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A study from the University of Waterloo highlights the substantial economic and health benefits of investing in urban parks. Using Quaker Foods City Square park in Peterborough as a case study, researchers established that the $6.4 million park could yield over $4 million annually in economic value through enhanced physical activity, better mental health, and improved air quality. This framework quantifies cost savings associated with mental well-being, diminished burdens from physical inactivity, and increased life satisfaction. Jeffrey Wilson, a professor involved in the research, emphasized that urban park investments are among the best financial decisions a community can make, considering their contribution to public health, climate resilience, and economic development. The park replaced a parking lot to revitalize Peterborough’s downtown, but the study only covered a fraction of its potential benefits. Future research could explore additional advantages, including temperature regulation, noise reduction, increased biodiversity, and community engagement. The findings provide strong evidence for decision-makers facing competing land use challenges, demonstrating that the savings in health costs can validate the financial investment in urban parks. The study was published in the International Journal of Environmental Research and Public Health on March 9, 2023.
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