Fund for Lake Michigan efforts boost property values by $86 million
October 25, 2016
Written by Jeff Angileri
Projects that protect and enhance water resources are flooding southeast Wisconsin with economic activity.
A new study from the University of Wisconsin-Whitewater shows that, over the last two years, investing in water quality projects has created more than 342 full-time jobs and stimulated the regional economy with more than $30 million. In addition, property values rose by $86 million.
The projects in the study were funded by the Fund for Lake Michigan. Created in 2011, FFLM awards grants annually to local governments, nonprofits, schools and other educational institutions. Between 2014 and 2015, FFLM awarded 79 grants totaling roughly $4.4 million.
"These are not just feel-good projects, they significantly impact the economy," said Russ Kashian, professor of economics and author of the study. "Money invested through this foundation — which often includes the leveraging of additional private funding — is not an expense, it's an investment in the community and the return on investment is extremely high. The economic and environmental benefits go hand in hand."
Projects funded by FFLM have improved state and local parks and swimming beaches along the Lake Michigan coastline; transformed miles of polluted waterways into locations for fishing and boating; restored hundreds of acres of wetlands into high-quality habitat capable of reducing flooding downstream; revitalized waterfronts and transformed neglected land into parks and sites for new development; and advanced locally developed technologies to reduce flooding and prevent polluted runoff from entering the state's waterways.
Kashian noted that while this study focused on southeast Wisconsin, FFLM's grant-making includes projects along the Lake Michigan shore up to Door County.
"The economic benefits extend to these communities as well. People want to live near healthy, clean and vibrant lakes and rivers. Tourists flock to these places."