The Gund Institute for Ecological Economics at the University of Vermont recently completed a study that assesses the economic impacts of clean water in Lake Champlain (New York, USA). The researchers examined property values, tourism expenditures, and regional economic data to evaluate the true dollar impact of clean water in the region, using water clarity as a proxy for water quality. They also found that increased phosphorus loading associated with climate change may have a net negative impact on the economy with home values dropping 3-37% (for year-round and seasonal homes, respectively). Conversely, a positive effect could be seen if the new TMDL standards are met, raising home values over $15,000 along lakeshore areas. The researchers predicted a possible $16.8 million decrease in regional economic activity during the summer months with one-meter decrease in water quality.