In a study (PDF) released last September, the Brookings Institution found that a comprehensive cleanup of the Great Lakes could infuse the regional economy with as much as $50 billion. Increases in tourism, commercial and recreational fishing, and property values -- not to mention decreases in water utility costs -- could all spell big gains for the Great Lakes Region, the report concluded. Now, Brookings has released a supplement to that original study which singles out the cities that would most benefit from a cleanup, and Chicago tops the list. Here's how they describe their methodology:
Based on studies of other areas where similar (but smaller scale) restoration efforts had been undertaken, we used a range of 1 to 2 percent for the estimated increase in average metropolitan area property values, and 10 percent for estimated increase for property values in coastal census tracts. This methodology yielded a range of estimated benefits of $29 billion to $41 billion, in 2006 dollars.
The Institution contends that Chicago alone could see an infusion of $7.4 to $13 billion through increased property values. It projects a major jump in property values along the lakeshore, as well as some benefit inland. Other cities that would see significant benefits include Buffalo, Cleveland, Ohio, Detroit, Duluth, Erie, Gary, and Milwaukee.
In order to initiate the proposed cleanup, the report encourages the implementation of the Great Lakes Collaboration Implementation Act [S. 791], a Senate bill co-sponsored by Sens. Durbin and Obama. The measure is currently sitting with the Committee on Environment and Public Works.
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