Costs of Exposure to Industrial Livestock Operations

Concentrated animal feeding operations, particularly hog and poultry farms, have expanded rapidly in North Carolina in recent decades. The air pollution and water contamination they generate cause many environmental and health problems for local communities. Using the universe of farm characteristics and housing transaction data in North Carolina, we recover hedonic estimates of property value impacts from exposure to these industrial livestock operations. Our results show large and significant negative impacts on nearby home values, particularly when those properties depend on private wells. (JEL Q15, Q51)