Exotic Forest Insects and Residential Property Values

Thomas P. Holmes, Elizabeth A. Murphy and Kathleen P. Bell
Additional contact information
Thomas P. Holmes: Southern Re-search Station, USDA Forest Service
Elizabeth A. Murphy: Oklahoma State University
Kathleen P. Bell: University of Maine

Agricultural and Resource Economics Review, 2006, vol. 35, issue 1, pages 155–166

Abstract: This paper presents a case study of the economic damages to homeowners in a northern New Jersey community due to an exotic forest insect—the hemlock woolly adelgid. Hedonic property value methods are used to estimate the effect of hemlock health on property values. A statistically significant relationship between hemlock health and residential property values is established. Moreover, there are some signs of spillover impacts from hemlock decline, as negative effects are realized on the parcels where the declining hemlock stands are located as well as on neighboring properties. These results give some indication of the benefits of potential control programs and strategies and also show support for community- or neighborhood-based programs in residential settings.

Keywords: invasive species; economic impacts; hedonic property values; general spatial model (search for similar items in EconPapers)

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