Carole Moore, tax incentives & grants coordinator
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Good News in Tough Times: Historic Preservation and the Georgia Economy - September 2010
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A new study has been released on the impact of historic preservation on the state's economy. Report findings show that historic preservation in Georgia spurs investment, attracts visitors, revitalizes downtowns, and effectively leverages scarce resources.
Entitled Good News in Tough Times: Historic Preservation and the Georgia Economy, the study was prepared by Donovan Rypkema and Caroline Cheong of PlaceEconomics, a real estate and economic development consulting firm based in Washington, D.C.
Report findings show that historic preservation in Georgia spurs investment, attracts visitors, revitalizes downtowns, and effectively leverages scarce resources. Examples include the following:
- Through federal and state tax incentive programs that encourage the rehabilitation of historic buildings, DNR's Historic Preservation Division has helped contribute to the generation of 10,168 jobs and $420,046,800 in income to Georgia workers.
- Nationally for every business that closes, 1.1-1.2 businesses open. National data available from 2004 to 2008 shows that Georgia's historic downtowns generated 2.8 - 4.6 business openings for every business that closed.
- Historic Macon Foundation (HMF), a preservation nonprofit, works to revitalize historic neighborhoods. HMF's work has brought 140 formally vacant historic homes back on the market and added $141,474 a year in additional tax receipts for the city. Over 2,000 jobs were created.
State Representative Susan D. Holmes (House District 125), former Mayor of Monticello, said "I've seen first hand the positive impact that preservation can have on a community's economy. This report supports what those of us involved in local economic development have known for a long time. Historic preservation, especially in this challenging budget environment, is key in our efforts to revitalize Georgia's historic downtowns and neighborhoods."
Dr. Dave Crass, director of DNR's Historic Preservation Division, added, "An earlier study produced in the 1990s (see below) confirmed that historic preservation does indeed make an economic difference to communities. This is an appropriate time to once again evaluate the importance of preserving and continuing to use Georgia's historic places. Good News in Tough Times presents a strong case." Read Profiting from the Past: The Economic Impact of Historic Preservation in Georgia - 1999
Economic Impact Study Tells of "Good News in Tough Times" - February 2011
Preservation Makes "Cent$" in Georgia, Washington, D.C., and Nationwide - May 2011
Introduction to Federal Tax Credits for Rehabilitating Historic Buildings: Main Street Commercial Buildings
The Preservation Economic Impact Model (PEIM), created by the Center for Urban Policy Research at Rutgers University, forecasts the total economic effects of the rehabilitation of commercial historic buildings. PEIM employs a multiplier methodology that calculates job creation, employee wages, and state and local tax benefits generated from a historic rehabilitation investment based on key project characteristics. Visit the National Trust Community Investment Corporation website to learn more about the PEIM model.
Measuring Economic Impacts of Historic Preservation (November 2011) by Donovan Rypkema and Caroline Cheong of PlaceEconomics provides an overview of studies on the economic benefits of historic preservation.