Indian River Lagoon 

Economic Assessment and Analysis Update

Contract No. 24706

For the

Indian River Lagoon National Estuary Program

Photo by E. Van Os provided by the SJRWMD

40548-001C004.cdr

St. Johns River Water Management District

South Florida Water Management District

Final Report

August 18, 2008

In cooperation with
40548-001L005.doc 

Hazen and Sawyer, P.C.

4000 Hollywood Boulevard, 750N

Hollywood, Florida 33021

(954) 987-0066

Fax: (954) 987-2949

August 18, 2008 

Mr. Troy Rice, Director 

INDIAN RIVER LAGOON NATIONAL ESTUARY PROGRAM 

ST. JOHNS RIVER WATER MANAGEMENT DISTRICT 

525 Community College Parkway, S.E. 

Palm Bay, Florida 32909 

Indian River Lagoon Economic Assessment and 

Analysis Update, FINAL REPORT, Contract No. 24706 

Dear Mr. Rice: 

We are pleased to submit the report titled “Indian River Lagoon Economic Assessment and 

Analysis Update”. This document describes the estimated 2007 recreational uses and economic 

value of the Indian River Lagoon to residents and visitors of the five counties that comprise the 

Lagoon system. These counties are Volusia, Brevard, Indian River, St. Lucie, and Martin. The 

methods and data used to construct these estimates are also provided in this report. 

The estimated values in this report include the economic contribution, use and non-use values 

of the Indian River Lagoon to residents and visitors, the value of living on or near the Lagoon, 

and the economic contribution of Lagoon-related research, restoration, education and commercial fishing. 

Project team members responsible for this study are myself, as project manager, and economists Dr. Jack Kiefer with Hazen and Sawyer, and Dr. Sean Blacklocke and Dave Sayers as 

Independent Consultants. Economist Dr. J. Walter Milon provided overall review of this study. 

Mr. Ken Lyons of Perceptive Market Research provided the survey researchers and the survey 

team management for the visitor and resident surveys. Mr. Mike Weber of Perceptive Market 

Research led survey researchers Daniel Carver and Austin Stout as they conducted the visitor 

intercept survey. Sandra Anderson of Perceptive Market Research led the resident telephone 

survey. 

We have enjoyed working with you and District staff throughout this project. 

Very truly yours, 

HAZEN AND SAWYER, P.C. 

Grace M. Johns, Ph.D. 

Senior Associate and Economist 

Enclosure 

c: File No. 40548-001 
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INDIAN RIVER LAGOON NATIONAL ESTUARY PROGRAM PAGE ES-1 

INDIAN RIVER LAGOON ECONOMIC ASSESSMENT AND ANALYSIS UPDATE HAZEN AND SAWYER, P.C. 

Executive Summary 

The Indian River Lagoon is an Estuary of National Significance and one of twenty-eight 

(28) national estuary programs in the U.S. The Indian River Lagoon National Estuary 

Program is working toward the goals of attaining and maintaining the water and sediment quality needed to support a healthy seagrass-based ecosystem, endangered and 

threatened species, fisheries and recreation in the Lagoon. 

Study Purpose 

This study updated the economic values of the Indian River Lagoon that were estimated 

in 1995. The study area for this project is the Indian River Lagoon, including Mosquito 

Lagoon and Banana River Lagoon, and associated tributaries including but not limited to 

the St. Lucie River Estuary, St. Sebastian River, Turkey Creek, Crane Creek, Moore’s 

Creek, and the inlets of Ponce de Leon Inlet, Port Canaveral Inlet, Sebastian Inlet, Ft. 

Pierce Inlet, St. Lucie Inlet, and Jupiter Inlet. The residents surrounding the Indian River 

Lagoon are located in the counties of Volusia, Brevard, Indian River, St. Lucie and Martin. The uses and values presented in this study represent the year 2007. 

Economic Value of the Indian River Lagoon 

The 2007 economic value of the Indian River Lagoon is provided in Table ES.1. Overall, 

residents and visitors of the five Indian River Lagoon counties received about $3.7 billion 

in benefits in 2007 because of the existence of the Indian River Lagoon in its 2007 environmental condition. 

Table ES.1 

Estimated Annual Economic Value of the Indian River Lagoon 

in its Existing Environmental Condition, 2007 

Indian River Lagoon Related- Value 

(1) Recreational Expenditures $1,302,000,000 

(2) Recreational Use Value $762,000,000 

(3) Non-Use Value of Lagoon $3,400,000 

(4) Real Estate Value, annualized $934,000,000 

(5) Income Generated in IRL Counties $629,700,000 

(6) Restoration, Research, Education Expenditures $91,000,000 

(7) Commercial Fishing Dockside Value $3,800,000 

Total Annual Value $3,725,900,000 
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INDIAN RIVER LAGOON ECONOMIC ASSESSMENT AND ANALYSIS HAZEN AND SAWYER, P.C. 

The 2007 benefits of the Indian River Lagoon in its environmental condition that existed 

in 2007 are listed as follows. 

(1) Recreational Expenditures – This value is the expenditures by residents of and 

visitors to the five Indian River Lagoon counties associated with using the Lagoon for recreation. These counties are Volusia, Brevard, Indian River, St. Lucie 

and Martin. The expenditures include those made in the five Lagoon counties on 

the day of Lagoon recreation and those made in Florida in 2007 for boat purchases, boat repairs and marina slip rental and dockage fees. The Florida purchases were allocated to the Lagoon based on the percent of boating days the 

boat owner spent on the Lagoon. This recreational expenditure value is $1.3 billion and is one part of the value that residents and visitors place on the Lagoon 

for recreation. 

(2) Recreational Use Value – This value is recreators’ willingness to pay to visit the 

Lagoon in addition to their recreational expenditures. This value is $762 million 

and is the additional amount of money they would be willing to pay to recreate 

on the Lagoon in 2007. The sum of recreational expenditures and recreational 

use value is $2.1 billion and is the total value to recreators from recreating on 

the Lagoon in 2007. 

(3) Non-Use Value of the Lagoon – This value is the willingness of all residents and 

visitors to pay to maintain the Lagoon in its existing environmental condition 

even if they never recreate on the Lagoon. This value is in addition to their recreational expenditures and use values. Non-use value is the annual value of the 

one-time tax they would be willing to pay to protect the Lagoon in its existing 

condition. The 2007 annual non-use value of these benefits is $3.4 million. 

(4) Real Estate Values – This annual value is the contribution of the Lagoon to 2007 

property values for homes located on and within 0.30 miles of the Lagoon and 

represents resident annual willingness to pay to live on or near the Lagoon. The 

total contribution of the Lagoon to 2007 property values, $47 billion, was annualized at two percent discount rate and this annual value is $934 million. 

(5) Income Earned by Residents – This value is the income received by residents 

as visitors and residents spend money to recreate on the Lagoon, to conduct 

Lagoon-related research, restoration and education, and to support the local 

commercial fishing industry. The 2007 value of this benefit is $630 million. 

(6) Restoration, Research, Education Expenditures – This value is the funding of 

Lagoon-related restoration, research and education by the Federal and State 

governments, local governments and other interested parties. It represents the 
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EXECUTIVE SUMMARY AUGUST 2008 

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INDIAN RIVER LAGOON ECONOMIC ASSESSMENT AND ANALYSIS HAZEN AND SAWYER, P.C. 

annual willingness of these entities to pay to restore and study the Lagoon. The 

2007 value of this benefit is $91 million. 

(7) Commercial Fishing Dockside Value – This value is the dockside market value 

of commercial fish harvested from the Lagoon in 2006, the most recent year of 

available data. This value is $3.8 million and represents the value consumers 

are willing to pay for fish species from the Lagoon. 

The estimated 2007 economic value of the Lagoon’s 72,400 acres of seagrass as it supports the recreational and commercial fisheries is $329 million per year or $4,600 per 

year per acre of seagrass. If this seagrass value is the same each year into the future, 

then the present value of the $4,600 per acre per year over the next 100 years at a 2 

percent annual discount rate is $227,000 per acre. A discount rate is the rate at which 

future benefits are reduced each year. The Lagoon’s seagrass is likely to provide additional values as related to water quality and aesthetics that provide benefits to recreators 

and those living on the Lagoon. Such values associated with the Lagoon’s seagrass 

were not estimated during this study. 

The recreational use value and the non-use value of the Indian River Lagoon would increase by about $80 million per year if there were a significant increase in the amount 

and diversity of wildlife on the Lagoon and increased water quality throughout the Lagoon system. This increase reflects higher resident and visitor willingness to pay to improve the environmental quality of the Lagoon but does not include increases in other 

types of Lagoon values. Recreational expenditures, real estate values, and commercial 

fish harvests may each increase under improved conditions. These values were not estimated during this study. 

In 1995, the estimated economic value of the Indian River Lagoon was $731 million. 

There are two major differences between the value estimated in 1995 and the 2007 

value of $3.7 billion estimated in this study which prevents a direct comparison of the 

two values. (1) The 1995 value includes the enhanced property value of non-vacant 

residential properties whereas the 2007 value includes the enhanced property value of 

all developable properties on or near the Lagoon, including non-vacant and vacant properties. (2) The non-use value reflected in the 1995 value of $731 million includes the 

value associated with improvements to the Lagoon, most of which have already been 

paid for and implemented and are therefore, not comparable to the 2007 non-use values. 
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INDIAN RIVER LAGOON ECONOMIC ASSESSMENT AND ANALYSIS HAZEN AND SAWYER, P.C. 

Recreational Uses of the Indian River Lagoon 

The number of person-days that residents and visitors spent recreating on the Indian 

River Lagoon by primary recreation activity is provided in Table ES.2. A person-day is 

one person participating in a recreation activity for all or a part of one day. Only the primary recreation activity that day was counted. If a person participated in more than one 

recreation activity that day only the primary activity, as chosen by the survey respondent, 

was counted. 

In 2007, residents of the five Indian River Lagoon counties spent 7.7 million person-days 

and visitors to these counties spent 3.2 million person-days recreating on the Indian 

River Lagoon for a total of 10.9 million person-days. 

Table ES.2 

Estimated Number of Person-Days Residents and Visitors Spent 

in Recreation Activities on the Indian River Lagoon in 2007 (a)

Activity 

Number of 

Person-Days 

% of Total 

Person-Days 

Fin Fishing 3,985,000 37% 

Swimming or Wading 2,223,000 20% 

Power Boating, including water skiing, tubing or cruising 1,380,000 13% 

Sunset Cruising or Viewing the Lagoon from Shore while 

birdwatching, hiking, jogging or strolling 834,000 8% 

Picnicking 758,000 7% 

Canoeing or Kayaking 561,000 5% 

Sailing on a sailboat 525,000 5% 

Shrimp Netting and Fishing for Clams, Oysters or Crabs 207,000 2% 

Parasailing, windsurfing or kite sailing 197,000 2% 

Personal Water Craft including jet skis and wave runners 163,000 2% 

Water Fowl Hunting 30,000 0.28% 

Total 10,863,000 100% 

(a) A person-day is one person participating in a recreation activity for all or a part of one day. Only the 

primary recreation activity that day was counted. If a person participated in more than one recreation activity that day only the primary activity, as chosen by the survey respondent, was counted. 

The most popular recreation activities were fin fishing, swimming or wading, and power 

boating each comprising 37 percent, 20 percent and 13 percent, respectively, of the total 

recreation person-days. Viewing the Lagoon from shore while bird watching, hiking, jogging, strolling or Sunset Cruising comprised eight percent of the total recreation persondays. Other primary recreation activities included picnicking, canoeing or kayaking, and 

sailing on a sailboat with five to seven percent of total recreation days each. Primary rec-
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INDIAN RIVER LAGOON ECONOMIC ASSESSMENT AND ANALYSIS HAZEN AND SAWYER, P.C. 

reation activities that comprised two percent of total recreation person-days were shrimp 

netting or fishing for clams, oysters or crabs and parasailing, windsurfing or kite sailing. 

Water fowl hunting comprised less than one percent of total recreation person-days. 

Economic Contribution of the Indian River Lagoon 

The economic contribution of the Indian River Lagoon in 2007 is provided in Table ES.3. 

In 2007, the activities dependent on the Indian River Lagoon generated $1.6 billion in the 

value of goods and services produced in the Lagoon counties and, in the case of Lagoon-related boat-related expenditures, in Florida. The production of these goods and 

services generated $630 million in income to residents and $112 million in State and local tax revenues. These activities supported 15,000 full and part-time jobs. Of the $630 

million of income, at least $358 million accrues to residents of the five county Lagoon 

area and the rest accrues to residents in all of Florida. 

Table ES.3 

Economic Contribution of the Indian River Lagoon in 2007 (a)

Activity Output (b) Income (c) Employment (d) Tax Revenue (e)

Recreation Expenditures 

Residents $143,000,000 $61,000,000 2,400 $10,000,000

Visitors $450,000,000 $217,000,000 6,000 $28,000,000

Lagoon-Related Boat Expenditures in Florida $891,000,000 $272,000,000 4,300 $70,000,000

Restoration, Education and 

Research Funding $150,000,000 $78,000,000 2,100 $3,500,000

Commercial Fishing $5,700,000 $1,700,000 156 $145,000

Total $1,639,700,000 $629,700,000 15,000 $111,645,000

(a) Includes the direct, indirect and induced effects of the activity to the Indian River Lagoon counties of Volusia, 

Brevard, Indian River, St. Lucie and Martin counties. However, the economic contribution of Lagoon-related 

Boat-related Expenditures in Florida includes direct, indirect and induced effects within Florida. 

(b) Output is defined as the value of the additional goods and services produced in the study area due to the Lagoon-related activities. 

(c) Income is the sum of wages, salaries, proprietor's income, profits, rents, royalties and dividends due to the Lagoon-related activities. 

(d) Employment includes the number of full-time and part-time jobs created due to the Lagoon-related activities. 

(e) Tax revenue is the sum of the excise taxes, property taxes, fees, licenses, and sales taxes collected due to the 

Lagoon-related activities. It excludes taxes on profit and income because these values are included in the income contribution reported in the table. 
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INDIAN RIVER LAGOON ECONOMIC ASSESSMENT AND ANALYSIS HAZEN AND SAWYER, P.C. 

Value of Living On or Near the Indian River Lagoon. 

The impacts of the Indian River Lagoon on property values in the five counties of the Indian River Lagoon system were presented in Table ES.1 under the heading called Real 

Estate Value. The values associated with each county and in total are provided in Table 

ES.4. Statistical analysis of property data found that the Indian River Lagoon contributes 

$47 billion to the property values in the five county area as shown in column (2) of the 

table. This impact is 22 percent of the market value of all property in the area. The annualized value provides an estimate of the value that residents place on living on or within 0.30 miles of the Lagoon each year and is provided in the column (3) of the table. This 

annualized value is $934 million per year for all five counties of the Lagoon system. 

Table ES.4 

Value of Living On or Near the Indian River Lagoon 

County 

Total Impact of Lagoon 

on Property Values 

Annualized Value of Lagoon 

to Residents Who Live On or 

Near the Lagoon (a)

(1) (2) (3) = (2) x 0.02 

Volusia $1,959,000,000 $39,000,000 

Brevard $20,345,000,000 $407,000,000 

Indian River $5,830,000,000 $117,000,000 

St. Lucie $12,298,000,000 $244,000,000 

Martin $6,363,000,000 $127,000,000 

All Five Counties $46,795,000,000 $934,000,000 

(a) Refers to properties within 0.30 miles of the Indian River Lagoon. Annualized value is the 

total impact value in Column (2) times a 2 percent real discount rate. 

Economic Value of the Indian River Lagoon By County 

The economic value and economic contribution of the Indian River Lagoon to each Indian River Lagoon county are provided in Table ES-5 through Table ES-9. The first nine 

rows of each table itemize the economic value of the Lagoon to residents and visitors of 

the county in 2007. The total estimated economic value is provided in row (10). 

The economic contribution of resident and visitor daily expenditures as they used the 

Lagoon for recreation in 2007 is provided in rows (11) through (15). For example, in 

Volusia County, these expenditures generated $168 million in the value of output produced in the county, $77 million in income to residents in Volusia County, 2,400 full and 

part time jobs and $11 million in tax revenue in 2007. 

The economic contributions of the Lagoon-related boat-related expenditures in Florida, 

the restoration, research and education expenditures, and the commercial fishing dock-
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INDIAN RIVER LAGOON ECONOMIC ASSESSMENT AND ANALYSIS HAZEN AND SAWYER, P.C. 

side value cannot be allocated to each county. This is because it is not known where, in 

Florida, the boat-related goods and services were purchased, and where, in the Lagoon 

counties, the commercial fish was harvested and the restoration, research and education 

money was spent. Thus, the actual economic contribution of the Lagoon to each county 

is likely to be greater than is reported in these tables. 

The last row, row (16), provides an estimate of the number of person-days residents and 

visitors in the county spent recreating on the Lagoon in 2007. For example, 2.9 million 

person-days was spent in Volusia County recreating on the Indian River Lagoon. 

Table ES-5 

Estimated Annual Values of the Indian River Lagoon to Residents and Visitors 

of Volusia County, 2007 in Dollars 

Environmental Condition of Lagoon in 2007 

Indian River Lagoon Related Row Number Value 

Recreational Expenditures (1) 

Daily Expenditures (2) $234,880,000

Boat Expenditures in Florida (3) $120,966,000

Recreational Use Value (4) $184,808,000

Non-Use Value in Existing Condition (5) $1,208,000

Real Estate Value, annualized (6) $39,000,000

Income Generated in IRL Counties From Daily 

Recreation Expenditures 

(7) 

$77,000,000

Restoration, Research, Education Expenditures (8) 

Commercial Fishing Dockside Value (9) 

Not allocated 

to counties

Total Economic Value (10) $658,000,000

Economic Contribution of the Daily Recreation 

Expenditures (a)

(11) 

Output (12) $167,783,000

Income (13) $76,996,000

Employment, number of full and part time jobs (14) 2,382

Tax Revenue (15) $10,573,000

Number of Recreation Person-Days (b) (16) 2,847,000

(a) Does not include the economic contribution of boat expenditures in Florida. Also, see footnotes under Table ES.3 for definitions of Output, Income, Employment and Tax Revenue. 

(b) A person-day is one person participating in a recreation activity for all or a part of one day. 

Only the primary recreation activity that day was counted. If a person participated in more 

than one recreation activity that day only the primary activity, as chosen by the survey respondent, was counted. 
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INDIAN RIVER LAGOON ECONOMIC ASSESSMENT AND ANALYSIS HAZEN AND SAWYER, P.C. 

Table ES-6 

Estimated Annual Values of the Indian River Lagoon to Residents and Visitors 

of Brevard County, 2007 in Dollars 

Environmental Condition of Lagoon in 2007 

Indian River Lagoon Related Row Number Value 

Recreational Expenditures (1) 

Daily Expenditures (2) $301,138,000

Boat Expenditures in Florida (3) $172,818,000

Recreational Use Value (4) $269,240,000

Non-Use Value in Existing Condition (5) $1,164,000

Real Estate Value, annualized (6) $407,000,000

Income Generated in IRL Counties From Daily 

Recreation Expenditures 

(7) 

$100,000,000

Restoration, Research, Education Expenditures (8) 

Commercial Fishing Dockside Value (9) 

Not allocated to 

counties

Total Economic Value (10) $1,251,360,000

Economic Contribution of the Daily Recreation 

Expenditures (a) (11) 

Output (12) $215,121,000

Income (13) $99,924,000

Employment, number of full and part time jobs (14) 3,112

Tax Revenue (15) $13,658,000

Number of Recreation Person-Days (b) (16) 4,026,000

(a) Does not include the economic contribution of boat expenditures in Florida. Also, see footnotes 

under Table ES.3 for definitions of Output, Income, Employment and Tax Revenue. 

(b) A person-day is one person participating in a recreation activity for all or a part of one day. 

Only the primary recreation activity that day was counted. If a person participated in more than 

one recreation activity that day only the primary activity, as chosen by the survey respondent, 

was counted. 
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INDIAN RIVER LAGOON ECONOMIC ASSESSMENT AND ANALYSIS HAZEN AND SAWYER, P.C. 

Table ES-7 

Estimated Annual Values of the Indian River Lagoon to Residents and Visitors 

of Indian River County, 2007 in Dollars 

Environmental Condition of Lagoon in 2007 

Indian River Lagoon Related Row Number Value 

Recreational Expenditures (1) 

Daily Expenditures (2) $128,439,000

Boat Expenditures in Florida (3) $59,408,000

Recreational Use Value (4) $90,220,000

Non-Use Value in Existing Condition (5) $275,000

Real Estate Value, annualized (6) $117,000,000

Income Generated in IRL Counties From Daily 

Recreation Expenditures 

(7) 

$43,000,000

Restoration, Research, Education Expenditures (8) 

Commercial Fishing Dockside Value (9) 

Not allocated 

to counties

Total Economic Value (10) $438,342,000

Economic Contribution of the Daily Recreation 

Expenditures (a)

(11) 

Output (12) $89,897,000

Income (13) $42,949,000

Employment, number of full and part time jobs (14) 1,232

Tax Revenue (15) $5,741,000

Number of Recreation Person-Days (b) (16) 1,422,000

(a) Does not include the economic contribution of boat expenditures in Florida. Also, see footnotes under Table ES.3 for definitions of Output, Income, Employment and Tax Revenue. 

(b) A person-day is one person participating in a recreation activity for all or a part of one day. 

Only the primary recreation activity that day was counted. If a person participated in more 

than one recreation activity that day only the primary activity, as chosen by the survey respondent, was counted. 
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Table ES-8 

Estimated Annual Values of the Indian River Lagoon to Residents and Visitors 

of St. Lucie County, 2007 in Dollars 

Environmental Condition of Lagoon in 2007 

Indian River Lagoon Related Row Number Value 

Recreational Expenditures (1) 

Daily Expenditures (2) $78,068,000

Boat Expenditures in Florida (3) $78,950,000

Recreational Use Value (4) $119,532,000

Non-Use Value in Existing Condition (5) $491,000

Real Estate Value, annualized (6) $244,000,000

Income Generated in IRL Counties From Daily 

Recreation Expenditures 

(7) 

$24,000,000

Restoration, Research, Education Expenditures (8) 

Commercial Fishing Dockside Value (9) 

Not allocated 

to counties

Total Economic Value (10) $545,041,000

Economic Contribution of the Daily Recreation 

Expenditures (a)

(11) 

Output (12) $52,706,000

Income (13) $20,022,000

Employment, number of full and part time jobs (14) 759

Tax Revenue (15) $3,399,000

Number of Recreation Person-Days (b) (16) 1,424,000

(a) Does not include the economic contribution of boat expenditures in Florida. Also, see footnotes under Table ES.3 for definitions of Output, Income, Employment and Tax Revenue. 

(b) A person-day is one person participating in a recreation activity for all or a part of one day. 

Only the primary recreation activity that day was counted. If a person participated in more 

than one recreation activity that day only the primary activity, as chosen by the survey respondent, was counted. 
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Table ES-9 

Estimated Annual Values of the Indian River Lagoon to Residents and Visitors 

of Martin County, 2007 in Dollars 

Environmental Condition of Lagoon in 2007 

Indian River Lagoon Related- Row Number Value 

Recreational Expenditures (1) 

Daily Expenditures (2) $60,888,000

Boat Expenditures in Florida (3) $65,857,000

Recreational Use Value (4) $98,224,000

Non-Use Value in Existing Condition (5) $271,000

Real Estate Value, annualized (6) $127,000,000

Income Generated in IRL Counties From Daily 

Recreation Expenditures 

(7) 

$18,000,000

Restoration, Research, Education Expenditures (8) 

Commercial Fishing Dockside Value (9) 

Not allocated 

to counties

Total Economic Value (10) $370,240,000

Economic Contribution of the Daily Recreation 

Expenditures (a)

(11) 

Output (12) $38,567,000

Income (13) $17,776,000

Employment, number of full and part time jobs (14) 571

Tax Revenue (15) $2,691,000

Number of Recreation Person-Days (b) (16) 1,145,000

(a) Does not include the economic contribution of boat expenditures in Florida. Also, see footnotes under Table ES.3 for definitions of Output, Income, Employment and Tax Revenue. 

(b) A person-day is one person participating in a recreation activity for all or a part of one day. 

Only the primary recreation activity that day was counted. If a person participated in more 

than one recreation activity that day only the primary activity, as chosen by the survey respondent, was counted.