Proving ROI in Funding Quality of Place Improvements
Monday, July 25, 2022
Proving ROI for quality of place improvements typically centers around job creation and talent attraction. Economic development organizations understand that if their community does not have the workforce, they will likely not attract new companies to their area or see expansions in their local industries.
A community's quality of life and quality of place quite simply help attract and retain workers. That is absolutely a quantifiable improvement. A 2020 study by the Knight Foundation found that in the communities they serve, quality of life accounts for about a third of the moves to a metro area and a third of the resident's decision to stay. The study also found people choosing to live in an area because of quality of life express significantly stronger sentiments of attachment than those living there for a different reason, such as family or jobs.