Economic Impacts of Urban Parks: Opportunities and Challenges

This research explores the economic impacts of urban parks, including the opportunities and challenges they present. It examines the effects on local economies, job creation, property values, tax revenues, and tourism. The report also provides recommendations for enhancing the economic benefits of urban parks.

Academic and
professional skills

Executive Summary
In this research, it determines the opportunities for holding events in the park, logistical
challenges of holding events in the park. This report takes the impacts from an environmental
perspective that might include pollution, sustainability. Also include the impacts from a social
perspective that involves community development, gentrification changes in social and
demographic factors. it is very essential to examine the overall factors that gives the appropriate
outcome. This research will assist to know about economic analysis that include the overall
factor health, economic and events. After research it is important to give the recommendation so
this thing will help find appropriate result.

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................2
The Economic impacts...........................................................................................................2
Recommendation.............................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
The economic impact is defined as, it includes the overall process economy, it examines
the effect of the economy in particular areas, it ranging from a neighborhood to the whole globe.
Economic impact analysis measures improvement in commercial enterprise revenue, business
profits, personal wages, and jobs. Economic events can be included the implementation of a new
project that simplifies the presence of an enterprise or organization. it impacts analysis is
commonly conducted when the public is concerned about the potential impact of a proposed
project or policy.
The concern term measure and estimate the improvement in economic factor, in specified
areas. it includes the particular business, organization, policy program, project, activity, or
another economic event (Ahmad and Khan, 2019). It involves various types of impacts that
enhance business sales revenue. In the context of commercial enterprise, it uses new revenue to
pay for goods and services outside of the study region. So the output impact is not synonymous
with local business profits. It is a conservative measure of economic activity it is a value-added
impact that estimates the enhancement in the study region gross regional profit. Economic
impact examines the enhancement of local employees’ wages plus local business profits. The
value-added impact includes the overstate local profit when they are looking forward to
transferred overseas such as, in the form of dividends, investments, or foreign facilities.
It deduced the effect are the outcome of enhanced personal income caused by the direct
and indirect effects. Commercial enterprise taking the previous aspect to improve the present
scenario for the enhancement of revenue from direct and indirect effects that will subsequently
enhance payroll expenditures by hiring the employees, increasing payroll hours, raising salaries,
or many other aspects. It is very essential to understand the overall impact of which is connected
directly to the economy.
This report revolves around the impact of green spaces, challenges of encouraging the use
of the park also includes the opportunities for holding events in the park. Its main focus on
economic impacts.
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MAIN BODY
The Economic impacts
In the context of the local council, it is looking forward to building a new urban park.
First of all, economic impact analysis includes the overall perspective it often estimates the
source of the impact that can be decomposed into various components that is depends on the
effect caused the impact. It includes other aspects such as salaries, supplies, raw materials, and
operating expenses.
While economic growth is good for job creation, growth must occur that has the potential
to observe labor at a large scale. There are some sectors and functions that include more
employment-intensive than others. For agriculture, business, and food processing the authors
find a positive impact of growth on employment. Job creation in economic impact analysis
affects the economy, enhancement of employees’ earnings directs to a higher rate of customer
spending, which gives the benefit of other commercial enterprises which depend upon customer
sales to stay open and pay vendors (Tonmukayakul, and et. al, 2018).
At the peak of the economy, commercial enterprises are more likely to change hours and wages
than employment numbers. It simply means having manpower having skills and abilities that are
reliable and transferable from job to job and flexibility within employment by flexible working
patterns.
Job creation
There are few job options to consider when a candidate looking forward to choosing a
career path with a degree in economics such as market research analyst, economic consultant,
compensation and benefits manager, actuary, credit analyst, financial analyst policy analyst,
lawyer. In the job of economics, there are major skills required to learn to gather, organize and
interpret data. Utilization of mathematical formulas and statics to make the calculation. It also
develops models to predict the impact of investments. Policy decisions, industry trends,
demographics, climate change, and many others. To work in the economic field, knowledge is
very important because it includes the overall prospects which cover overall factors to
accomplish aims and objectives. Although economics majors must be able to analyze the
problems and propose the solutions success in the field also determine solid communication
skills. Individuals working in economics must be able to translate their difficult findings into a
format that commercial enterprise higher authorities, legislators, and everyday people can
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understand. At the time of graduates with a degree in economics are masters of the chart and
graph as tools for summarising trends and outcomes. The quality to write appropriate
descriptions and present complicated information to others are also a crucial skill for the
economics major. In this management consultant skills are very important they analyze the
business problem and research possible solutions to present a client. The economic major
provides an excellent background in the financial and quantitative modeling that consultants use
to conduct their analyses. Public speaking and writings are also essential to present the reports
and recommendations to clients.
Cost to the taxpayer of building the park
The urban park is defined as, delineated open space areas, mostly dominated by vegetation and
water, and generally reserved for public use. They are mostly larger but can also have the shape
of smaller pocket parks, which are usually locally defined by authorities as parks.
Enhance tax revenues, decreased medical costs by increased exercises, tourism revenues,
improved attractiveness of communities to honey buyers and commercial enterprises. Economic
impact includes the study document the many and substantial economic benefits generated
through parks. this research identifies the major studies, summarises key findings of each, and
provides a hyperlink to studies (Greenmyer, and et. al., 2018). It observes a variety of overall
aspect in terms of economic benefits that produced by parks. it increased the property values, tax
revenues, decreased medical cost to enhance exercise also increase tourism revenue, improved
attractiveness among the communities to homebuyers and commercial enterprises.
It gives an advantage to the citizens that lived nearby and tourists. In the context of
environmental benefits that include preserving plant and animal habitat that reduce air pollution,
water filtration. Urban park develops economic advantage for both political parties and
individuals. Developing well-planned parks and preserving sufficient land can generate financial
returns and often many times greater than the money initially invested into the project.
Urban park looking forward to reducing all kind of pollution and observes air pollutants,
nitrogen dioxide, carbon mono oxide, reducing the effect on people respiratory system. It also
gives no-cost recreation and encourages exercise. It brings people into nature, makes outdoor
creation and more accessible, and provide a safe and attractive place for individuals and families
to exercise and play.
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The advantage of Urban park assists to fight pollution, boost biodiversity in city centers, and
help to control temperatures and humidity. In cities, green zones are very essential to social
consistency. The urban park also increases the positive nature among the people so, that people
feel happy.
It also emphasizes the importance of the relation between parks and communities. Along with
the knowledge and understanding of social and economic impact (Wu, and et. al ., 2018).
Economic parks give intrinsic environmental, aesthetic, and recreation benefits to our cities. It is
also a source of positive economic benefits.
Urban parks looking forward to municipal revenue bring home buyers and workers to attract
retires. It preserved land boots land values and property taxes, attract residents and business,
encourages economic development and surrounding areas, and save money some types of
development that preserve ecosystem services and minimize the care cost in term of health.
The attraction of new business to the area.
It has been growing research interest in measuring the impact of planning and land use
terms and conditions. However parallel development of this evidence base for the commercial
enterprise sector has yet to enterprise happen.
It examines the impact of planning intervention on the amount of building investment and
models that are predictable using a novel micro dataset on permit activity that helps a sample of
industrial and business sites in the Netherlands.
The result provides evidence of some of the expected negative effects of the regulatory role of
planning interference that also shows hands-on, targeted planning policies exert a significant and
positive convince on investment activity.
The attraction of new business includes a range of policy creativities and instruments to affect
the level location and spatial distribution of commercial price activity (Pennell, and et. al.,
2018).
Despite the potentially thoughtful impact of the planning system on the commercial assets
market. There have been few attempts to empirically explore this relationship. While there is a
growing research interest in measuring the impact of planning and land use regulations on
housing market outcomes. Parallel development of the evidence base for the commercial prise
sector has yet to occur. Policies and strategies structured to regenerate the areas that include the
provision of new infrastructure that improves the physical environment and property. In the
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context of economic impact, it identifies the various advantage. Attraction of new business in the
area it gives benefits, enhance property value, tax revenues, reduce medical cost by enhance their
exercise. Increase tourism revenue, if they want convert into monetization form, they can be
generating revenue along with the profitability. Changes attractiveness of communities to
homebuyers and commercial enterprise. Minimize storm water treatment cost. Urban park
includes economic advantage of biodiversity, land conservation, trails, advantages of smart
growth. It also increases health cost and support productivity by encouraging exercise and
minimizing air pollution. Urban park plant absorbs air pollutants such as, nitrogen monoxide,
Sulphur dioxide, carbon dioxide that reducing the impact they have on people. Parks can host
festivals, concert and events bringing additional boost to the economy.
Recommendation
 The local council has decided to build an urban park but they have to give all facilities in
the park so, that people can come along with children, they can feel positive vibes and
keep enjoy. To enhance the park, they have to give green health facilities such as gyms,
holding events and develop them develop the café so footfall can enhance. The urban
park has a positive impact on physical activity and reduced obesity, property prices, local
cooling, and biodiversity as measured by species richness. These benefits provide the
massive and strongest scientifically supported arguments in favor of urban parks.
 Hiring additional employees for small commercial enterprises can accomplish these
effects on a nominal scale and also enhance the monetary value circulating in the
marketing place. Job creation plays a very crucial role in economics the procedure
includes the number of jobs in an economy increases. It often covers the government
policies, intended to minimize unemployment. Organization gives an appropriate benefit
to citizens. In the context there are many environmental advantages that involves
preserving plant and animal habitant, reduce the air pollution and water filtrations. If
organization provide facilities, urban park creates an economic advantage for both
government or individual.
 Local council have given natural open area, appropriate parkland, recreation facility uses
and distribution, recreation program types and distribution. It aims for energy
independence that important for sustainability for urban park. Organization have to give
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water resources and flood protection and also plan for severe weather. After completion
of park it also helps the economy, proximity of parks enhances the property value by
increasing property tax revenue. To increase the park publicity, urban council provides
food concerning, playing facilities, water fountain system. This thing will advantage to
the park in terms of growth and development and also helps biodiversity in city centers.
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CONCLUSION
It is inferred from the above report about findings such as urban park gives the advantage in
every aspect, if they provide all types of facilities, it assists to fight pollution, boost biodiversity
in the center of the city and help to control temperature and humidity. To improve the
community park so local council, have to establish a free library, plant a tree, turn trash and
recycling cans into colorful creation add commercial bike racks. Create a central hub, it will give
an advantage to the park, people will be looking forward to coming to the park. This research
focuses on economic advantage, which means to diminish the importance of environmental and
social benefit of parks that related to guides at conservation tools it involves economic advantage
in term of biodiversity, land conservation, trails, smart growth, and cost of stretch. It gives an
advantage to the area in terms of development.
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REFERENCES
Books and Journals
Ahmad, M. and Khan, A.U., 2019. Global economic impact of antibiotic resistance: A
review. Journal of global antimicrobial resistance, 19, pp.313-316.
Al Efraij, K., and et. al., 2019. A systematic review of the adverse events and economic impact
associated with oral corticosteroids in asthma. Journal of Asthma, 56(12), pp.1334-
1346.
Alamdarlo, H.N., 2018. The economic impact of agricultural pollutions in Iran, spatial distance
function approach. Science of the total environment, 616, pp.1656-1663.
Fitzpatrick, J., and et .al., 2018. Economic impact of early inpatient palliative care
intervention in a community hospital setting. Journal of palliative medicine, 21(7), pp.933-939.
Greenmyer, J.R., and et. al., 2018. A multicountry updated assessment of the economic impact of
fetal alcohol spectrum disorder: costs for children and adults. Journal of addiction
medicine, 12(6), pp.466-473.
Pennell, N.A., and et. al., 2018. Economic impact of next generation sequencing vs sequential
single-gene testing modalities to detect genomic alterations in metastatic non-small cell
lung cancer using a decision analytic model.
Sunyoto, T., Boelaert, M. and Meheus, F., 2019. Understanding the economic impact of
leishmaniasis on households in endemic countries: a systematic review. Expert review
of anti-infective therapy, 17(1), pp.57-69.
Tonmukayakul, U and et. al, 2018. Systematic review of the economic impact of cerebral
palsy. Research in developmental disabilities, 80, pp.93-101.
Wu, C.H., and et. al ., 2018. Economic impact and cost-effectiveness of fracture liaison services:
a systematic review of the literature. Osteoporosis International, 29(6), pp.1227-1242.
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