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The Impact of Stadium Announcements on Residential Property Values: Evidence from a Natural Experiment in Dallas-Fort Worth

Author

Listed:
  • Craig A. Depken

    (Department of Economics, University of Texas at Arlington)

  • Michael R. Ward

    (Department of Economics, University of Texas at Arlington)

  • Carolyn A. Dehring

    (Department of Insurance, Legal Studies and Real Estate, The University of Georgia)

Abstract

We investigate the impact of a potential new sports venue on residential property values, focusing on the National Football League's Dallas Cowboys' search for a new host city in the Dallas-Fort Worth area. We ¯nd that residential property values in the city of Dallas increased following the announcement of a possible new stadium in the city of Dallas. At the same time, property val- ues fell throughout the rest of Dallas County, which would have paid for the proposed stadium. These patterns reversed when the Dallas stadium proposal was abandoned. Subsequently, a series of announcements regarding a new publicly-subsidized stadium in nearby Arlington, Texas, had a deleterious effect on residential property values in Arlington. In aggregate, average property values declined approximately 1.5% relative to the surrounding area before stadium construction com- menced. This decline was almost equal to the anticipated household sales tax burden, suggesting that the average expected amenity e®ect of hosting the Cowboys in Arlington was not signi¯cantly different from zero.

Suggested Citation

  • Craig A. Depken & Michael R. Ward & Carolyn A. Dehring, 2006. "The Impact of Stadium Announcements on Residential Property Values: Evidence from a Natural Experiment in Dallas-Fort Worth," Working Papers 0602, University of Texas at Arlington, Department of Economics.
    • Handle: RePEc:txa:wpaper:0602
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    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock
    • H73 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Interjurisdictional Differentials and Their Effects

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