ULI Report Argues For Climate Adaptation in Southeast Florida
For every $1 invested in community-wide and building level adaptation, the region will see about $2 and $4 in benefits, respectively, the report finds.
There is a compelling business case for the Southeast Florida region to make significant investments in resilient infrastructure now, according to a new report published by the Urban Land Institute. The report, The Business Case for Resilience in Southeast Florida, explores the economic risks to the region due to rising sea levels without adaptation and identifies economic opportunities associated with resilient investments.
According to the report, the Southeast Florida region could see 17 inches of sea level rise by 2040 and 40 inches of sea level rise by 2070.
By 2040, daily inundation could expose $4.2 billion in property value, and one 10-year storm tide event could cause $3.2 billion in property damage.
By 2070, daily inundation could expose $53.6 billion in property value, and one 10-year storm tide event could cause $16.5 billion in property damage.
The study “provides a powerful economic analysis reinforcing the value of coordinated action and system-wide resilience strategies, with recommendations focused on multi-sector engagement, community, equity, and opportunity,” said Dr. Jennifer Jurado, Broward County’s Chief Resilience Officer and Deputy Director of the Environmental Protection and Growth Management Department, in prepared remarks.
The report makes a number of recommendations, including beach nourishment to replenish land loss from erosion, sand dunes that create natural barriers to protect from storms, green infrastructure like bioswales and rainwater to capture and drain flood and storm water, seawalls to protect properties from flooding, raising structure elevation and wet and dry flood proofing.
It noted that community-wide adaptation can offer $37.9 billion in economic benefits for the region and support 85,000 job years, while building-level adaptation can offer $17.6 billion in economic benefits for the region and support 56,000 job years.
For every $1 invested in community-wide and building level adaptation, the region will see about $2 and $4 in benefits, respectively, it concluded.