![\"\"](\"http:\/\/news.utoledo.edu\/wp-content\/uploads\/2019\/01\/Reid-by-Dan.jpg\")
<\/a>Reid<\/p><\/div>Condominiums in center-city neighborhoods show a nearly 3 percent increase on sales price after a brewery opened within a half mile.<\/p>\n
Single family homes in center-city neighborhoods saw a nearly 10 percent increase after a brewery opened within a half mile. <\/p>\n
The study, which is published in Growth and Change: A Journal of Urban and Regional Policy<\/a>, found no significant impacts on commercial property values. <\/p>\n \u201cBeing able to walk to a craft brewery in the evening or late afternoon on the weekend is considered a positive amenity that would \u2014 for some people \u2014 be attractive when looking at a house,\u201d said Dr. Neil Reid, professor of geography and planning at The University of Toledo, who is affectionately known as the \u201cBeer Professor.\u201d \u201cThere is a different attitude toward a craft brewery. It\u2019s perceived differently than a liquor store or bar.\u201d<\/p>\n In Charlotte, a relatively large and growing city with an increasing competition for land and housing, 21 breweries opened between March 2009 and October 2016. <\/p>\n For the study, researchers focused on properties sold between 2002 and 2017 within a half mile buffer of a brewery and found that while many areas in close proximity to a craft brewery appear to have been associated with relatively higher price premiums even before the opening of the brewery, breweries tend to add to this premium.<\/p>\n Nilsson<\/p><\/div>\u201cThese results are informative to policymakers considering revising zoning laws and other regulations in efforts to promote the growth of craft breweries and spur economic development in their local economies,\u201d said Dr. Isabelle Nilsson, assistant professor in the Department of Geography and Earth Sciences at the University of North Carolina at Charlotte.<\/p>\n Nilsson earned a Ph.D. in spatially integrated social science at UToledo in 2015 and her master\u2019s in economics at UToledo in 2011.<\/p>\n Reid\u2019s previous research has shown that craft breweries often tend to be located in neighborhoods that have recently experienced economic distress, and craft breweries have played a key part in revitalization efforts in many urban areas by restoring old, abandoned buildings. <\/p>\n Craft breweries contributed $76.2 billion in economic impacts to the U.S. economy in 2017, including more than 500,000 total jobs with more than 135,000 jobs directly at breweries or brewpubs, according to the Brewers Association. <\/p>\n \u201cThis new research shows that craft breweries contribute to increased property tax revenues for local governments, in addition to job creation and aiding neighborhood revitalization efforts,\u201d Reid said. \u201cHowever, the effects to residential property values may not be as significant in places with higher rates of vacancies and lower population growth, as well as in more established cities such as Chicago or New York.\u201d<\/p>\n![\"\"](\"http:\/\/news.utoledo.edu\/wp-content\/uploads\/2019\/03\/Nilsson.jpg\")
<\/a>