From the Miami-Dade County Office of Resilience:
The Urban Land Institute (ULI) released a new report, The Business Case for Resilience in Southeast Florida: Regional Economic Benefits of Climate Adaptation. This cost-benefit analysis examines the economic risk of sea level rise in communities of the Southeast Florida Regional Climate Change Compact, including Miami-Dade, Broward, Palm Beach and Monroe counties. Based on a technical study completed by AECOM, one of the world’s leading infrastructure consulting firms, the report explicitly outlines the economic wisdom for significant public and private investment in resilient infrastructure now to prevent much more costly expenses in the future if no immediate action is taken. These investments will protect property against flooding while robustly driving job creation.
Economic hardships from potential dramatic declines in property values, damage from flooding, and lost tourism and tax revenue will amount to billions of dollars if steps are not taken now to transform our communities. However, the return on investment (ROI) from adaptation is positive, especially in Miami-Dade County. Building-level adaptations such as floodproofing, elevation, and the addition of permeable surfaces will generate $9 for every $1 invested and support 3,190 job years, which is one job per person each year, through 2040, or 22,660 job years through 2070. Community-wide adaptations, including green infrastructure, sea walls, and dune enhancement, will generate $5 for each $1 invested and support 15,200 job years through 2040, or 24,750 through 2070.
This ULI study supports the forthcoming Miami-Dade County Sea Level Rise Strategy, which will provide a clear roadmap for Miami-Dade County to make smart investments in resilience that create jobs and safeguard our community from future losses.
The ULI study was spearheaded and funded by a coalition of public and private partners, including Miami-Dade, Broward, Monroe, and Palm Beach counties; the Florida Department of Environmental Protection; the Beacon Council Foundation; Broward Workshop; Community Foundation of Broward; Greater Fort Lauderdale Chamber of Commerce; and Greater Miami Chamber of Commerce.
