: Incorporating sustainable practices into the design and maintenance of natural spaces is essential. This includes using green building certification standards and retrofitting existing structures with new technologies aimed at enhancing sustainability. Outside of the development of new green spaces, economic developers can cleverly leverage existing assets through the conservation and preservation of existing green spaces, ensuring that current parks, forests, historical natural sites, and other natural areas are protected from development.

Urban Planning: Integrating green spaces into urban planning plays a significant role in regenerating inner-city neighborhoods and enhancing residents' quality of life. Green areas often become popular “hangout spots” for residents and visitors, generating economic activity for the area and its businesses.

By focusing on cultivating and leveraging natural spaces, economic developers can create environments that support economic prosperity, overall happiness, and environmental sustainability.