With energy resources providing such a positive impact on Pennsylvania’s, opponents of this economic boom in Pennsylvania claim that property values will be negatively impacted, which is just one of many misstatements. In fact, studies and economists say that at worst, property values would be unchanged.
According to a study by Integra Realty Resource (IRR) proximity to a pipeline does not hold a statistically meaningful impact on a home’s overall value or its probability of sale, looking at home sales near natural gas pipelines in four different states across the country. In fact, they concluded that “there was no indication that the presence of a natural gas pipeline would hinder a buyer’s ability to acquire property insurance. They also said that there was no indication that premiums paid for insurance policies would increase because of the proximity to a natural gas pipeline.”
Regular pipeline infrastructure critic Seth Kovnat, an organizer for the Middletown Coalition, a constant opponent of energy infrastructure, is proof that this is the case. While he has been chief among those disseminating fear and misinformation about pipelines, his home recently sold in the Media, Pennsylvania area, generating a nearly 50-percent profit, despite a mere $23,000 investment in the home.
Kevin Gillen, a Philadelphia economist would actually argue that the pipelines are much more beneficial to the local economy than harmful.
“Pipeline opponents would have you falsely believe that constructing new infrastructure capacity such as pipelines is harmful to both the environment and individual households. But it is the failure to construct new capacity that does true harm,” Gillen says. “Pipeline transportation is not only more economically beneficial and efficient than alternative forms, it is also the healthier and more responsible choice as well.”
Pennsylvania has great opportunity to fully benefit from the countless positives that homegrown energy resources and the safe transport of those resources can provide. Additional infrastructure will allow greater transportation from western Pennsylvania to the Marcus Hook Industrial Complex in southeastern Pennsylvania. This industry is generating immense economic benefit for the state through jobs and increased access to homegrown, affordable energy resources. In fact a recent study showed that the Mariner East project will contribute $9.1 billion to the Pennsylvania economy and create over 57,000 jobs.
While Seth Kovnat is not going to admit that safe pipeline infrastructure is a positive thing for southeastern Pennsylvania, selling his home for nearly 150-percent of what he paid for it is quite a profitable transaction. At the very least, despite his constant concerns about pipeline infrastructure, Mariner East did not have a negative impact on his property value.