YOUNGSTOWN — The investment of $21 million to demolish abandoned homes, rehabilitate others and spruce up abandoned lots across Mahoning County returned $33.2 million in economic benefits over a 10-year period, according to a new Youngstown State University report.

The document was commissioned by the Mahoning County Land Bank.

The report from YSU’s Williamson College of Business says each $1 spent through the land bank’s work returned $1.43 to $1.50 in benefits.

“It’s important to understand that our work in collaboration with others to clean up neighborhoods delivers not only important aesthetic benefits but quantifiable, bottom-line economic benefits,” said Debora Flora, executive director of the land bank. “Reports like these help us make it clear that demolition, rehabilitation and greening are very good investments.”

Daniel Yemma, Mahoning County treasurer and chair of the land bank’s board of directors, added: “The report actually understates the impact of the work because it doesn’t cover the property taxes the community collects when these abandoned, run-down, tax-delinquent properties are restored to the tax rolls.”

The report states the $14 million spent on housing demolition through the land bank from 2009 through 2019 generated more than $21 million in economic impact, or $1.50 for every $1 spent. This activity also created the equivalent of 37 full-time jobs, the report states.

Spending on housing rehabilitation from 2014 through 2019 totaled $6.2 million and delivered more than $8.9 million in economic output, or $1.43 for every dollar invested, the report states.

Finally, the report states the $2.2 million spent on greening activities from 2015 through 2019 brought more than $3.1 million in economic output, or about $1.43 for every $1 spent.

The Mahoning County Land Bank is a nonprofit community improvement corporation dedicated to acquiring vacant, abandoned, tax-delinquent properties and making them productive again. The land bank assists local governments in assembling land for future projects and collaborates with civic, religious and nonprofit organizations to create new green spaces and community gardens.