Industry News

Smart growth even smarter in tough economy

How government can spend less, but still create more real estate wealth

Even in tough economic times, there is a way to stimulate growth and cut back on spending. That's the finding of a new study by The Brookings Institution, which found that compact development patterns and reinvestment in established areas can actually save taxpayers' money and improve regional economies. According to the study's authors, who are part of the Brookings Institution Center on Urban and Metropolitan Policy, the process is a carefully choreographed dance that involves managing growth to ensure urban vitality. By making a few smart choices, local governments can spend less on public infrastructure and services and improve the regional economy, including real estate values. "In sum, the best academic literature suggests that smart growth is especially smart in times of fiscal conservatism," said the report, "Investing in a Better Future: A Review of the Fiscal and Competitive Advantages of Smarter Growth Development Patterns." The debate over spending versus economic v...