Construction Builds Community: How 2020 school bond projects can impact local economies

2020-bond-research

Our local schools have always played the role of community hub in our towns and cities, and even within neighborhoods. Beyond their important role as educators, schools create a ripple effect that can make a measurable impact on the communities that surround them.

“Schools do not simply provide a place to educate our children,” explains a report from Tarleton State University. “They can also anchor local neighborhoods, support better public health, create a cleaner environment, and offer additional amenities to the community.”

This ripple effect is often most profoundly felt even before a school is opened, as a new bond issue is passed and construction commences. To help measure the economic impact of 10 pending school bond election projects in the greater Kansas City area, Hollis + Miller Architects have engaged the services of a national economic consulting and research firm from Austin, Texas. The firm analyzed how construction activities and tax revenues would affect our local school district communities.

Currently, this study includes a large number of the region’s boards of education that are considering or have actually authorized bond elections. These bonds total $599,900,000 and will be decided by their patron voters in June or August 2020, or in early 2021.

The results from this study quantified exactly what many of us intuitively already knew: that schools and their communities are deeply interconnected, with the power to continually strengthen each other as they grow.

Some of the study’s key findings:             

  • The proposed bond elections of $599.9M will have a total economic impact of more than $799.9 million.
  • The resulting work and projects will create more than 2,022 jobs.            
  • Construction workers and companies would generate more than $119 million in taxable spending.
  • Cities, communities and counties will also benefit with an estimated $4.9 million in tax revenues.

The infographic below further highlights how these bond issues would impact the greater Kansas City region:

Kansas City region

2020-bond-research-infographic

Beyond just providing the much-needed facility enhancements to help our local students and teachers, the prospect of substantial job creation and corresponding salary generation – plus taxable spending – is welcome news for all our communities, municipalities and governments—especially in these uncertain economic times.

For more information about upcoming bond issues or economic reports, contact create@hollisandmiller.com.

 

 

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