Putting a Price on Trees

We all know that trees are aesthetically pleasing and generally good for the environment, but such subjective valuations aren't worth much when it comes to running a city or balancing a budget.

So what, exactly, is a tree worth? What kind of return can it give on investment?

For New York City, those numbers are now known. According to analysis of a two-year survey of the Big Apple's 592,000 streetside trees, each leafy pillar returns $5.60 in benefits -- increased property values, clean air, reductions in energy consumption -- for every dollar spent on them.

The information on the economics of the city’s trees gives the Parks Department concrete evidence when it comes to budget discussions, Mr. Benepe said. “We plan on using these values as a baseline to say that this is what we have now, and argue for additional funds to plant more trees,” he said.

Maybe Only God Can Make a Tree, but Only People Can Put a Price on It [New York Times]

Image: Judah M