Preservation Pennsylvania is pleased to announce the publication of Policy Recommendations to Strengthen the Power of Preservation as a companion report to the Economic Benefits of Historic Preservation Activities in Pennsylvania released by the Pennsylvania Historical and Museum Commission on Wednesday (see article below).
Historic preservation has a demonstrated positive impact on economic development efforts at the state and local levels. It is not simply a matter of aesthetics or quality of life, but also a tool for neighborhood stabilization and community revitalization that is connected to broader strategies of land use, smart growth and job creation. These Policy Recommendations focus on three key areas: the establishment of a state historic tax credit that would work in tandem with the Federal program; reinvestment in traditional central business districts and neighborhoods; and coordinated support of heritage tourism. Historic preservation should be embedded in future planning and economic development efforts through the state, counties and municipalities.
Feb. 22, 2012 ~~ New Study Demonstrates Economic Impact of Historic Preservation in Pennsylvania
Harrisburg - The Pennsylvania Historical and Museum Commission (PHMC) today released a new study titled “Economic Benefits of Historic Preservation Activities in Pennsylvania.”
The study provides evidence about the benefits of historic preservation for economic development. The report gathered and analyzed data on five areas of study: Federal Rehabilitation Investment Tax Credits, Potential Impact of a State Tax Credit, Property Values, Heritage Tourism & Qualitative impacts.
The report concludes that historic preservation efforts come in all shapes and sizes. Beyond the aesthetic, cultural and historical benefits of historic preservation, this report adds its many economic benefits: economic stimulus through construction projects, wealth gains and tax revenue generation through property value appreciation, and jobs supported from all of these activities, including heritage tourism.
As a companion piece, Preservation Pennsylvania has released "Policy Recommendations to Strengthen the Power of Preservation".