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TABLE 7: Total Street Tree Replacement Value by Species
} The total annual benefits of Wake Forest’s street trees are estimated at $389,000.
SPECIES
REPLACEMENT VALUE
Red oak group (Willow oak)
$4,200,000 ($2,380,000)
Annual Benefits Living trees provide services which can also be assigned a financial value, using the peer-reviewed iTree software suite. These services include increased property values, energy conservation, air quality improve- ment, stormwater retention, and carbon dioxide reduction. The total annual benefits of Wake Forest’s street trees are estimated at $389,000 each year (Figure 12). Property values and aes- thetic benefits represent more than half of these benefits, followed by stormwater retention and energy conservation. If the large numbers of small trees currently growing are maintained properly, these benefits are likely to increase dramatically.
White oak
$1,880,000
Red and Freeman Maple
$1,640,000
Loblolly pine
$1,560,000
Sycamore/Planetree
$798,000
Cherry group
$768,000
Crapemyrtle
$726,000
Lacebark elm
$584,000
Pines (other than loblolly)
$359,000
Southern sugar maple
$357,000
Other
$4,030,000
Total
$16,900,000
Maintenance Needs Pruning
FIGURE 12: Estimated Financial Value of Annual Benefits of Street Trees
• 98% of trees need at least one type of pruning • 75% need structural pruning • 35% need crown raising • 18% need to have dead branches removed (cleaning) • 11% have codominant stems or weakly attached branches • 1% need side pruning • 1% need reducing
Air Quality Improved $4,063
Carbon Dioxide Reduced $12,094
Energy Conserved $55,876
Property Values Increased $226,499
Stormwater Retained $90,512
• 1% need priority pruning • 1% have large dead limbs • 0.2% need thinning
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