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The Economic Engine of a Neighborhood Craft Brewery

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When Boise Brewing moved in next door to Boise Weekly in 2014, Broad Street instantly became more friendly. In short order, the Central Addition transformed into a vibrant downtown hub. High-end housing followed in the form of The Fowler apartments in 2018, and more dwellings are already in the works.

Suffice to say, a new study that indicates the craft brewery boom is good for home values didn't come as a big shock to those of us on Broad Street. Researchers at the University of Toledo and the University of North Carolina concluded that craft breweries triggered a nearly 3% spike in the value of condos within a half-mile from their sites, and single-family homes saw a nearly 10% increase in value after a brewpub opened within a half-mile.

Dr. Neil Reid, an expert in integrated social science and one of the co-authors of the study, wrote that craft breweries often tended to open in neighborhoods that had previously experienced economic distress.

"Being able to walk to a craft brewery in the evening or late afternoon on the weekend is considered a positive amenity that would, for some people, be attractive when looking at a house," wrote Reid. "This new research shows that craft breweries contribute to increased property tax revenues for local governments, in addition to job creation and aiding neighborhood revitalization efforts."