Boston – At an event at Rowes Wharf today, Boston Mayor Thomas M. Menino and Save the Harbor/Save the Bay’s President Patricia Foley rolled out the results of a new study on the economic impact of Boston’s harbor and waterfront. The report, funded by the Boston Foundation, is the first rigorous effort to quantify the increased value of Boston’s harbor and waterfront to the City of Boston.
Entitled "The Leading Edge: Boston Harbors New Role in the City's Economy," the report concludes, in part, that "the $21 billion in public investments between 1987 and 2004 – perhaps the greatest commitment of public capital in the City's history – also set the stage for the renaissance of Boston Harbor and the waterfront." The report contains new information on: public investment; planned, permitted, approved and proposed private investment; population shifts and housing trends; job growth and increased tax revenue; and the changing harbor economy as the City shifts its focus back to the sea.
“Clearly, the infusion of public funds into both the cleanup of the harbor and the Big Dig has created major economic development opportunities that are transforming the City of Boston,” said Paul S. Grogan, President of the Boston Foundation. “By documenting these dramatic gains, Save the Harbor/Save the Bay focuses attention on the importance of continued restoration, protection and enjoyment of the harbor and of Massachusetts Bay.”
The study, which was undertaken for Save the Harbor / Save the Bay by Appleseed, a New York Based consulting firm, is a part of The Boston Foundation's Indicators Project, and is intended to help decision makers, community leaders and private citizens better understand the role the Harbor and the waterfront play in the City's economy.