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The value of a craft brewery: On the relationship between craft breweries and property values

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  • Isabelle Nilsson
  • Neil Reid

Abstract

Recent literature and public discourse emphasize the role of craft breweries in the revitalization process of economically distressed neighborhoods across the U.S. With this, many are reporting rising property values in areas surrounding craft breweries. This research examines the impacts of craft breweries on both residential and commercial property values in a case study of Charlotte, North Carolina. Estimating a series of hedonic models which incorporate a difference‐in‐difference estimator, we find that craft breweries have a positive impact on residential property values. While many areas in close proximity to a craft brewery appear to have been associated with relatively higher price premiums even before the opening of the brewery, breweries tend to add to this premium, especially in center‐city neighborhoods. We find no significant impacts on commercial property values. These results are informative to policy makers considering revising zoning laws and other regulations in efforts to promote the growth of craft breweries and spur economic development in their local economies.

Suggested Citation

  • Isabelle Nilsson & Neil Reid, 2019. "The value of a craft brewery: On the relationship between craft breweries and property values," Growth and Change, Wiley Blackwell, vol. 50(2), pages 689-704, June.
    • Handle: RePEc:bla:growch:v:50:y:2019:i:2:p:689-704
    DOI: 10.1111/grow.12292
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    Cited by:

    1. Yang Zhou & Neil Reid & Michael C. Carroll, 2024. "Craft breweries and residential property values," Growth and Change, Wiley Blackwell, vol. 55(1), March.
    2. John Charles Bradbury, 2022. "The impact of sports stadiums on localized commercial activity: Evidence from a Business Improvement District," Journal of Regional Science, Wiley Blackwell, vol. 62(1), pages 194-217, January.
    3. Rossi, Jairus & Vassalos, Michael & Schmidt, Claudia & Lamied, R. David & Wade, Anne, 2023. "Consumer Perceptions of Craft Breweries in the American South," Journal of Food Distribution Research, Food Distribution Research Society, vol. 54(03), November.
    4. Nilsson, Isabelle & Delmelle, Elizabeth C., 2023. "Smart growth as a luxury amenity? Exploring the relationship between the marketing of smart growth characteristics and neighborhood racial and income change," Journal of Transport Geography, Elsevier, vol. 106(C).
    5. Rossi, Jairus & Vassalos, Michael & Schmidt, Claudia & Lamie, R. David & Wade, Anne, 2023. "Consumer Perceptions of Craft Breweries in the American South," Journal of Food Distribution Research, Food Distribution Research Society, vol. 54(3), November.

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