State Enterprise Zones and Local Housing Markets

John Engberg and Robert Greenbaum

Journal of Housing Research, 1999, vol. 10, issue 2, 163-187

Abstract: In the past two decades, more than 40 states have implemented enterprise zone programs to encourage business activity and revitalize distressed communities. Previous evaluations (predominantly at the zone or state level) on the impact of these programs have been inconclusive. We argue that property values are an ideal outcome measure, since any wealth created by these programs should be capitalized into the local housing market.We examine the impact of zones on the growth in housing values in 22 states, using a large sample of small cities both with and without enterprise zones. We use variation in the timing of zone designation to differentiate the impact of zone designation from that of unobserved, preexisting conditions hampering growth in zone locations. We find that, on average, zones do not increase housing values, although they do have a positive impact in tight housing markets.

Date: 1999
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DOI: 10.1080/10835547.1999.12091946

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