Mark specializes in natural resource and environmental economics.
The Portland Metro Intertwine is a network of green spaces, open spaces, and parks covering 57,000 acres of the Portland Metro area. Portland-area residents use it everyday to hike, walk, and bike. They know its valuable, but just how much is it worth?
Metro, the regional government for the Portland metropolitan area, asked ECONorthwest to come up with an answer.
ECONorthwest analyzed two components of the Intertwine's total value: the value of ecosystem goods and services the Intertwine provides and the Intertwine's effects on local property values.
In the first analysis, ECONorthwest described the value of the Intertwine’s ecosystem services, including its effects on stormwater and water quality; benefits to wildlife and habitat; carbon sequestration and air filtration; and increased and enhanced recreational opportunities. ECONorthwest's results show that, over the next 20 years, the Interwine will provide about $1.5 billion in benefits from ecosystem goods and services to the local community and an additional $0.3 billion in benefits to non-local communities.
In the second analysis, ECONorthwest estimated the impact of the Intertwine on home prices in the Portland Metro area using a valuation technique called hedonic analysis. Put simply, this technique relies on assessor data (such as number of rooms, square footage, sales price, etc.) to estimate the difference in sales price of homes near the Intertwine against identical homes that are farther away. ECONorthwest found that homes near the Intertwine have higher sales prices than similar homes further away.
The Intertwine: Overview