Federal Reserve governor Edward Gramlich says

Federal Reserve governor Edward Gramlich says the US could save $250 billion over the next 25 years by adopting smart growth strategies in preference to continued sprawl development. This statement was made in November at a conference sponsored by the Federal Reserve Bank of Cleveland. Gramlich cited a study by Rutgers University’s Center for Urban Policy Research which estimated that three-quarters of that savings would accrue to developers and occupants of future housing in the form of lower development and utility costs, the balance taking the form of reduced land and road costs to state and local governments. The Rutgers study is the first comprehensive look at smart growth from a combined governmental and real estate finance industry perspective, according to the Research Institute for Housing America, in Washington, DC. The report, Linking Vision With Capital: Challenges and Opportunities in Financing Smart Growth, has been published in PDF format and can be downloaded at housingamerica.org.