Historic Preservation as Stimulus
Historic preservation has driven the rebirth of neighborhoods and downtowns across the country.
It should be no surprise that preservation activity and stimulus projects go hand in hand.
The American Recovery and Reinvestment Act was designed to jump-start the economy and to create jobs, and historic preservation has a proven track record of doing just that.
To the extent measurable, historic preservation consistently outperforms other industries in job creation, creation of household income, and impact on other industries. Comparatively, historic preservation activity creates more jobs than comparable new construction activity, and often produces more jobs per dollar spent than leading industries. The Federal Preservation Institute estimates that historic preservation has positive direct and indirect effects on at least ten economic sectors:
- Construction
- Manufacturing
- Wholesale Trade
- Retail Trade
- Transportation and Warehousing
- Real Estate and Rentals
- Arts, Entertainment and Recreation (Includes Historic Sites)
- Professional, Scientific and Technical Services
- Accommodation and Food Services
- Public Administration
Over the last several decades, several studies have been conducted to examine the economic benefits of historic preservation. Many of these were done at the state level, but can be used to support the general premise that preservation benefits local and state economies. Visit the Advisory Council on Historic Preservation for a sampling of these studies.
