Economic Benefits Of Trails Lindahl Ma Trails Conference 11 2011
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Transcript of Economic Benefits Of Trails Lindahl Ma Trails Conference 11 2011
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The Economic Impacts of Trails
Presentation to the 1st Annual Massachusetts Trails Conference
November 12, 2011
David Lindahl – [email protected] Morton– [email protected]
www.mortontrails.com
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Overview Two important economic/demographic trends for trails
Retiring baby boomers (the “Silver Tsunami”) Increasing desire (and willingness to pay) for all types of
trails Resulting impacts are multiple - focus on new residents,
visitor expenditures., and increases in property values Economic impacts of trails
Conceptual framework – Multi-faceted impacts Case examples
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What is the Baby Boom? 78 Million Strong… and Aging
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The Prototypical Life of a Baby Boomer At 22, we got out of college and moved to the city
At 26, we got married and bought a house near our jobs.
At 32, we had kids and bought a house in the suburbs with a big yard and good schools.
At 40, we bought a cabin in the mountains.
At 50, the kids went off to college, and we no longer need the big house.
At 55, we moved to the cabin and drive to the city for meetings.
At 60, we built a bigger house in the mountains where the kids and grandchildren can stay, as our 401k accounts recover…
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Baby Boomers are Moving – Especially to Small Cities and Non-Metropolitan Areas
Source: P. Nelson, Middlebury College (2009)
Net Migration to Non-Metro Areas by Decade
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Legend
Predicted Rate
First quintile (-)
Second quintile (-/+)
Third quintile (+)
Fourth quintile (+)
Fifth quintile (+)
Metropolitan County
Predicted Migration Rates - 2010-202060-64 Year Olds
Source: P. Nelson, Middlebury College (2007)
Predicted Migration Rates to Non-Metropolitan Areas 2010 to 2020
60 to 64 Year OldsNorthern New
England
Appalachia
Upper Great Lakes
Intermountain West
Coastal NW
Ozarks
Sierra-Cascades
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0% 10% 20% 30% 40% 50%
Equestrian FacilitiesTennis Courts
Security Guard at GateGolf Course
…..Near Public Transport
LakeShops within walking area
PlaygroundsPark Areas
Sidewalks-Both SidesWalking/Running Trails
Highway Access
3%4%
5%6%
15%16%
19%21%
26%28%
36%46%
Trails are a Highly Desired Amenity…
Source: National Association of Homebuilders, 2002, 2007
% of Homeowners Citing as Important or Very Important
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Source: Wylde, M. (2002), Boomers on the Horizon: Housing Preferences of the 55+ Market, Survey of 890 households headed by members age 55+.
…Especially by Retiring Baby BoomersTrails are the #1 amenity influencing homebuyers age 55+
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The Consumer Budget – Where Do Trails Fit In?Paying for Trails
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Trails are Being Monetized via Real Estate Overwhelming evidence of link between trails and house
prices.
Premium generally ranges from $8,000 to $20,000 for proximity to trails.
Athens, GA - $8,400 premium of house sales next to trails.1
Cincinnati, OH - $8,960 premium within 1,000 feet of multi-use trail. 2
Indianapolis, IN – 14% or $13,000 premium for houses along county’s signature trail. 3
Winthrop, WA - $20,000 premium on network of four-season, planned trail system. 4
Minneapolis, MN – type of trail matters – significant price premium found only for bike trails offset from road. 51 Nelson et. al. (2002)
2 Von Homfe and Parents (2011)3 Lindsey et. al. (2004)4 Resource Dimensions (2005)5 Mogush, Krizek and Levinson (2005)
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House Prices – Paying Premium for Trails Increases With Income
Source: Wylde, M. (2002), Boomers on the Horizon: Housing Preferences of the 55+ Market, Survey of 890 households headed by members age 55+.
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Trails and Real Estate - Proximity Pays Off Big
Source: Resource Dimensions (2005), Economic Impacts of MVSTA Trails and Land Resources in the Methow Valley, found at www.mvsta.com
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Tourists and Visitors
User Fees
Food, Lodging and
Other Spending
Events
Direct Event Expenditures
Corporate Sponsorships
Food, Lodging, and
Other Spending
Increases in Social Capital
Strengthened Local
Organizations
Enhanced Community
Pride
Human Capital Gains
Lower Health Costs
Quality Labor Force
Returning Residents
New Residents
Increase in Real Estate
Values
Regional Wealth
Transfer
Creation of Export-
Oriented Businesses
Economic and Financial Impacts of Trails
Economic Benefits of a Trail System
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Tourists and Visitors
User Fees
Food, Lodging and
Other Spending
Events
Direct Event Expenditures
Corporate Sponsorships
Food, Lodging, and
Other Spending
Increases in Social Capital
Strengthened Local
Organizations
Enhanced Community
Pride
Human Capital Gains
Lower Health Costs
Quality Labor Force
Returning Residents
New Residents
Increase in Real Estate
Values
Regional Wealth
Transfer
Creation of Export-
Oriented Businesses
Economic and Financial Impacts of Trails
Development of a Trail System
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Rosendale
Williams Lake Resort – Rosendale, NY
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Williams Lake, NY – Recreational Trail Network
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Williams Lake, NY – Off-Site Linkages
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Start/Finish Area
Williams Lake, NY – Competition Trails and Venue
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Williams Lake, NY – Integrating Trail Components
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Commercial Real Estate and TrailsPineland Farms, New Gloucester, Maine
28 building campus and farm on over 1,600 acres
“Maine School for the Feeble-Minded” begun in 1908, abandoned by State of Maine in 1996
2,500 broken windows “Welcome to hell”
Renovation included creation of office park, agricultural tourism, equestrian center
Largest therapeutic riding center east of the Mississippi
A high quality system of four-season trails were a priority from the outset
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Pineland Farms, New Gloucester, Maine
800 employees
45% of daytime workers use trails on a regular basis
Recreational center has gross revenues over $150,000, supporting all trail operations
Trails are a key amenity that have attracted tenants from downtown and suburban Portland
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Tourists and Visitors
User Fees
Food, Lodging and
Other Spending
Events
Direct Event Expenditures
Corporate Sponsorships
Food, Lodging, and
Other Spending
Increases in Social Capital
Strengthened Local
Organizations
Enhanced Community
Pride
Human Capital Gains
Lower Health Costs
Quality Labor Force
Returning Residents
New Residents
Increase in Real Estate
Values
Regional Wealth
Transfer
Creation of Export-
Oriented Businesses
Economic and Financial Impacts of Trails
Development of a Trail System
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Methow Valley, Washington State
Methow Valley
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Methow Valley, WA
Methow Valley
3:45 (summer) to 4:30 (winter) hours Drive Time: Seattle to Methow Valley
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Winthrop
Mazama
• Over 200 km. of trails
• North America’s 2nd largest Nordic skiing trail network
• Four-season use – well-organized mountain biking and trail running activities
Methow Valley Trail System
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Methow Valley – Reasons for Visiting or Moving
Source: Resource Dimensions (2005), Economic Impacts of MVSTA Trails and Land Resources in the Methow Valley, found at www.mvsta.com
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Methow Valley Trails and Economy Study Trail user expenditures - $1,469 per trip
$260,000 collected in trail pass revenues (during a bad snow year); 39,000 skier days.
42% (summer) and 44% (winter) of area business revenues generated by trail revenues.
Nearly 1/3 of jobs in region (332 out of 1,050) directly and indirectly attributable to trails.
29% of county’s state-shared lodging taxes and 45% of special lodging tax attributable to trail and outdoor recreation users.
93% of 337 respondents indicated trails were “very important” (65%) or “important” (28%) to their real estate purchase decision. Source: Resource Dimensions (2005), Economic Impacts of
MVSTA Trails and Land Resources in the Methow Valley, found at www.mvsta.com
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Trail Center Financials Pure Trail/Outdoor Centers
$200K - $1.5M operating revenue
Best ones make good profit; many break even
Notable destination XC ski center has >$700K revenues with 40% profit margin
Events - $20K - $50K net
Profit and non-profit models
Resorts where the trail/outdoor center is a priority perform best
Different non-profit options – 501 (c)(3) most common
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Tourists and Visitors
User Fees
Food, Lodging and
Other Spending
Events
Direct Event Expenditures
Corporate Sponsorships
Food, Lodging, and
Other Spending
Increases in Social Capital
Strengthened Local
Organizations
Enhanced Community
Pride
Human Capital Gains
Lower Health Costs
Quality Labor Force
Returning Residents
New Residents
Increase in Real Estate
Values
Regional Wealth
Transfer
Creation of Export-
Oriented Businesses
Economic and Financial Impacts of Trails
Development of a Trail System
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Events Can Generate Significant Revenues
Start of the American Birkebeiner 55 Kilometer XC Ski Race – Hayward, WisconsinOver 6,000 Participants
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Trail-Based Events - Potential Financial Returns Small Events (for example a 200 participant benefit walk)
Net to the organization of $0 - $10,000
Medium Events (i.e., a 500 competitor mountain bike race)
Net of $6,000 - $40,000
Large Events (a Running or Ski Marathon of 5,000)
Up to $1,000,000 in revenues; +/-$100,000 in profits
Affiliated Businesses
5-30% increase in seasonal hotel occupancy and ADR
20-30% increase in F&B, retail and concessions
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Elements of Successful Trail Design for Events
Make the courses fun, safe, and appropriate to the skill level of the participants
Configure the course to maximize spectator interest
Multiple places to see the event at exciting locations
Access to the course without interfering with the event
Provide variation in terrain, elevation, and features
Separate event trails from recreational users
Provide an exciting point near the finish
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Thetford Academy – Vermont’s Oldest Secondary School
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Thetford XC Running Course - Trail Configured for Athletes and Spectators
Upper
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Thetford Academy – On Your Marks…
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Go!
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Thetford Academy - Spectators are an Important Part of the Trail and Venue Design
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Incorporate Uphills, Technical Descents, or Exciting Elements Near the Finish
A Good Course Profile
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Thetford, VT – Pop. 2,800
Since 1990, hosts 2-3 events per year:
Woods Trail Run – 2,600 runners + 2,000 spectators
VT State High School XC Running Championships
New England Championships – Every 5 Years
More Than 100 Community Volunteers (even on opening day of hunting season)
Financial Returns (1 Event)Income:
Entry Fees:$8,597T-Shirt Sales $15,673
$24,270Expenses:
Landscape Services $390Timing $2,600Toilets $1,245T-Shirts $9,803Other $2,525
$16,563
NET INCOME $7,707
Thetford Academy
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Tourists and Visitors
User Fees
Food, Lodging and
Other Spending
Events
Direct Event Expenditures
Corporate Sponsorships
Food, Lodging, and
Other Spending
Increases in Social Capital
Strengthened Local
Organizations
Enhanced Community
Pride
Human Capital Gains
Lower Health Costs
Quality Labor Force
Returning Residents
New Residents
Increase in Real Estate
Values
Regional Wealth
Transfer
Creation of Export-
Oriented Businesses
Trapp Family Lodge – Economic Success From Recreation and Competition Trails
Development of a Trail System
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Family Von Trapp
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A True Four-Season, Trail-Based Destination
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Trapp’s - 100 Kilometers of Trails
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Tourists and Visitors
User Fees
Food, Lodging and
Other Spending
Events
Direct Event Expenditures
Corporate Sponsorships
Food, Lodging, and
Other Spending
Increases in Social Capital
Strengthened Local
Organizations
Enhanced Community
Pride
Human Capital Gains
Lower Health Costs
Quality Labor Force
Returning Residents
New Residents
Increase in Real Estate
Values
Regional Wealth
Transfer
Creation of Export-
Oriented Businesses
Economic and Financial Impacts of Trails
Development of a Trail System
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Aroostook County, Maine – Bringing Together Multiple Economic Elements From Trails
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Aroostook County, Maine – “Healthy Hometowns”
Mission Re-establish skiing as a
lifestyle in northern Maine Reverse Maine’s position as
2nd highest childhood obesity rate in nation
Encourage high aspirations for rural youth
Outcomes 10 community trail systems
in Aroostook County 5,000 kids on skis in 72
communities across Maine Substantial improvement in
test scores and decreased absenteeism
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Aroostook County, Maine
Trails draw enthusiasts from throughout New England during all seasons.
Trails carefully designed to accommodate users of all abilities and variety of activities.
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Aroostook County, Maine – Russell Currier, Hometown Hero
Russell Currier
Hometown: Stockholm, Maine
Previous Activities: Couch-potato
Recent Achievements:
• 2011 World Cup Biathlon Team
• 2006 U.S. Junior National Cross Country Ski Champion
• 3-time U.S Biathlon Junior World Team
• 5-time Maine State Cross Country Ski Champion
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Aroostook County – Event-Based Economic Impacts
County Population – 71,000 over 6,700 sq. miles (≈ equal to CT + RI)
2011 – Two World Cups at Ft. Kent and Presque Isle, February 3-10
1,000+ volunteers
10,000+ spectators
106 million TV viewers over 7 days
Estimated $10M Economic Impact in Aroostook County
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Concluding Remarks The “Silver Tsunami” is in its early stages. Much of small city and non-metropolitan America will see
the effects. Quality trails are a key ingredient influencing the decisions
of retiring baby boomers. People are willing to pay for trails, primarily through the
value of real estate. Trails that are well-designed for programs, events, and
competitions can generate multiple economic and financial benefits.
Some of the most valuable trail benefits are non-traditional economic measures (i.e., human and social capital).
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For further information:
David Lindahl - [email protected] Morton - [email protected]
Morton Trails543 Old Strong Road
Thetford Center, VT 05075(802) 785-4229
www.mortontrails.com