Placemaking is about strengthening the sense of community, but it has profound economic impacts as well.
Placemaking is increasingly being seen as an economic development tool as well as a community development tool. The Michigan Municipal League identified the various economic impacts of placemaking in a recent report:
- Talent Attraction and Retention: Research suggests that talented individuals are choosing to live in dense, mixed-use areas where they can work, socialize, and get around easily.
- Walkability: Neighborhoods and downtowns with walkable streets attract new residents who don’t want to live in auto-centric communities and increases the amount of commercial activity.
- Small Business Development: Increased business density can help attract additional talent, increase land values, and lead to the creation of innovation districts.
- Transit-Oriented Development: The consensus among Baby Boomers and Millennials alike is that they no longer want to live in car-centric communities.