The Tampa Bay Partnership launched the Economic Case for Resilience in Tampa Bay, detailing the economic consequences without adaptation action, reveals the economic benefits of adaptation, advances strategies to enhance economic resilience, and explores the socioeconomics of the impacts of more frequent flooding and sea level rise. Brizaga served as the prime consultant on this important work for the Tampa Bay region, alongside AECOM and the Tampa Bay Regional Planning Council. The project was funded by JP Morgan Chase.
In the Tampa Bay Partnership’s press release on the report, Brian Auld, President of the Tampa Bay Rays and Chair of the Tampa Bay Partnership Resilience Task Force stated, “The costs of preparing for inevitable climate events is not small, but it pales in comparison to the destruction that will take place if we do nothing. We must invest in our resiliency so that we can continue to thrive and flourish in the face of adverse events. Our community, our economy, and our future depend upon us taking action immediately.”
Tampa Bay’s economy is intertwined with the environment being a world-class tourist destination and home to Florida’s largest open-water estuary. Facing the challenges of climate change and the increased risk of flooding, without adaptation by 2070, sea level rise in Tampa Bay could result in a $16.9 billion property market value loss and $238 million annually in lost sales, tourism, and property tax revenues, with additional losses from storm events. The report shows that the benefit-cost ratio for the adaptation plan is $2.27 returned for every $1 spent on adaptation and the support of over 40,000 new job years, making the clear case that adaptation is not only necessary, but also strongly cost beneficial.