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New Report from the Urban Land Institute Builds Business Case for Climate Adaptation in Southeast Florida
October 15, 2020
There is a compelling business case for the Southeast Florida region to make significant investments in resilient infrastructure now, according to a report published by the Urban Land Institute (ULI).
The Business Case for Resilience in Southeast Florida report, commissioned by the Southeast Florida Regional Climate Change Compact, is based on a regional economic assessment conducted by AECOM. The report was launched at the Compact’s virtual Climate Leadership Summit on October 13, 2020. The analysis explores the economic risks to the region due to rising sea levels without adaptation and identifies economic opportunities associated with resilient investments.
“This study represents an impressive collaboration of public and private sector partners who share in their commitment to the well-being and vitality of the region. It provides a powerful economic analysis reinforcing the value of coordinated action and system-wide resilience strategies, with recommendations focused on multi-sector engagement, community, equity, and opportunity,” said Dr. Jennifer Jurado, Broward County’s Chief Resilience Officer and Deputy Director of the Environmental Protection and Growth Management Department. “I expect the Business Case for Resilience for Southeast Florida study will mark a foundational milestone, spurring broader, even more deliberate action by our community leaders, as well as the public, and helping to scale the investments needed to both shape and inspire our future.”
The study provides a clear foundation for continued regional work and the importance of collaboration across governments, and across the public and private sectors.
What Is at Risk?
As sea levels rise, flooding across Southeast Florida will become more frequent. Even on sunny days, the community will experience flooding – often called “King Tide” or “Sunny Day” flooding.
The study finds that if no adaptation action is taken, a dramatic decrease in property value, tax revenue, and GDP will occur.
- Without action, by 2070 the region could see 40 inches of sea-level rise, which would expose $53.6 billion in property value to daily tidal flooding.
- This equates to the region losing $4.4 billion in property tax revenue over the next 50 years if we fail to act now.
- Beyond tax revenue, it is also important to quantify and understand the physical damage to property that will be avoided through resilient investments.
Economic Growth Resulting from Investments
Investing in resilient infrastructure is a key aspect of supporting a thriving, growing economy.
The study found that overall adaptation investments provide greater benefit to the economy than cost to the region. Adaptation strategies include: beach nourishment to replenish land loss from erosion, sand dunes that create natural barriers to protect infrastructure from storms, green infrastructure like bioswales and rainwater detention structures to capture and drain floodwater and stormwater, seawalls to protect properties from flooding, raised structure elevation, and wet and dry floodproofing.
The benefits in Southeast Florida of investment outweigh the costs 4:1 for building-level and 2:1 for community-wide investments.
- Over the next 50 years, investments in community-wide adaptation can offer $37.9 billion in economic benefits and will support 85,000 job years.
- Investments in building-level adaptation can offer $17.6 billion in economic benefits and will support 56,000 jobs.
“Together, we can address the challenges of more frequent flooding and sea level rise and grow our economy at the same time. We know we must adapt as a region, and this study shows that adaptation is also a smart business move. Bringing the private sector to the conversation has created a partnership that can only benefit the region,” said Dr. Alec Bogdanoff, Principal of Brizaga, who also served as the local project manager on behalf of ULI.
For both the private and public sector, developing an understanding of the economic consequences from current and predicted coastal hazards is critical to inform decision-making around how to best protect the communities, businesses, and natural resources that make coastal communities in Southeast Florida a strong business environment and world-class destination for leisure.
“To ensure a vibrant and successful future for our region, it is imperative that the public and private sector unite in making a collaborative effort to resiliency adaptation. The Urban Land Institute is proud to be working to advance these efforts at a regional scale alongside the Compact and Resilient305 partners,” said Greg West, Governance Committee Chair, ULI SE Florida/Caribbean & CEO, ZOM Living.