Nicole Iadevaia, Research & Outreach Manager

Economic Valuation of the CHNEP AreaAnd Cost-Benefit Analysis of Charlotte Harbor

Flatwoods Initiative

Uniting Central and Southwest Florida to Protect Water and Wildlife

Economic Valuation Study and Report

Uniting Central and Southwest Florida to Protect Water and Wildlife

Purpose: Provide updates to policy makers showcasing use of best available science and examples of success to reinforce the relationship between land use, water resource management decisions, environment, economy, and community.

• Conduct an economic valuation analysis to quantify the economic activity tied to natural resources

• Quantify tax revenues, jobs, tourism, real estate values, and other income generating activities

• Useful for justifying investments in natural resource protection and restoration

ResultsThe Economic Valuation of the CHNEP area was conducted to establish how continued enhancement and protection of local natural resources (water, wildlife, and habitat) are beneficial to both the economy and the environment.

Uniting Central and Southwest Florida to Protect Water and Wildlife

Item: Value

Recreational expenditures $11 billion/year

Restoration, Research, Education Expenditures* $10 million/year

Agricultural Production $2.5 billion/year

Commercial Fishing values $25.9 million/ year

Total Annual Value $13.6 billion/year

Real estate values, annualized $381 million/year

Estimated Economic Impacts including Property Amenity Values $14 billion/year

Methods Economic Impact Analysis—To estimate

the overall economic impacts associated with natural resources in the CHNEP area, using national IMPLAN® model. Includes: Ag., Commercial Fishing, Recreational Spending (scuba, recreational fishing, etc)

Hedonic Modeling—Properties within the area increase in value due to their proximity to water bodies and conservation lands.

Fiscal Impact Analysis— Review of tax revenues generated by natural resource related activities (Sales tax, Hotel tax)

Selected Restoration Case Studies: Charlotte Harbor Flatwoods Initiative

Uniting Central and Southwest Florida to Protect Water and Wildlife

Cost-Benefit of Charlotte Harbor Flatwoods Initiative

The primary economic benefits associated with this initiative are: water quality flow improvements expected to accompany hydrologic restoration

invasive vegetation management improved habitat for and nursery habitat for economically important

sportfish (snook and tarpon)

• The Net Benefits exceeding Costs over 10 years est. at $20.3 million• Investments are required over a long term by many partners to achieve

the project objectives, the result is a Benefit-Cost ratio (BCR) of 10.21: 1 (for every dollar spent, an estimated return of $10.21)

• The project analyzed here is part of a large multi-year initiative. If past land acquisition costs were included, net BCR drops to 1.58, still reflecting a very cost-effective investment.

Uniting Central and Southwest Florida to Protect Water and Wildlife

Summary Cost-Benefit Analysis Table

Uniting Central and Southwest Florida to Protect Water and Wildlife