Increased Property Values
Studies have shown that property values for homes and businesses near trails can increase between 4% and 20%, benefitting owners and resulting in greater property tax revenue for those communities. According to the National Association of Realtors in a recent survey, walking and biking trails are the most desired amenity by homeowners (2008).
Trails can also increase the amount of spending at local shops and restaurants. This is especially seen in “trail towns”, or communities that are not only located alongside trails but also advocate and support trail development. In Elkin, the Elkin Valley Trails Association has had great success in branding Elkin as a “trail town” working with partners and local businesses to create trails and greenways, resulting in many positive impacts on their local economy.
Appealing to Businesses
Companies and businesses are finding it more beneficial to reside in communities that offer a wide array of opportunities to their employees – especially outdoors. This is a vital tool in recruiting and retaining employees with a high performance level and better work ethic.
A survey done on the Three Rivers Heritage Trail in Pittsburgh, PA revealed that the average amount spent per trail user on “hard goods” (i.e. bikes, footwear, clothing, stroller, etc.) and “soft goods” (i.e. snacks, water, soda, lunch, etc.) per trip were $444.77 and $16.53, respectively.