Investing in Brownfields: The Economic Benefits of the Clean Ohio Revitalization Fund
GOPC report finds Clean Ohio Revitalization Fund generates jobs, business growth and tax revenues
Based on 21 CORF projects selected for diversity in their degree and type of end use, geographic location, and other characteristics, the GOPC study found the CORF generated substantial direct and indirect economic impacts:
- The 21 projects resulted in a net positive value for the state’s investment, producing $1.16 billion in one-time contributions and contributing $1.4 billion annually to the state’s Gross Domestic Product.
- Goods and services related to predevelopment alone produced a return on investment of $4.67 in new economic activity for every one dollar spent by the Program on the 21 projects.
- For every direct job created or sustained through activities tied to a remediated brownfield, more than one additional job was indirectly created or sustained by the 21 projects.
- Predevelopment and construction activities in the 21 projects created more than $360 million in household and business earnings, while ongoing project operations produce almost $500 million a year in household and business earnings annually.
- The 21 projects annually generate $55 million in state and local taxes and were responsible for an additional $42 million in one-time state and local taxes.
Since 2002, CORF has made grants totaling over $315 million to support the clean-up of 160 brownfield sites in 71 communities. Due to time and resource constraints, GOPC limited its analysis to a representative sample of 21 projects at various levels of development and success located across the state.
If all 160 CORF-funded sites experienced the same level of success and failure demonstrated in the 21 sites of the study, benefits to Ohioans would be projected at 7.6 times the above benefits, including: over $8 billion in one-time and over $10 billion in annual contributions to the state GDP; over $2.5 billion in household and business earnings based on remediation and construction activities and annually produce over $3.5 billion per year in household and business earnings; and annually generate $418 million in state and local taxes.
News Media Featuring the Report:
Report Highlights Economic Benefits of Brownfield Redevelopment
Ideastream - 5/3/2013
Reporter Bill Rice
Clean Ohio program worth its cost many times over, analysis finds
Columbus Business First - 5/1/2013
Reporter Jeff Bell