LAKE TRAVIS ECONOMIC IMPACT REPORT
Lake Travis Coalition teams with consultant for landmark study.
The Lake Travis Economic Impact Report highlights the economic impact of low lake levels and water quality on the Lake Travis region. A study was recently completed by RCLCO, an independent economics advisory firm. RCLCO was commissioned by the Lake Travis Coalition, a group of representatives from local governments, non-profit, and business sectors.
The financial impact of Lake Travis had not been fully studied prior to this report, despite being an economic engine for the region. During recent droughts, local stakeholders experienced the losses that lower lake levels had on their communities and businesses. Led by Travis County Commissioner Karen Huber, these stakeholders pooled their resources to provide funding and data for the Lake Travis Economic Impact Report. This landmark report will be an important first step in quantifying the value of the lake to the region.
The Report establishes a baseline fiscal and economic value to governments and businesses around the lake. The Report indicates that Lake Travis contains property assessed at $8.4 billion and provides state and local governments with $207.1 million in revenue. Of the 5,200 jobs within the study area, Lake Travis is responsible for nearly 2,000 of them. Persistently low lake levels would have fiscal impacts on the state, county, local municipalities, school districts and emergency service districts by loss of tax revenue. Additionally, commerce and real estate could see financial losses within the tens of millions. Furthermore, reflecting recent requests to the Texas Commission on Environmental Quality to allow disposal of waste effluent into Lake Travis, stakeholders elected to address a portion of the study to evaluate potential impacts to the lake's high water quality standards. The Report indicates that lakefront land values could fall 10% for each meter drop in water clarity, which would result in property losses between $27 million to $53 million.
Commissioner Karen Huber said, "This study is a critical tool in the toolbox for the many policy-makers in determining the future of Lake Travis. With the growth Central Texas is experiencing, the best water policy comes from informed decision making. This study should significantly contribute to that process."
This landmark report will give legislators, policymakers and other decision makers a quantitative reference point for making decisions about managing the Colorado River Basin. Please find links below to the Overview, Presentation and Full Lake Travis Economic Report below.
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The Lake Travis Coalition consists of members from the City of Austin, City of Jonestown, City of Lago Vista, City of Lakeway, Hurst Creek Municipal District, Lago Vista/Jonestown Chamber of Commerce, Lago Vista Economic Development Alliance, Lake Travis Chamber of Commerce, Lakeway Municipal Utility District, Samsung, Travis County, Village of Briarcliff, Village of Point Venture, Village of the Hills, Village of Volente,Water Control & Improvement District 17 and Water Control & Improvement District Point Venture.
RCLCO, founded in 1967, is an independent economics advisory firm that provides quantitative analysis and applied economics to help both public sector and private entities make decision related to policy, planning, property investment, and development. RCLCO has unsurpassed experience in fiscal and economic impact analysis, conducted for local governments, developers, major investors, lenders and property owners across the country.
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**OVERVIEW OF LAKE TRAVIS ECONOMIC REPORT** Please visit www.laketraviscoalition.com